The psychedelics boom continues to sweep across the United States, and each week brings a new development for the budding sector. Psychedelic medicine has been showing great promise, so much so that the U.S. FDA and Health Canada have begun to fast-track psychedelic substances such as psilocybin, MDMA and Ketamine for research and development. Suddenly, with the federal government supporting medical research instead of holding it back, the psychedelics industry has truly taken off.
Psilocybin, the active ingredient in Magic Mushrooms, has been stealing the limelight over the past few months thanks to multiple positive legislative developments.
Back in 2019, Denver and Oakland took an important first step to bringing this wonder drug to the masses after they decriminalized psilocybin. Since then, the psilocybin momentum has only continued to accelerate globally. What’s driving the latest shroom boom amid the global pandemic? The same factors that drove the cannabis boom of a few years back: Changing laws, changing science and changing consumer attitudes.
Bearing this in mind, here are some of the best psychedelic/psilocybin stocks to buy for potentially huge gains.
#1. Mind Medicine
Mind Medicine (MindMed) Inc. (OTCMKTS:MMEDF) has established itself as a leader in the emerging psychedelic/psilocybin medicinal space. MindMed is a medium-sized company with a $420M market capitalization--but with a potentially huge upside potential over the next several years. Mind you that MindMed is up a staggering 610% in the year-to-date and 735% over the past 12 months.
MindMed has a pretty simple business proposition. The company has been hard at work building a compelling portfolio of psychedelic-inspired medicines. If successful, these drugs could spark massive growth for MindMed.
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MindMed has two blockbusters lined up to treat two of mankind’s greatest afflictions: Substance addiction and ADHD.
MindMed’s 18-MC is a drug that has been developed to normalize dopamine irregularities in patients. This promising drug is currently in Phase 1 human trials, and could enter Phase 2 trials as soon as the end of the current year. Meanwhile, MindMed is also pioneering microdosing trials for LSD and psilocybin in the treatment of ADHD, the first trials of their nature.
Bearing this in mind, it’s not hard to see why this stock has been rallying so hard.
#2. Champignon Brands
Champignon Brands Inc. (CSE:SHRMF) is doing pretty much the same thing as MindMed but with a bigger focus on treating even bigger problems: Depression and PTSD.
Champignon Brands is pursuing the use of dissociative psychedelics such as ketamine, psilocybin and MDMA to treat depression and PTSD with its promising drugs in preclinical trials. The only reason why this stock has not soared like MindMed is because a revenue-generating product might take longer to hit the markets.
However, if Champignon’s unique psychedelic solutions do prove effective in treating depression and PTSD or even one of the two conditions, the potential could be enormous.
The global PTSD therapeutic treatment market is nearly worth $10 billion-plus while global spending on anxiety disorder and depression treatment is ~ $18 billion. Thus, Champignon could be ready to disrupt a combined $28 billion-plus market.
Very much like MindMed, Champignon is a potential multibillion-dollar company in the making and definitely one of the best psychedelic stocks to buy.
#3. Revive Therapeutics
Whereas MindMed and Champignon Brands are pure plays shroom stocks, Revive Therapeutics (OTC:RVVTF) is more of a mixed play on this megatrend.
Indeed, Revive is more of a marijuana company with a focus on developing CBD pharmaceuticals that can be used to treat rare inflammatory areas such as liver disease.
Revive’s drugs have already won FDA approval for orphan drug status for the treatment of CBD and liver disease.
Still, Revive qualifies to be on this list after it recently plunged into the psychedelics space with the acquisition of Psilocin Pharma, a company that has been experimenting with psilocybin-based therapeutics for the treatment of mental health issues.
By Alex Kimani for Oilprice.com
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