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After years of being hidden in the dark alleys of an inaccessible world, psychedelics are now witnessing an unprecedented revival with the support of solid research.
Amid the cannabis legalization spree across North America, the mushroom-extracted psychedelic drugs market is also gaining prominence among investors.
The first Psychedelic Exchange-Traded Fund (ETF), Horizons Psychedelic Stock Index ETF, which debuted in January, offers good exposure to the existing psychedelics stocks that were launched.
As stock markets gear up to this upcoming field, here are three stocks from the budding mushroom dosing industry investors must explore:
Mind Medicine Inc (MMEDF:US)
The drug manufacturer studies and develops psychedelic medicine biotech to provide therapies for addiction and mental health.
The stock has grown over 450 per cent in the last twelve months. While the scrips are down by 6 per cent year-to-date (YTD), they have skyrocketed by over 3345.78 per cent from its 52-week low of 0.083 per share in March 2020, as per TMX data. Its stock price at trading close on March 5 was US$ 2.86 per piece.
Mind Medicine recently completed its purchase of HealthMode, an AI-powered therapeutics and medical startup, for US$ 32.6 million. The acquisition will help accelerate Mind Medicine’s patient monitoring and clinical trials.
Numinus Wellness Inc. (TSXV:NUMI)
The Toronto Stock Exchange Venture-listed medical firm offers anxiety and wellness-related customized therapies. It also researches on medicinal mushroom’s Psilocybin.
The stock has delivered a 20 per cent return this year, with 2.21 million daily average volume for the last 30 days. It is currently trading at a 50 per cent halved from its 52-week high of C$ 2.45 per stock. Its current share price stands at C$ 1.28.
The Vancouver-based medical company announced a collaboration with Optimi Health Corp. (CSE: OPTI), a developer of mushroom products, to conduct psychedelic-assisted psychotherapies (PAP). Numinus will support this experiment through its psilocybin-based products formulations.
Image Source: Kalkine Group @2021
Field Trip Health Ltd. (CSE: FTRP)
This healthcare provider is an international player in the field of psychedelic therapies’ research and development.
This Canadian Security Exchange-listed healthcare stock has yielded 58 per cent in 2021. It is trading 33 per cent down from its 52-week high of C$ 9.88 per common share.
On February 9, 2021, the firm announced that it has launched an R&D lab for Psychedelic Fungi in Jamaica. Preclinical Phase 1 studies for its novel psychedelic molecule is currently underway.
In the third quarter of fiscal 2021, generated revenues of C$ 316,329 from patient services, a huge surge of 235 per cent quarter-over-quarter (QoQ).
