Toevolution

Psilocybin, a hallucinogenic component of mushrooms frequently referred to as "magic mushrooms," will be legal in Oregon starting in November 2020. Investors are looking at the long-term potential of the psychedelics market, much as they are looking at the cannabis industry. Pharmaceutical sales of hallucinogenic drugs are predicted to reach $10.75 billion in 2027, according to a report by Research and Markets (RM). Psychedelic investors need to understand that the cannabis business is still in its infancy and has been plagued by several regulatory hurdles and recurrent boom and bust cycles. Here are seven of the most incredible psychedelic company stocks to keep an eye out for.

Company for Mental Health and Well-Being

An ibogaine derivative called 18-MC is being tested in clinical trials by Mind Medicine, a biotechnology company conducting clinical trials on various pharmacological possibilities. The Food and Medication Administration of the United States accepted MindMed's investigational new drug application in January. Psychedelics are also being researched for treating conditions including ADHD, opiate addiction, and acute and chronic pain by the industry.

ATAI Life Sciences, Inc.

In the near future, ATAI Life Sciences plans to produce several psychedelic-based drugs such as ibogaine and ketamine. In June of 2021, ATAI went public, and Peter Thiel, a billionaire venture capitalist, was one of its early investors. Since it priced its IPO at $15, ATAI has struggled, and the stock is presently selling for less than $5.70. ATAI is now working on nine medicine candidate projects, four of which are currently in clinical studies. The company's leading drug candidate, RL-007, is now in Phase 2 development for schizophrenia therapy.

Research and Development Corporation

GH Research is developing and testing three new and patented 5-MeO-DMT medicines for people with depression that does not respond to medication. Known as dimethyltryptamine or 5-MeO-DMT, DMT is a close relative of 5-MeO-DMT. Toad glands from the Sonoran Desert toad are the primary source of its production, which may be found in a wide variety of plant species. Trials were performed to see whether GH001 might help individuals who had been diagnosed with a terminal disease. 5-MeO-DMT injection is being tested in GH002 and GH003 product candidates, respectively, while intranasal delivery of the medicine is being tested in GH004.

Cybin Inc

Canada-based pharmaceutical company Cybin is developing and manufacturing psychoactive drugs to treat mental illnesses such as anxiety, addiction, and depression, among other things. This drug is now being studied in the clinical stage as part of the EMBARK research by the company to see whether it may alleviate the mental distress of front-line health care workers. For the treatment of major depressive disorder or MDD, Cybin got permission to perform Phase 2 clinical trials of CYB001 in May 2021.

Field Trip Health Care, Inc.

Field Trip Health is another company developing a synthetic psilocybin molecule dubbed FT-104, which they want to market as a pharmaceutical. In Field Trip's opinion, FT-104's strength is equivalent to psilocybin's, although its duration of action is shorter. This might make it a more appealing therapy choice for patients. Only a legal research center of its sort in the world will concentrate only on psilocybin and other plant-based psychedelics.