• Staff

Psychedelic Market Forecast to Be Worth $6.8 Billion by 2027 💸

Updated: Oct 28, 2020

Substantial proof of psychedelic drugs appears in several scientific studies. Multiple clinical trials are underway in the United States and worldwide to test the therapeutic effects of psilocybin, the active component in the fungi called "magic mushroom." There is fresh hope for treating such unnerving disorders as anxiety, depression, post-traumatic stress disorder, addiction, anorexia, and obsessive-compulsive disorder. With over $6.8 billion on the line by 2027, firms at the psychedelic therapeutic drug market, vanguard could reap massive benefits in the next years. A number of these companies, such as Cybin Corp, which aims at drug development and unique delivery mechanisms, are targeting areas that have explicitly been underserved in the previous decade. Those areas embrace life-disrupting psychiatric and neurological conditions such as major depressive addictions and other mental ailments. A pioneer in the psychedelic field, CYBIN targets becoming the first life sciences firm to bring a psilocybin drug targeting MDD to market. A positive outcome could totally upend treatment protocols.

The psychedelic space's promise is perhaps best illustrated by the sector's largest-ever private financing round of $80 million for Compass Pathways, the first psychedelic firm to IPO on the NASDAQ. Not to be outdone, Mind Medicine Inc. is following suit; the firm applied for NASDAQ uplisting last month. Additionally, Field Trip Health Ltd. began trading on the Canadian Securities Exchange (CSE) earlier this month. Other companies working in the psychedelic sector are making other vital moves, including Numinus Wellness Inc., which just started Psilocybe mushroom cultivation at its Health Canada licensed laboratory.