Much like cannabis, psychedelics are quickly going mainstream – and fast, most notably psilocybin.
In fact, just over the last few months, Denver, Oakland, and Santa Cruz have recently legalized its use. Joining them, Ann Arbor, Michigan lawmakers voted to decriminalize psilocybin mushrooms, as well. In addition, a ballot in Oregon could legalize its use by November 2020.
Plus, with plenty of clinical trials supporting psychedelic treatments, it’s only a matter of time before big pharmaceutical companies begin to invest heavily, and incorporate psychedelics into their own drug pipelines. It’s part of the reason that Eight Capital estimates the total market for mental health treatment could be valued at up to $100 billion.
In addition, there’s a new psychedelics ETF that could give the industry a boost.
Named the Horizons Psychedelic ETF, it’s expected to start trading on Jan. 26 under PSYK on the NEO exchange.
“The ETF includes companies in the Canadian legal psychedelics industry, as well as U.S. companies engaged in legal activities involving psychedelic drugs and substances. The purpose of the ETF is to ‘invest in, and indirectly derive revenues from, companies in the psychedelics industry engaged in legal activities involving psychedelic drugs and substances,’” as noted in a recent press release from Mind Cure Health.