North America Psychedelic Drugs Market Could Exceed $6.8 Billion By 2027

PALM BEACH, Fla., Jan. 6, 2021 /PRNewswire/ — In the few places where cannabis is legal, it can be incredibly lucrative. In 2019, the nascent worldwide cannabis sector pumped out approximately $15 billion in sales.

By 2024, that number is expected to triple. Not bad for an industry that, less than a decade ago, was entirely illegal almost everywhere on Earth and is still outlawed in most countries. Now, startups and investors are positioning to profit from psilocybin, LSD and other psychedelics. Despite Covid-19, a crashing economy and formidable legal obstacles, a growing number of entrepreneurs and investors are betting that medicines derived from psychedelic drugs can become a real business and more importantly…heal millions of people. They are joining the researchers, activists, philanthropists and journalists the who until now have been driving what’s been called the psychedelic renaissance. An article in Medium.com said that a dozen or more startup companies are developing medicines from psilocybin, MDMA, ibogaine and LSD, all of which are illegal in the US, as well as from ketamine, a legal anesthetic with hallucinogenic properties. They hope to treat a surprisingly wide range of mental conditions, including post-traumatic stress disorder (PTSD), depression, anxiety, addiction, even Alzheimer’s disease.

A growing body of research into the therapeutic use of psychedelics is delivering promising results, almost across the board, particularly when the drugs are accompanied by talk therapy. Last year, Johns Hopkins University in Baltimore and Imperial College in London launched the world’s first research centers devoted to psychedelics. Active companies in the markets this week include: Mind Cure Health Inc. (OTCQB: MCURF) (CSE: MCUR), MindMed (OTCQB: MMEDF) (NEO: MMED), Numinus Wellness Inc (OTCPK: LKYSF) (TSX-V: NUMI), Cybin Inc. (OTCPK: CLXPF) (NEO: CYBN), Field Trip Health Ltd (OTCPK: FTRPF) (CSE: FTRP).

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