Psychedelic Medicine Stocks Garner Serious Investor Interest
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NEW YORK, June 25, 2020 /PRNewswire/ -- Investor interest in alternative psychedelic medicine is on the rise, with billionaire investors, celebrities, and high-profile execs endorsing the psychedelic medicine market either by joining strategic advisory boards or making sizable investments. In fact, there is so much interest in psychedelics medicine that some analysts see the industry bringing in $6.85 billion by 2027 . Mental health is a big problem in America, with total spending on mental healthcare every year topping $195 billion. Mind Medicine (MindMed) Inc. (NEO:MMED) (OTCQB:MMEDF) has received sizable investments from Shark Tank host and celebrity investor Kevin O'Leary and former Canopy Growth CEO Bruce Linton. PayPal Holdings (NASDAQ:PYPL) co-founder Peter Thiel is also betting big bucks on the psychedelic drugs market through an investment in ATAI Life Sciences. At the same time, former Pfizer (NYSE:PFE) executive Michael Ehlers has joined the space by taking on an advisory role with psychedelics clinical company, Field Trip. Meanwhile, Mydecine Innovations Group (CSE:MYCO) (OTC:NLBIF) has undergone a name change and developed a new strategic focus to get in on the emerging market. Hallucinogens have even begun getting more airtime, with Netflix, Inc. (NASDAQ:NFLX) recently launching a star-studded documentary titled "Have a Good Trip: Adventures in Psychedelics."
Indeed, psychedelic drugs are moving away from their bad reputation and could be lining pharmacy aisles and new hospitals in the years to come if government bodies and billionaire investors continue to provide support.
Psychedelic Meds Gain Celebrity Backing
When the FDA granted Breakthrough Therapy designation to two psychedelic-based treatments in 2019 and approved Johnson & Johnson's ketamine-like nasal spray for depression, it opened up a flurry of investments. The sector even experienced the largest-ever private financing round of $80 million for Compass Pathways, a psychedelic medicine company. PayPal Holdings (NASDAQ:PYPL) co-founder, Peter Thiel, the legendary Silicon Valley billionaire investor who was an early business partner of Tesla CEO Elon Musk, and also recently led a $24 million financing round for ATAI Life Sciences, a privately held company developing psychedelic medicines..
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