Of the 35 companies involved in clinical stage research of one or more of 10 different psychedelic substances (see recent article 10 Psychedelic Substances And The 35 Companies Researching Them ) 20 of them are researching the benefits of psilocybin, the primary psychoactive ingredient in “magic mushrooms”. Here's a list of those 20 companies and how well their stocks have performed YTD.

What Is Psilocybin?

Psilocybin is the most widely-researched psychedelic substance today due to its minimal toxicity, non-addictive nature and powerful medicinal effect of generating new neural pathways that allow different regions within the brain to communicate in new and more effective ways. As such, it is likely to become the first psychedelic drug to be de-scheduled by a major government and legalized for medicinal use.

• A recent poll in Canada shows that nearly 80% of the population favor legalizing psilocybin for medicinal use and, to that end, Health Canada has already been granting special exemptions to allow patients with critical healthcare needs to be treated with psilocybin-based therapies.
• In the U.S., while psilocybin enjoys rapidly increasing grassroots support at the local and even state level, psychedelics research remains blocked at the federal level.
• Legal use and commercialization of psilocybin may advance much faster in the EU and UK via their “real-world evidence” pathway to drug approval that advances drugs that are proven safe substances, a category into which psilocybin fits.

Larger Cap Companies Involved In Psilocybin Research and Their Performances YTD

• Compass Pathways (CMPS); Mkt. Cap: $1.33B; -33.2% YTD 
• Cybin Inc. (CYBN); Mkt. Cap: $372M; +101.3% YTD 
• Mind Medicine (MNMD); Mkt. Cap: $1.01B; -9.8% YTD  
• Mydecine (MYCOF); Mkt. Cap: $90M; +8.6% YTD
• Average Mkt. Cap: $700.5M

Nano Cap Companies Involved In Psilocybin Research

In addition 16 much smaller market cap companies - Aion Therapeutics (AION), Bright Minds Biosciences (DRUG), Creso Pharma (COPHF) through its subsidiary Haluvenex Life Sciences, Filament Health (NEO:FH), HAVN Life Sciences (HAVLF), M2Bio Sciences (WUHN), Mindset Pharma (MSSTF),  Neonmind Biosciences (NEON), Nova Mentis (NOVA), PsyBio Therapeutics (PSYBF), Revive Therapeutics (RVVTF), Silo Wellness (SILO),  Tryp Therapeutics (TRUFF), Optimi Health (OPTHF), Psyence Group (PSYG) and Wesana Health (WESA) - are also doing research clinical-stage research using psilocybin. Their average market capitalization is $41M and they are -28.7% YTD.