Treatment of depression, anxiety, and addiction health issues using either functional (i.e. edible) or psychedelic (i.e. magic) mushrooms is on the threshold of becoming the next billion-dollar industry.

At the beginning of 2020, there were only 6 biopharmaceutical companies listed on any of the Canadian or American stock exchanges that were involved in the medicinal mushroom sector. By the end of September, that number had increased to 8 and to 12 as of October 19th. To provide insights into the progress of this fledgling sector's growth we have created the Medicinal Mushroom Stock Index to track each constituent's progress and stock price performance. Below is a brief introduction to each company and their performance yesterday (October 27th) which illustrates the extreme volatility being exhibited by most of the constituents. (For more detailed information read Introducing The "Medicinal Mushroom" Stock Index.)

For the sake of comparing companies using one type of mushroom vs. another the list below is divided into two segments, namely functional and psychedelic.

Psychedelic Mushroom Category

1. Compass Pathways (CMPS)

CMPS is the early industry darling in the psychedelics space given that its psilocybin-based therapy for treatment-resistant depression is in Phase 2 of clinical trials and it has received Breakthrough Therapy Designation for its research from the Food and Drug Administration.

Its stock went up 10% during the first 3 weeks of October but is down 7% since then.

2. Mind Medicine (MMEDF)

Mind Medicine (MindMed) has three drug initiatives that use psychedelic mushrooms already in Phase 2 with several other initiatives in Phase 1 trials.

Its stock went up 68% during the first 3 weeks of October and is down a further 6% since then and was down another 8.4% just yesterday.

3. Mydecine Innovations Group (MYCOF)

MYCOF has filed a provisional patent for a psilocybin-based psychedelic therapy enhancer for the treatment of certain psychiatric disorders, including enhancements to treatments for PTSD.

Its stock went down 5% during the first 3 weeks of October and is down a further 17% since then and was down another 12% just yesterday.

4. Numinus Wellness (LKYSF)

Numinus Wellness combines clinical operations with psychedelic drug R&D and cultivation of Psilocybe mushrooms, for the purpose of extracting psilocybin from them.

Its stock went up 74% during the first 3 weeks of October and is up 6% since then albeit down 5% just yesterday.

5. Field Trip Health Ltd. (FTRPF)

Field Trip is developing the next generation of psychedelic molecules and conducting advanced research on plant-based psychedelics such as ketamine which for years has been used as an off-label depression therapy and, given its potent analgesic qualities, has been introduced more recently as a treatment option for PTSD.

Its stock went down 12% during the first 3 weeks of October but has remained relatively unchanged since then.

6. Silo Pharma (SILO)

SILO is an early-stage biopharmaceutical company focused on providing proprietary psychedelic therapeutics to patients suffering from end-of-life anxiety, Alzheimer's, depression, addiction, PTSD, and obsessive-compulsive disorder.

Its stock went up 20% during the first 3 weeks of October but is down 40% since then.

7. Revive Therapeutics (RVVTF)

Revive entered a Phase 1 clinical trial in August with the University of Wisconsin System to study the safety and feasibility of psilocybin in adults with Methamphetamine Use Disorder.

Its stock went down 15% during the first 3 weeks of October and is down another 12% since then and was down a further 6% just yesterday.

8. New Wave Holdings (TRMNF) 

New Wave focuses on active psychedelic compounds, functional mushroom product lines, and has developed an IP portfolio focusing on psilocybin, LSD, MDMA, and ketamine derived treatments for neuropsychiatric diseases.

Its stock went down 40% during the first 3 weeks of October but is up 33% since then and unchanged in price yesterday.

9. Green Star Biosciences (GTSIF)

Green Star purchased Eleusian Biosciences in June to give it immediate access to the emerging psychedelic medicine sector and Eleusian's two provisional patents related to the treatment of traumatic brain injuries and post-traumatic stress disorder (PTSD).

Its stock went down 20% during the first 3 weeks of October and has remained unchanged in price since then.

10. HAVN Life Sciences (HAVLF)

HAVN is engaged in the research and development of psychopharmacological products, including the formulation of standardized psychoactive compounds derived from fungi.

This company only became listed in mid-October and its stock price remains relatively unchanged since then.

11. Champignon Brands (SHRMF)

Champignon's strategy is to focus on breakthrough treatments of depression through the development of ketamine compounds and a network of ketamine-based treatment clinics.

Its stock had remained unchanged during the first 3 weeks of October but is down 10% since then and was down a further 6% just yesterday.

Functional Mushroom Category

Mind Cure (MCURF)

Given the fact that it could take as long as 10 years, and potentially cost hundreds of millions of dollars, to bring approved psychedelic drugs to market, Mind Cure is developing products from those dozen or so species of edible ("functional") mushrooms that are recognized as promoting brain health as opposed to the 100 or so "magic mushroom" species containing the highly psychoactive substance, psilocybin.

While psychedelic drugs have blockbuster potential over the longer term to generate a number of medicinal breakthroughs in multi-billion treatment markets, functional mushrooms also represent a multi-billion market and this market is already open for business today which will allow Mind Cure to offset some of the R&D costs associated with psychedelics research with near-term revenue streams from functional mushrooms.

Its stock is down 17% since being listed just 2 weeks ago and down a further 12% since then albeit experiencing no change in price yesterday.

In summary, the Medicinal Mushroom Stock Index is down 9% over the past week and a half (and was down 1.4% yesterday) but if the much higher priced Compass Pathways stock is excluded the Index is down 13% (and was down 8.4% yesterday).

Future Medicinal Mushroom Stock Index reports will be published on a week-ending basis going forward due to the small number of constituents and the "penny-stock" nature of almost all of them.