Psychedelics—psychotropic drugs that trigger altered states of consciousness—are gaining widespread attention. Over the past two decades, research in the area has increased, with a magic mushroom ingredient—psilocybin—showing promise for treating a range of mental health disorders and addictions.
In addition, a CB Insights market research report has shown that psychedelic medicine funding was set to cross $700 million in 2021, which is close to double the 2020 level and about eight times 2019 funding. The capital raised is expected to give the companies in the field the funds to continue drug development. The global psychedelic drugs market is forecasted to reach $8.02 billion by 2029, growing at a 13.3% CAGR.
Hence, we think these names might be reasonable additions to one’s watchlist.
The post 2 Psychedelic Stocks That Will Skyrocket, According to Wall Street originally appeared at StockNews.com.