Psychedelics seem to have gotten quite a boost last year when Oregonians and DC voters voted to decriminalize psychedelics. While some analysts propose that this is only the beginning for the market’s growth, and that it will be similar to that of the cannabis market, this analysis has no data to its claim.
It should be noted that apart from their legality, the two substances have little in common. Comparing psychedelics to marijuana is also difficult, considering psychedelics are made up of hundreds of molecules, plants and substances while marijuana is encompassed in one plant genus.
Even an individual describing a psychedelics company would need to be more specific because the company is not likely to be testing out or experimenting with every psychedelic substance that exists. It could be psilocybin, ketamine or even LSD.
Additionally, a more exact comparison for the psychedelics industry would be the biotech industry, as both industries work with and modify different organisms with the intention of creating commercially viable products.
It is through testing and research that biotech companies have been able to develop life-saving vaccines, gene therapy and antibiotics. In the same way, psychedelic firms are researching, testing out and developing treatments for addiction, post-traumatic stress disorder (“PTSD”), depression, anxiety and other neurological-related conditions that do not currently have cures.
While it cannot be denied that marijuana does have the potential to and sometimes has served as a treatment for particular mental health conditions such as PTSD and anxiety, marijuana has not been able to infiltrate Big Pharma and biotech as a whole.
In addition to this, despite cannabis being legal in some form in almost every state in the country, both the medical community and the FDA have not been as willing to offer their support to the industry.
This is in contrast with the psychedelics industry, which has not only received support from the FDA but has had psychedelic substances such as psilocybin and MDMA, which are being tested as treatment for various mental health conditions, actual receive breakthrough therapy designations.
This is because psychedelics provide hundreds of different molecules that can be tested and developed in the same way that Big Pharma and biotech companies develop, test out and manufacture products that are distributed in the market. With the right product in this industry, a company may earn more than 20 times the returns from one product in the market.
Apart from this, estimates show that in five years, the treatment for addiction will be valued at roughly $50 billion, the treatment market for PTSD will be worth over $7 billion, and the depression and anxiety treatment market will be worth nearly $20 billion.
Most of the research that is currently being done in psychedelics focuses on the above markets, which shows that the psychedelics industry has the potential to not only control a huge chunk of the market share but also control them as a whole if the cannabis industry does not step up. This may be the case if one considers that these conditions currently do not have reliable cures, and psychedelic research has made significant strides in finding treatments that manage the said conditions.
Many companies are jumping into the functional mushrooms and psychedelic-medicines sectors. For instance, Cybin Inc. (NEO: CYBN) is now marketing several supplements made from non-psychedelic fungi.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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