According to Forbes, investors are getting more bullish on the psychedelic industry. And part of the reason is because research noted that this sector could bring in a whopping $6.85 billion by 2027. When compared to other newer industries, even those that claim to be revolutionary, this figure certainly stands out.
However, the pace could only be just picking up in this sector. With increasing evidence of psychedelics’ efficacy in treating mental health disorders, acceptance of this once controversial substance is growing. This is why many regulators have approved the use of psychedelics in mental health settings, and even actively support the companies at the forefront of the field.
For investors who have not already considered psychedelic stocks, or for those looking to create a more exciting financial impact, these three red-hot psychedelic stocks could be a great place to start.
Red-Hot Psychedelic Stocks:
Red-Hot Psychedelic Stocks: HAVN Life Sciences Inc. (CSE:HAVN) (OTC:HAVLF) (FSE: 5NP)
First on the list of red-hot psychedelic stocks is HAVN Life Sciences Inc. A biotechnology company, it pursues standardized extraction of psychedelic compounds for the development of APIs, natural health products, and therapies to enhance brain function.
On May 2nd, the company announced it had shipped its first order of white label natural health products to its Australian distribution partner, Woke Pharmaceuticals Pty Ltd.
With the distribution agreement, signed in November 2021, the white label products will be available through Australian retailers, supermarkets and other retail outlets, as well as through various e-commerce platforms, including Amazon Australia and New Zealand.
According to a report by Cision, the partnership between HAVN Life and Woke Pharmaceuticals will allow their white label products to be sold in Australia, New Zealand and China, where the natural health product market is forecast to reach $52 billion by 2023.
Investors interested in HAVN Life Sciences Inc. should keep an eye out for more product and market development activities coming soon, which will help maximize its billion-dollar market and stock potential.
Red-Hot Psychedelic Stocks: Field Trip Health, Inc. (TSX:FTRP, FTRP.WT, NASDAQ:FTRP)
Second on the list of red-hot psychedelic stocks to buy in May is Seelos Therapeutics, Inc. It is a biotech company that develops potential treatments for nervous system disorders. One of the company’s most promising treatments aims to treat suicidal ideation in patients who suffer from major depression through intranasal ketamine.
>> Why Psychedelics Could Soon Replace Antidepressants
As of April 11, the company has amended its agreement with Phoenixus AG, formerly known as Vyera Pharmaceuticals AG (“Vyera”), for the development of SLS-002 (intranasal racemic ketamine) to repurchase in cash and stock the remaining royalties payable on any future net sales of SLS-002, all future success and commercial-based milestones, as well as the change of control fee in the event that SLS-002 is acquired.
“We believe this repurchase of the remaining financial obligations owed or that may become payable on SLS-002 has the potential to return meaningful future value to Seelos’ stockholders, assuming we are successful in the clinical development, regulatory approval processes, and commercialization of the intranasal ketamine program,” noted Raj Mehra, Ph.D., Chairman and CEO of Seelos.
According to top analysts from B. Riley, Roth Capital, and Guggenheim, this stock is a “Strong Buy. All three analysts have set a price target of at least $4.00 for the stock, an increase of nearly 600% from its current price.
Red-Hot Psychedelic Stocks: Mind Cure Health Inc. (CSE:MCUR) (OTCQX:MCURF) (FRA:6MH)
Last, but definitely not least on the list of red-hot psychedelic stocks to buy in May is Mind Cure Health Inc., a life sciences company focused on improving mental health and developing and commercializing new ways to promote healing.
On April 26th, 2022, the company announced that it has developed a range of non-racemic mixtures of ibogaine and filed a provisional patent for the mixtures and their therapeutic use in treating various neurological disorders.
Novel enantiomerically enriched mixtures of ibogaine and pharmaceutical compositions thereof are being developed to treat CNS disorders more safely and effectively than current compositions and methods.
Takeaway
Although psychedelic stocks have recently taken a beating, top analysts and industry experts know they could be a profitable long-term buy because of what it holds for the future of mental health. So if you haven’t already considered psychedelics in your portfolio, the aforementioned psychedelic stocks could be a smart way to start.
Of course, these are not the only potentially profitable psychedelic stocks out there. There are many psychedelic companies growing everywhere right now, with one-of-a-kind patents that truly set them apart from other competitors. With all the similar yet unique psychedelic approaches to the mental health field, we could soon expect an acceleration in industry growth and its overall stock performance.
Are there psychedelic stocks on your radar right now? Please do share about them in the comments.
Featured Image: Depositphotos @lightsoure
