Top Psilocybin & Magic Mushroom Stocks: Now Legal in Colorado

by Fred Fuld III

In case you missed the news, the state of Colorado legalized psilocybin, psilocin, and the magic mushrooms that contain those hallucinogenic drugs.

In addition, the personal use of other psychedelics such as DMT, ibogaine and mescaline was also legalized.

Now other states are considering legalization.

I actually predicted psilocybin and hallucinogenic drugs as a growth industry just three years ago, in my presentation at the San Francisco Money show.

Last year, I even wrote about the various cities and countries where magic mushrooms are already legal.

If you are looking for stocks that participating in this industry, there are a few, all of which trade on NASDAQ.

Compass Pathways (CMPS), which has a $468 million market cap, is developing COMP360, a psilocybin therapy for the treatment of treatment-resistant depression, and the treatment of post-traumatic stress disorder. This UK company is debt free, and has $4.47 in cash per share. It is currently generating negative earnings.

Cybin Inc. (CYBN) has a market cap of $76 million. This Toronto based company develops psilocybin based products to treat major depressive and alcohol use disorders. This is a debt free company that has 27 cents per share in cash. Earnings per share growth rate next year is estimated to be 16%.

Mind Medicine Inc. (MNMD), also known as MindMed, is a New York based company that is developing products to treat brain health disorders using LSD and Ibogaine. The market cap is $101 million.

Atai Life Sciences (ATAI) is a German based company that has a market cap of $475 million. The company has been developing pharmaceutical utilizing  ibogaine and ketamine.

Let’s see if any of these stocks get high.

Disclosure: Author owns MNMD and CYBN.