Get psyched! First psychedelic ETF (PSYC) hits stock exchange, laying groundwork for trippy new industry
"We are the only publicly traded company working with a legal psychoactive mushroom"
A psychedelic awakening could be looming on society’s horizon. Cities like Denver and states like Oregon are decriminalizing nature, making magic mushrooms and other natural psychedelics, licit substances; and as the federal government approves things like ketamine and MDMA therapy the future of psychedelics in this country is looking brighter.
Of course, that means that business opportunities will soon be impending. Which means investors need a way to buy, trade and sell psychedelic stocks, as this budding new industry grows.
Enter: PSYC — the world’s FIRST psychedelic exchange traded fund (ETF). It’s made up of 17 companies in the US and Canada, including Psyched Wellness, a life sciences company dedicated to producing, growing and spreading the magic of artisanal amenita muscaria mushrooms.
"We are pleased to be included in the first psychedelics ETF and to be recognized as one of the leading company in the field of psychedelic health and wellness and pharmaceuticals," Jeff Stevens, chief executive officer of Psyched, told Yahoo news in an interview. "We are the only publicly traded company working with a legal psychoactive mushroom and we are advancing novel muscimol-based therapeutics using our proprietary extract, AME-1."
Another company included in the ETF is Beckley Psytech, the for-profit branch of the Beckley Foundation. They recently raised $19 million in equity funding to finance the development of a drug “pipeline” for 5-MeO-DMT, which they plan on running clinical trials on as soon as they can.
Then there’s Mindset Pharma, NoenMind Biosciences, Novamind, Core One Labs, Biotechnologies, Revive Theraputics and a handful of others – all of whom are also developing psychedelic business plans, services and/or products.
This ETF is the groundwork for a trippy new industry that’s clearly already exciting investors and entrepreneurs. People are getting ready to hit the ground running; preparing to dive in as soon as the psychedelic levy starts breaking and the laws prohibiting them start to dissolve.
This is a pretty clear sign that, despite the schedule I status of most psychedelic drugs, the market expects this industry to start growing. And, if the creation of this ETF is any indicator, they expect it to start growing soon.