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Psychedelic Medicine

Promising research and receding stigma are giving investors cannabis-boom flashbacks.

Overview

The psychedelic renaissance: moving beyond stigma toward a breakthrough mental health treatment

Psychedelics (also called hallucinogens) are powerful mind-altering substances that can temporarily induce hallucinations by affecting the serotonin receptors in the brain responsible for controlling the senses. Popular psychedelics include lysergic acid diethylamide (LSD/acid), psilocybin (magic mushrooms), and ketamine. Psychedelics have been used in religious settings for thousands of years, but developed a social stigma in the 1960’s due to widespread recreational use by “hippies” and youth involved in counter-cultural and anti-war movements in the US and beyond. These substances were finally made illegal in the US in 1970. Fifty years later, psychedelics are re-entering the mainstream as a potential breakthrough for various hard-to-treat mental health conditions, including depression and post-traumatic stress disorders (PTSD). A May 2019 approval by the US Food and Drug Administration (FDA) of a ketamine-derivative substance (in therapeutic settings) has raised the possibilities of more widespread commercialization of psychedelics. Since then, the nascent industry—still mostly in the research stage—has garnered significant investor interest, some of whom are anticipating a cannabis-like boom.

What's driving this industry?
Market Sizing

The US addressable market estimate for FDA-approved depression and PTSD therapies is USD 66 billion

View details

COVID-19 IMPACT

Heightened demand for mental health treatments:  

In June 2020:

- 4X higher rates of depression (vs Q2 2019)

- 3X higher rates of anxiety (vs Q2 2019)

- 2X higher rates of suicidal ideation (vs 2018)

Pandemic restrictions forced psychedelic clinics to adopt telemedicine:

  • Field Trip: Launched virtual psychedelic therapy services through its online platform.

  • Mindbloom: Launched fully virtually administered ketamine therapy sessions.

View detail

Market Mapping


Research and development dominates the industry’s competitive landscape

A majority of the businesses in the psychedelic industry focus on research and development (R&D), studying the benefits of psychedelic substances and conducting preclinical and clinical research. Other segments—such as cultivation, clinics, and delivery platforms—have started to evolve only recently, driven by the advancements in R&D and positive developments in the regulatory landscape. So in addition to R&D focused leaders Compass Pathways and MindMed, the industry is now seeing growth in vertically integrated psychedelic players such as Field Trip, Numinus, New Wave, and others listed in the table below.

Incumbents
Growth
Early
Seed
Pre-Seed
Cultivation/ Synthesis
?
Patent Portfolio
?
Research and Development
?
Clinics
?
AI/ Digital Platforms
?
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Reunion Neuroscience
Numinus
Mycotopia Therapies
HAVN Life Sciences
CB Therapeutics
Orthogonal Thinker
Silo Wellness
Psilera Bioscience
Mydecine Innovations Group
New Wave Holdings
Filament Health
PharmaDrug
Core One Labs
Mindset Pharma
Xphyto Therapeutics
Creso Pharma
BetterLife Pharma
PsyBio Therapeutics
Albert Labs
Psygen Labs
Octarine Bio
Pure Extracts Corp
MindMed
GH Research
Compass Pathways
Revive Therapeutics
Braxia Scientific
Cybin
Enveric Biosciences
CaaMTech
Wesana Health
Tryp Therapeutics
Orthogonal Thinker
Bexson Biomedical
Silo Pharma
Psilera Bioscience
Awakn Life Sciences
MYND Life Sciences
Filament Health
Small Pharma
Core One Labs
Mindset Pharma
Lobe Sciences
Creso Pharma
Clearmind Medicine
BetterLife Pharma
PsyBio Therapeutics
Aion Therapeutic
MAPS
Johnson & Johnson
Usona Institute
Abbvie
ATAI Life Sciences
MindMed
GH Research
Compass Pathways
Reunion Neuroscience
Revive Therapeutics
Braxia Scientific
Eleusis
Mycotopia Therapies
Beckley Psytech
Cybin
Seelos Therapeutics
Enveric Biosciences
Gilgamesh Pharmaceuticals
CaaMTech
Wesana Health
Freedom Biosciences
PharmaTher
Tryp Therapeutics
Bexson Biomedical
Bright Minds
Silo Pharma
Entheon Biomedical
Psilera Bioscience
Mydecine Innovations Group
New Wave Holdings
Awakn Life Sciences
MYND Life Sciences
Filament Health
Small Pharma
PharmaDrug
DemeRx
M2Bio Sciences
Mindset Pharma
Lobe Sciences
Creso Pharma
Clearmind Medicine
BetterLife Pharma
Albert Labs
Perception Neuroscience
Pilz Bioscience Corp
Lophora
Aion Therapeutic
Reunion Neuroscience
Numinus
Braxia Scientific
Eleusis
Mycotopia Therapies
Wesana Health
Silo Wellness
Levitee Labs
New Wave Holdings
Awakn Life Sciences
Core One Labs
Wellbeing Digital Sciences
Creso Pharma
Mindbloom
ATAI Life Sciences
Reunion Neuroscience
Tripp
PharmaTher
Mydecine Innovations Group
Mindleap
Wellbeing Digital Sciences

The Disruptors


Compass Pathways and MindMed are the most advanced R&D companies

Having advanced their lead drugs to Phase 2b clinical trials, Compass Pathways and MindMed can be safely considered the for-profit pioneers in psychedelic research. And in some cases, it could be said that psychedelic medicine companies might prioritize financial stability over groundbreaking research with a majority of the companies covered in this industry hub having pursued relatively early-stage listings, following a strategy employed by cannabis companies.

Looking at the industry as a whole, capital is concentrated with the four Nasdaq-listed companies: Compass and MindMed as well as their relatively younger peers ATAI Life sciences and GH Research. Other disruptors like Field Trip, Core One Labs, Silo Pharma, and Bright Minds are also eyeing Nasdaq-listings or uplistings with the hope of accelerating growth via enhanced investor visibility.

Among the privately held companies, Beckley Psytech and Gilgamesh Pharmaceuticals—which develop psychedelic-inspired medicines for neuropsychiatric conditions, have raised the most cash within the range of USD 30-40 million in venture funding.

Cultivation/ Synthesis

?

Disruptors

?
Funding in USD Millions
Numinus
Public - Market cap USD 48.2 mn
Creso Pharma
Public - Market cap USD 40.2 mn
Mindset Pharma
Public - Market cap USD 38.9 mn
Xphyto Therapeutics
Public - Market cap USD 27.9 mn
Reunion Neuroscience
Public - Market cap USD 16.8 mn
Core One Labs
Public - Market cap USD 15.3 mn
BetterLife Pharma
Public - Market cap USD 12.1 mn
Filament Health
Public - Market cap USD 11.5 mn
PsyBio Therapeutics
Public - Market cap USD 9.8 mn
PharmaDrug
Public - Market cap USD 7.0 mn
Mycotopia Therapies
Public - Market cap USD 5.1 mn
Mydecine Innovations Group
Public - Market cap USD 4.1 mn
Albert Labs
Public - Market cap USD 1.9 mn
Pure Extracts Corp
Public - Market cap USD 1.5 mn
New Wave Holdings
Public - Market cap USD 1.2 mn
HAVN Life Sciences
Public - Market cap USD 410.0 k
Silo Wellness
Public - Market cap USD 154.4 k
CB Therapeutics
8
Orthogonal Thinker
6
Psilera Bioscience
3
Watchlist
?
Psygen Labs
Octarine Bio

Patent Portfolio

?

Disruptors

?
Funding in USD Millions
GH Research
Public - Market cap USD 604.5 mn
Compass Pathways
Public - Market cap USD 456.3 mn
Clearmind Medicine
Public - Market cap USD 216.4 mn
MindMed
Public - Market cap USD 96.4 mn
Cybin
Public - Market cap USD 77.0 mn
Revive Therapeutics
Public - Market cap USD 60.8 mn
Creso Pharma
Public - Market cap USD 40.2 mn
Mindset Pharma
Public - Market cap USD 38.9 mn
Core One Labs
Public - Market cap USD 15.3 mn
BetterLife Pharma
Public - Market cap USD 12.1 mn
Tryp Therapeutics
Public - Market cap USD 11.7 mn
Braxia Scientific
Public - Market cap USD 11.6 mn
Filament Health
Public - Market cap USD 11.5 mn
Silo Pharma
Public - Market cap USD 10.7 mn
PsyBio Therapeutics
Public - Market cap USD 9.8 mn
Enveric Biosciences
Public - Market cap USD 8.8 mn
Awakn Life Sciences
Public - Market cap USD 8.7 mn
Lobe Sciences
Public - Market cap USD 3.0 mn
MYND Life Sciences
Public - Market cap USD 2.9 mn
Wesana Health
Public - Market cap USD 1.9 mn
Aion Therapeutic
Public - Market cap USD 580.0 k
Orthogonal Thinker
6
Psilera Bioscience
3
Small Pharma
1
Watchlist
?
CaaMTech
Bexson Biomedical

Research and Development

?

Disruptors

?
Funding in USD Millions
GH Research
Public - Market cap USD 604.5 mn
ATAI Life Sciences
Public - Market cap USD 549.0 mn
Compass Pathways
Public - Market cap USD 456.3 mn
Clearmind Medicine
Public - Market cap USD 216.4 mn
Seelos Therapeutics
Public - Market cap USD 109.9 mn
MindMed
Public - Market cap USD 96.4 mn
Cybin
Public - Market cap USD 77.0 mn
Revive Therapeutics
Public - Market cap USD 60.8 mn
Creso Pharma
Public - Market cap USD 40.2 mn
Mindset Pharma
Public - Market cap USD 38.9 mn
Bright Minds
Public - Market cap USD 20.3 mn
Reunion Neuroscience
Public - Market cap USD 16.8 mn
BetterLife Pharma
Public - Market cap USD 12.1 mn
Tryp Therapeutics
Public - Market cap USD 11.7 mn
Braxia Scientific
Public - Market cap USD 11.6 mn
Filament Health
Public - Market cap USD 11.5 mn
Silo Pharma
Public - Market cap USD 10.7 mn
Enveric Biosciences
Public - Market cap USD 8.8 mn
Awakn Life Sciences
Public - Market cap USD 8.7 mn
PharmaTher
Public - Market cap USD 7.9 mn
PharmaDrug
Public - Market cap USD 7.0 mn
Mycotopia Therapies
Public - Market cap USD 5.1 mn
Mydecine Innovations Group
Public - Market cap USD 4.1 mn
M2Bio Sciences
Public - Market cap USD 3.1 mn
Lobe Sciences
Public - Market cap USD 3.0 mn
MYND Life Sciences
Public - Market cap USD 2.9 mn
Albert Labs
Public - Market cap USD 1.9 mn
Wesana Health
Public - Market cap USD 1.9 mn
Entheon Biomedical
Public - Market cap USD 1.9 mn
New Wave Holdings
Public - Market cap USD 1.2 mn
Aion Therapeutic
Public - Market cap USD 580.0 k
Beckley Psytech
114
Gilgamesh Pharmaceuticals
30
Eleusis
6
Psilera Bioscience
3
Small Pharma
1
DemeRx
1
Watchlist
?
CaaMTech
Freedom Biosciences
Bexson Biomedical
Perception Neuroscience
Pilz Bioscience Corp
Lophora

Clinics

?

Disruptors

?
Funding in USD Millions
Wellbeing Digital Sciences
Public - Market cap USD 48.7 mn
Numinus
Public - Market cap USD 48.2 mn
Creso Pharma
Public - Market cap USD 40.2 mn
Levitee Labs
Public - Market cap USD 29.5 mn
Reunion Neuroscience
Public - Market cap USD 16.8 mn
Core One Labs
Public - Market cap USD 15.3 mn
Braxia Scientific
Public - Market cap USD 11.6 mn
Awakn Life Sciences
Public - Market cap USD 8.7 mn
Mycotopia Therapies
Public - Market cap USD 5.1 mn
Wesana Health
Public - Market cap USD 1.9 mn
New Wave Holdings
Public - Market cap USD 1.2 mn
Silo Wellness
Public - Market cap USD 154.4 k
Eleusis
6
Watchlist
?
Mindbloom

AI/ Digital Platforms

?

Disruptors

?
Funding in USD Millions
ATAI Life Sciences
Public - Market cap USD 549.0 mn
Wellbeing Digital Sciences
Public - Market cap USD 48.7 mn
Reunion Neuroscience
Public - Market cap USD 16.8 mn
PharmaTher
Public - Market cap USD 7.9 mn
Mydecine Innovations Group
Public - Market cap USD 4.1 mn
Tripp
26
Mindleap
1

Numinus

Vancouver-based Numinus Wellness operates as a mental health and wellness company creating ecosystems of solutions around psychedelic-assisted psychotherapy. The company is focused on three areas: 1) Health–psychedelic therapy clinics, 2) Research and development (R&D)–supporting pharma companies to host studies, develop medical and therapeutic protocols, and influence regulatory approval for psychedelic clinical trials, and 3) Bioscience–testing, selling, and distributing psychedelic substances. 

Numinus has been expanding its clinical network through a series of acquisitions. It operates a total of 13 clinics, as of June 2022, which offer ketamine-assisted psychotherapy, special access to psilocybin and MDMA (pending approval by Health Canada), and compassionate access trials for psilocybin and MDMA. In June 2022, eight clinics were added to its network via the acquisition of fellow psychedelic company Novamind . In July 2021, the company announced the acquisition of the Neurology Centre of Toronto (NCT) to set up a Centre for Psychedelic Neurology and acquired a pair of Montreal clinics from Quebec-based psychedelic company Mindspace in December 2020. 

The company operates a 7,000 sq ft research and testing laboratory center and, through its subsidiary, Salvation Labs, maintains a Dealer’s Licence issued by Health Canada, to possess, buy, and sell MDMA, psilocybin, psilocin, DMT, and mescaline. 

In October 2020, Numinus became the first company to complete the legal harvest of magic mushrooms in Canada for research and development purposes. The company is traded on the TSX Venture Exchanges under the symbol NUMI.

Segment:
Cultivation/ Synthesis
Total funding:
USD 20.8 million
Competitors:
Braxia Scientific, Field Trip, Mydecine Innovations Group
Disruptor Funding History

Cultivation/ Synthesis :

Numinus
Reunion Neuroscience
Core One Labs
Filament Health
PharmaDrug
Mydecine Innovations Group
New Wave Holdings
HAVN Life Sciences
Silo Wellness
CB Therapeutics
Orthogonal Thinker
Psilera Bioscience
Psygen Labs
Octarine Bio

Patent Portfolio:

GH Research
Compass Pathways
MindMed
Cybin
Revive Therapeutics
Core One Labs
Tryp Therapeutics
Braxia Scientific
Filament Health
Silo Pharma
Enveric Biosciences
Awakn Life Sciences
MYND Life Sciences
Wesana Health
Orthogonal Thinker
Psilera Bioscience
Small Pharma
CaaMTech
Bexson Biomedical

Research and Development:

GH Research
ATAI Life Sciences
Compass Pathways
Seelos Therapeutics
MindMed
Cybin
Revive Therapeutics
Bright Minds
Reunion Neuroscience
Tryp Therapeutics
Braxia Scientific
Filament Health
Silo Pharma
Enveric Biosciences
Awakn Life Sciences
PharmaTher
PharmaDrug
Mydecine Innovations Group
M2Bio Sciences
MYND Life Sciences
Wesana Health
Entheon Biomedical
New Wave Holdings
Beckley Psytech
Gilgamesh Pharmaceuticals
Eleusis
Psilera Bioscience
Small Pharma
DemeRx
CaaMTech
Freedom Biosciences
Bexson Biomedical

Incumbents


Industry yet to attract interest from big pharma

The psychedelic industry has not yet attracted major interest from conventional pharmaceutical companies. This reluctance could be due to psychedelic therapies’ tendency to require a single round of treatment as well as financial, legal, and reputational risks. Partnerships and acquisitions are highly likely in the near future, however, as psychedelic companies progress toward latter stages of drug development.

Cultivation/ Synthesis
Patent Portfolio
Research and Development
Clinics
AI/ Digital Platforms
In House Development
M&A
Partnership
Investment
MAPS
Johnson & Johnson
Usona Institute
Abbvie

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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