Early investors in cannabis stocks generated unbelievable returns from 2017 to 2020. The legalization of the green medical and recreational use unleashed a multi-billion-dollar industry. Now, a similar wave could engulf the magic mushroom or psychedelics sector.
According to research, the psychedelic industry is expected to grow to $6.85 billion by 2027. That’s more than 16% compounded annually from its current size. The growth potential is significantly large considering the globally rising depression and mental disorder cases.
Interestingly, regulators showed their support for the use of Psilocybin recently, which further boosted the industry sentiment. In November last year, Health Canada approved the therapeutic consumption of Psilocybin for patients with severe depression.
In late 2019, the U.S. FDA (Food and Drug Administration) showed a ray of hope for the industry. It affirmed that psychedelic Psilocybin could be a breakthrough therapy for depression and mental disorders.
Regulatory support and encouraging research outcomes sent these stocks through the roof late last year. To name a few, Minerco Inc. (MINE) is a Jamaican-based magic mushrooms company that’s been focusing on psychedelic therapies. MINE soared a notable 3000% last year. Another stock, Mind Medicine, surged a massive 860% in 2020.
Minerco, Inc. (OTC: MINE), is the world’s first publicly traded company specializing in growing, research, production and distribution of psilocybin mushrooms and marketing worldwide.
Last month, Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” “PSYC” or the “Company”) a digital media leader within the emerging sector of medicinal psychedelics, announced that the Company has entered into a Joint Venture Partnership (the “JV”) with Minerco, Inc. (OTC: MINE) (“MINE”), a Jamaican-based company specializing in growing, research, production and distribution of psilocybin mushrooms and marketing worldwide.
The JV creates an opportunity for the companies to collaborate on the co-development and hosting of virtual conferences and forums focused on educating, informing, and showcasing the potential medicinal benefits of psilocybin mushrooms, including the psilocybin-based products MINE is developing. Additionally, the JV allows for PSYC to serve as one of the primary digital marketing partners for MINE as they move forward with their focus of bringing their products to market.
Oregon also became the first U.S. state to allow medical use of psychedelics last year. Industry experts are hopeful for more regulatory support going forward. If that happens, the industry growth will remarkably accelerate, and psychedelic stocks could soon skyrocket.
You can bet that the psychedelic industry as we know it today could look much different in 5-10 years. We’ve seen something similar from the cannabis industry. As such, some traders are speculating on the next steps for magic mushrooms.