Overview of Major Sectors Making Up Psychedelics Industry

November 9, 2021 11:50:44

The psychedelics industry has grown tremendously these last few years, offering new opportunities for investors interested in this space. The potential for the substance to revolutionize the field of medicine has prompted a significant increase in the capital being injected into the multibillion dollar industry, which has facilitated further development. Below is an overview of the major sectors making up this industry.

R&D and Clinical Trials

This refers to clinical and/or research and development trials that involve psychedelic substances. Currently, there are more than 12 companies conducting phase 2 clinical trials on psychedelic drug candidates and a nonprofit called MAPS doing a phase 3 trial.

Nutraceuticals and Other Consumer Packaged Goods

This industry’s consumer packaged goods segment has a lot of potential to grow as awareness of psychedelic substances in the treatment of physical and mental illnesses grows. This is why it’s not surprising to find so many psychedelics firms involved in the functional mushroom market.

Telemedicine and Industry Tech

This involves software and telehealth development. Various major psychedelic companies are focusing on digital therapeutics, which is helping carve out a new path for the burgeoning industry. For instance, telehealth company Mindleap has designed a platform that connects mental health professionals with patients who are in need of psychedelic-based therapy.

Drug Delivery Methods

Most companies involved in this segment have provisional patent applications filed for novel drug-delivery techniques for psychedelic therapies. These include nasal sprays, oral strips and hard-shell capsules, among other methods. A few years ago, the FDA approved an esketamine nasal spray by the name Spravato, for the treatment of depression in adults.

Microdosing and Adult Use

This involves the recreational use of legal psychedelic substances. Companies such as PharmaDrug are finding ways to use psychedelic fungi, including magic truffles to their advantage.

Retreats and Clinics

This refers to the delivery of psychedelic therapies through retreats and clinics. Regulated psychedelic therapies have been increasing in popularity internationally through psilocybin retreats and ketamine clinics. Companies involved in this space are findings ways to increase access and enhance the effectiveness of these programs, which currently aren’t easily accessible.

Manufacture and Supply

This refers to the growing, synthesis and production of psychedelic substances. This segment is made up of companies in the industry that operate growing facilities or are involved in the manufacture of synthetic psychedelic drugs. Companies operating in this space believe that their approach will yield consistent pharmaceutical-grade products at lower costs than the current extraction methods.

The foregoing analysis is proof that not all psychedelics companies are into drug development as exemplified by Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF). Other companies in other segments could open up decent investment opportunities in addition to the drug-development organizations.

NOTE TO INVESTORS: The latest news and updates relating to Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) are available in the company’s newsroom at https://ibn.fm/MYCOF

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