With the midterms steadily drawing to a close, it is becoming clear that Americans were largely in support of drug reform. In Colorado, voters approved a ballot measure that would allow the purchase, possession and use of specific psychedelic fungi and plants.
The measure will legalize the cultivation, possession, sharing and use of ibogaine, psilocybin, mescaline, psilocin and DMT for adults aged 21 and older. Soon after news of the legislation’s approval was announced, psychedelic stock prices began trending upward.
Under the new measure, Colorado would have to formulate new regulations to govern the distribution and administration of the aforementioned psychedelics. The psychedelic legislation did not provide any explicit possession limits for consumers.
Its approval by Colorado voters was soon followed by a rise in psychedelic exchange-traded funds (ETFs) in the United States with PSYK ETF going up by 4% and AdvisorShares Psychedelic ETF by 3.1%.
Individual psychedelic firms also saw their stock prices rise in the wake of the measure’s passage. Lobe Sciences saw its shares rise by 12%, Revive Therapeutics went up by 7%, and Numinus Wellness Inc. shares rose by 5.2%. Braxia Scientific Corp rose by 6.5%, Mindset Pharma Inc. went up by 1.8%, Field Trip Health Ltd. (OTC: FTHWF) (TSX: FTHW) rose by 103% and Atai Life Sciences shares rose by 5.5%. Compass Pathways, which is heavily involved in psychedelic research, added 7%, and Imdemend rose by 4.1%.
A surge in psychedelic research over the past couple of years has revealed that hallucinogenic drugs can have profound mental health benefits when paired with psychotherapy. Initial studies and clinical trials have found that psychedelics can have long-term benefits against conditions such as post-traumatic stress disorder (PTSD), eating disorders and depression.
Canadian companies also saw their shares jump after Coloradans voted in favor of legalizing psychedelics, with Love Pharma Inc. shares soaring by 100% and Lobe Science’s Toronto-listed shares going up by 14.3%.
As more people search for alternative mental health treatments with higher effective rates and fewer unwanted side effects, public sentiment regarding psychedelics has become increasingly positive. However, even though studies have been extremely encouraging, the overall field of psychedelic research is still in its infancy and needs more time before psychedelic drugs can be as available as current mental health drugs.
In a recent note to clients, Stifel GMP analysts who were fresh from a psychedelics networking conference in Wonderland, Miami, said that there was a largely unmet need for psychedelic-assisted psychotherapy clinics.
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