7 top psychedelic stocks to buy in 2024

For many investors, the experimental psychedelics industry may be too risky to invest in. Most companies in this sector are privately held, and psychedelic stocks are often volatile penny or OTC stocks.

Aside from being risky, these stocks can also be difficult to purchase. Most stocks will require you to have a brokerage account that offers access to OTC and international stocks, like Interactive Brokers or TradeStation.

For investors willing to take the risk, the best psychedelic stocks depend on your portfolio and investment goals — while volatility can be ideal for day traders, long-term investors will want to look to stocks with steadier gains over time.

7 popular psychedelic stocks picks to buy in 2024

We round up a selection of stocks in or related to the experimental drug industry, weighting the list more heavily towards popular mid- and large-cap US stocks.

1. Compass Pathways Plc (CMPS)
2. Mind Medicine MindMed (MMEDF)
3. Mycotopia Therapies (TWGL)
4. Numinus Wellness (NUMI)
5. Mindset Pharma (MSET)
6. Cybin (CLXPF)
7. Field Trip Health (FTRP)

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The psychedelic stocks industry is affected by a range of complex factors such as trade policies, regulations, and fluctuating supply and demand. So when considering psychedelic stocks to buy, it's important that you have access to vital information about a company's financial health, leadership team, and market positioning.

Our picks for platforms with research tools

How to invest in psychedelic stocks

1. Choose an online stock trading platform. Choose from our Top Picks above, use our comparison table below or jump straight to the best stock trading apps of 2024.
2. Sign up for an account. Provide your personal information and sign up.
3. Set up a funding method to pay for the transaction. Deposit funds into your account by linking your banking information.
4. Choose the stocks you want to buy. Search for the stock by name or ticker symbol like CMPS or MMEDF.
5. Place your order. Buy the stock. It's that simple.

Take a deeper dive into psychedelic stocks

If you're interested in investing in the experimental drug industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.

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1. Compass Pathways Plc (CMPS)

COMPASS Pathways plc operates as a mental health care company primarily in the United Kingdom and the United States. It develops COMP360, a psilocybin therapy that is in Phase III clinical trials for the treatment of treatment-resistant depression; and is in Phase II clinical trials for the treatment of post-traumatic stress disorder and anorexia nervosa. The company was formerly known as COMPASS Rx Limited and changed its name to COMPASS Pathways plc in August 2020.

Compass Pathways Plc stock opened the day at $8.33 after a previous close of $8.42. The latest price was $8.52 (25-minute delay). Compass Pathways Plc is listed on the NASDAQ and employs 186 staff.

• Market capitalization: $589,607,552

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2. Mind Medicine MindMed (MMEDF)

Mind Medicine (MindMed) Inc. , a psychedelic medicine biotech company, discovers, develops, and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances, including Psilocybin, LSD, MDMA, DMT, and an Ibogaine derivative, 18-MC.

Mind Medicine MindMed is listed on the OTCQB and employs 22 staff.

• Market capitalization: $940,495,104

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3. Mycotopia Therapies (TWGL)

Mycotopia Therapies Inc. provides psychedelic therapies through technology-focused, data-driven, and medical-based solutions for people dealing with anxiety, depression, bipolar disorders, PTSD, ADHD, autism, and addictions. The company was incorporated in 2019 and is based in Aventura, Florida.

Mycotopia Therapies is listed on the PINK and employs 1 staff.

• Market capitalization: $54,932,952
• PEG ratio: 0

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4. Numinus Wellness (NUMI)

Numinus Wellness Inc. provides solutions to develop and deliver psychedelic-assisted psychotherapy and transform the mental health landscape. The company operates in two divisions, Salvation Botanicals and Numinus Health.

Numinus Wellness is listed on the V and has a trailing 12-month revenue of around CAD$1.5 million. All prices are listed in Canadian Dollars.

• Market capitalization: $117,784,648

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5. Mindset Pharma (MSET)

Mindset Pharma Inc. develops and sells psychedelic medicines to treat neurological and psychiatric disorders in Canada. It focuses on developing MSP-1014, a psychedelic drug candidate.

Mindset Pharma is listed on the CN and has a trailing 12-month revenue of around CADC$7.8 million. All prices are listed in Canadian Dollars.

• Market capitalization: $72,935,280

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6. Cybin (CLXPF)

Cybin Inc. , a biotechnology company, focuses on developing psychedelic therapeutics to treat various psychiatric and neurological conditions. The company operates through two segments, Serenity Life and Cybin U. S.

Cybin is listed on the OTCQB, has a trailing 12-month revenue of around USDC$864,000 and employs 38 staff.

• Market capitalization: $475,511,072

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7. Field Trip Health (FTRP)

Field Trip Health Ltd. engages in the development and delivery of psychedelic therapies. Its Research division is involved in the development of psychedelic molecules and conducting research on plant-based psychedelics.

Field Trip Health is listed on the CN and has a trailing 12-month revenue of around CAD$435,460. All prices are listed in Canadian Dollars.

• Market capitalization: $210,823,424

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Compare more stock trading platforms to invest in psychedelic stocks

Compare online trading platforms by fees, asset types and bonuses to find the best for your investment in psychedelic stocks.

Bottom line

While it’s possible to turn a profit investing in psychedelic stocks, keep in mind that — like any investment — psychedelic stocks are not immune to risk. These stocks are subject to fluctuating conditions — both in the market and in the experimental drug industry, so carefully vet your picks before you invest. And if you’re new to investing, or if it’s been awhile since you’ve taken a critical look at your investing accounts, compare brokers to make sure you’re getting the best features in your trading account.

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