The Case for Cannabis & Psychedelic Stocks 😵‍💫

There has been a flurry of new developments for various types of drugs used to treat mental health conditions, including LSD, MDMA, ketamine, and marijuana.

Shares of many of these companies could be poised to soar this year since the FDA recently elevated the status of many of these drugs. Shares of Mindmed [MNMD] have already soared over 100% YTD, and many others with exposure to these themes could deliver stellar gains this year.

The most recent developments from the FDA may support psychedelic companies focused on LSD. However, this more radical move from the FDA will likely have a spillover effect and positively impact companies that focus on other types of psychedelics and drugs as alternative mental health treatments. Many other drugs, such as ketamine and marijuana, are already popular alternative mental health treatment options.

2024 will likely be a very salient year for equities in this area, and plenty of publicly traded names could break out this year.

Catalysts Unleashed

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