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January 19, 2022

The Rapid Rise in Investment in Psychedelics—Cart Before the Horse

Author Affiliations
  • 1Columbia University Irving Medical Center, New York, New York
  • 2New York State Psychiatric Institute, New York
JAMA Psychiatry. 2022;79(3):189-190. doi:10.1001/jamapsychiatry.2021.3972

Anticipating a renaissance, many psychedelic medicine companies have conducted initial public offerings, wherein private companies first issue new shares of stock for sale to the public, making the companies publicly traded entities.1 As of this writing, there are more than 50 publicly traded companies related to the development or administration of psychedeliclike drugs in the US, with at least 3 valued at more than $1 billion. The market for psychedelic substances is projected to grow from $2 billion in 2020 to $10.75 billion by 2027, a growth rate that may even outpace the legal US cannabis market.2

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