In the latest Marijuana Market Update, I:

  • Answer a reader email about a sector of the cannabis market.
  • Provide an update on the brand-new Money & Markets Cannabis Index.

So, let’s start with a reader email.

2 Psychedelic Stocks Worth Considering

Maureen emailed me and asked:

Matt, what are your thoughts about the psychedelic trend? If you could, name a few stocks that look promising? Thank you!!! Maureen

Thank you for the email, Maureen! I’m more than happy to address your question. Also, look out for an email from my team as we will be sending you a Money & Markets hat.

More on that soon.

The psychedelic market of the cannabis sector is small, and its companies focus on developing the use of psilocybin — an ingredient in “magic mushrooms.”

Oregon became the first state to legalize psilocybin in November 2020.

Before that, support for the use of psychedelics for medical purposes was strong.

psychedelic use chart

As you can see in the chart above, a 2017 study by YouGov found that 31% of adults supported legalizing psychedelics in most medical-use cases.

More than 70% of those surveyed supported legalizing psychedelics in some form for medical use.

The prevailing research suggests that psychedelics are an option to treat depression and other mental disorders.

Data Bridge Market Research found that the psychedelic market could reach $6.8 billion by 2027, up from $2 billion in 2019. The market could grow with a compound annual growth rate of 16.3%.

This suggests that there is support to legalize in the U.S. And legalization would mean strong growth in this specific sector.

I like the idea, but I’m wary because only Oregon has legalized it.

2 Psychedelic Stocks: MNMD & CLXPF

Right now, the number of psychedelic stocks in the sector is limited. I found two, however, that are worth a look.

Mind Medicine Inc. (Nasdaq: MNMD) is a biotech company that’s working on LSD experimental therapy for opioid withdrawal and pain treatment.

The company targets depression, attention deficit hyperactivity disorder and addiction.

MNMD Stock Reached 52-Week High in April

psychedelic stock chart MNMD

You can see in the chart above that after a decent run, MNMD stock reached a 52-week high in April but then pared back its gains.

It’s still trading above the $3 range, which could be a good entry point.

Another with strong potential is Cybin Inc. (OTC: CLXPF), a Canadian pharmaceutical company developing psychedelic medicines to treat depression, anxiety and addiction.

CLXPF Stock Jumped From April to Today

psychedelic stock chart CLXPF

It has a stronger stock chart than MNMD, as you can see above.

Since April, it’s jumped from around $1 per share to $3.19 today. Its trading volume has also been stronger of late, and it looks to be moving to new highs.

There is potential here, but these companies are still in Phase 2 of their drug testing trials, and the psychedelic industry is far from widespread acceptance.

This is still an early market, so you must exercise some due diligence before deciding to invest in psychedelic stocks.

That said, if you wanted to get in on the ground floor, and I mean the ground floor, these companies’ low share prices offer an inexpensive way to do it.

This could be an explosive market that no one is paying attention to yet.

Maureen, we’ll send you a Money & Markets hat to thank you for submitting a question to

Money & Markets hats

You, too, can get some Money & Markets swag by submitting a question for me, Adam O’Dell or Charles Sizemore that we use in any of our videos. Just send us your questions and feedback.

Money & Markets Cannabis Index Update

On to the Money & Markets Cannabis Index…

This proprietary index tracks cannabis companies with market caps over $10 million.

cannabis index 80521

Right now, 225 companies meet the criteria of market capitalization and being listed on either a major U.S. exchange or over the counter. I’ll reconstitute the list periodically.

Since last week, the index has dropped a couple of points but is holding steady — indicating there is still support in the cannabis market.

This index gives you, a cannabis investor, a different look at how the broader cannabis market is performing from one day to the next.

I will update this index and let you know its performance every week here in the Marijuana Market Update.

YouTube “Join” Feature

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We offer members exclusive content, including:

  • Interviews with cannabis insiders.
  • Blog posts, stock analysis and company breakdowns.
  • More content related to our Cannabis Watchlist.
  • Monthly live chats with me, where we’ll discuss cannabis stocks, the cannabis sector and much more.

I even unveiled another tool you can use to help point you in the right direction for cannabis stock investments.

Just click “Join” on our YouTube page to find out what you can access by joining.

If you have a cannabis stock you’d like me to look at, email me at

Where to Find Us

Coming up this week, we’ll have more on The Bull & The Bear podcast and our Money & Markets Week Ahead, so stay tuned.

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Don’t forget to check out our Ask Adam Anything video series, where we ask any question to chief investment strategist Adam O’Dell, and our Investing With Charles series, in which our expert Charles Sizemore and I discuss the trends you write in to ask about.

Also, you can follow me on Twitter (@InvestWithMattC), where I’ll give you even more insights, not just in the cannabis market.

Remember, you can email my team and me at — or leave a comment on YouTube. We love to hear from you!

Safe trading,


Matt Clark, CMSA®
Research Analyst, Money & Markets

Matt Clark is the research analyst for Money & Markets. He is a certified Capital Markets & Securities Analyst with the Corporate Finance Institute and a contributor to Seeking Alpha. Prior to joining Money & Markets, he was a journalist and editor for 25 years, covering college sports, business and politics.