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According to a report by Data Bridge Market Research, the psychedelic drugs market is expected to grow at a 13.3% CAGR from 2021 – 2028. Furthermore, the COVID-19 pandemic-led isolated lifestyle has highlighted the demand for psychedelics. These uncertain times have caused rising prevalence of depression and anxiety, increasing the need for psychedelic-based treatments.
Given the industry’s immense growth potential, we think it could be wise to add psychedelic-related stocks COMPASS Pathways plc (CMPS), Mind Medicine (MindMed) Inc. (MNMD), and Seelos Therapeutics, Inc. (SEEL) to one’s watch list. Wall Street analysts expect these stocks to double or triple in price in the near term.
