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Over the past couple of years, drug development companies have rushed to seek authoritative approval for MDMA and psilocybin, adding to their role as disruptors in the nervous system disorder treatment field. In addition, the sector is also geared at creating more jobs.
Indeed, as per a Data Bridge market research report, the psychedelic drugs market is expected to grow at a 13.3% CAGR to $7.57 billion in 2028. Considering the industry’s growth potential, Wall Street analysts expect psychedelic stocks Mind Medicine (MindMed) Inc. (MNMD), Cybin Inc. (CYBN), and Field Trip Health Ltd. (FTRP) to deliver major gains.
