The Psychedelics Stock Universe Is Shrinking, Despite the Hype

Psychedelics companies aren’t living up to the hype, and are starting to consolidate as a flood of money into companies seeking to win regulatory approval of drugs like LSD, psilocybin and ayahuasca dries up.

The psychedelics renaissance fueled by Michael Pollan’s 2018 book How to Change Your Mind is still going strong, with pop culture references and underground use thriving. Legal change has set the stage for some growth: In the past few years, Oregon has set up a framework for a legal industry, and Colorado has decriminalized such drugs. Yet most psychedelics companies are trying to get them ...