8 Best Psychedelic Stocks In Canada (Feb 2023): A Euphoric Asset Class

It takes time to change people’s minds. It took almost a decade for serious investors to take cryptocurrency seriously.

And it requires even more time when it comes to social taboos and major socioeconomic issues. 

In Canada, public opinion about marijuana started leaning in favour of the substance in 1997. Yet, it took the government about 21 years to legalize cannabis.

Now, people are hopeful that it will help with psychedelics as well, and some of the best psychedelic stocks in Canada will see exponential growth. 

What Do You Need To Know About Psychedelic Stocks In Canada?

In order to understand psychedelics, you first have to understand hallucinogens. As the name suggests, hallucinogens are chemical substances (natural or lab-made) that cause hallucinations.

More accurately, they are psychoactive agents (substances that affect your nervous system and cause changes in perception, mood, etc.) that affect your perceptions. You start perceiving things abnormally.

Psychedelics are one of the three common classes of hallucinogens that trigger an altered state of consciousness by stimulating serotonin. It’s the hormone that affects your mood, happiness, and state of well-being. 

The “street” term associated with this phenomenon is a “trip.” And psilocybin Mushrooms are some of the most commonly used psychedelics there are. 

Psychedelics’ Potential Therapeutic Uses

Not unlike Cannabis and marijuana, psychedelics can be used for medical and therapeutic purposes, especially against certain psychological and neurological problems.

However, a lot of research needs to be done for some definitive guidelines on how psychedelics should be taken and the effects of chemical refinement of psychedelic agents. 

It’s expected that psychedelics can revolutionize therapies for PTSD, depression, anxiety, and addiction. Ironically, a lot of research was done on these substances between the 1950s and 1970s, but the stigma associated with the use of such drugs, along with other factors, culled any chance of them entering the mainstream medicine scene.

But now, marijuana legalization and opened doors for psychedelics as well. Oregon state kick-started the legal use of psychedelics in the US. 

The term that has been used to describe the “comeback” of psychedelics is psychedelic renaissance. Not very original (ironically), but still apt. 

Psychedelics Stocks

About 5.4% of Canadians suffer from major depression and 4.6% from anxiety. That’s about one in every ten people suffering from one of the two most prevalent psychological issues that can rob people of their ability to function properly.

The numbers for the US are 6.7% for Major Depressive Disorder and 3.1% for General Anxiety Disorder, again, roughly 10% of the population. 

A healthier alternative to current hard medicine for the psychological issues that plague one-tenth of the population in the US and Canada would be a potential gold mine, and many companies in both countries are focusing on psychedelic research. 

A lot of these companies are trading on various stock exchanges in Canada. You will find:

  • Most psychedelic stocks in Canada on the CSE (CNSX)
  • A handful of psychedelic stocks on NEO, TSXV, and TSX

Is Psychedelic Therapy Legal In Canada?

No it is not. The substance psilocybin, a naturally occurring psychedelic found in mushrooms (informally classified as “magic mushrooms”), has been banned in the country since 1974

The Best Psychedelic Stocks In Canada 

Psychedelics haven’t formally entered the market yet in Canada, so it’s tough to label which ones are the “best.” And most companies behind psychedelic stocks in Canada are currently just raw investment potential. 

We don’t yet understand what the legal psychedelic market will look like and what the period between medical use legalization and recreational legalization would do to the perception and performance of these stocks, so this list could change drastically in the future.

1. MindMed Stock

MindMed Stock
  • Exchange: NEO/NASDAQ
  • Ticker: MMED.NE/MNMD
  • Forward Dividend Yield: N/A
  • Market Cap: $175.46 Million
  • Forward P/E Ratio: -17.3
  • Average Analyst Rating: 1.0 - Strong Buy

MindMed is a New York-based cross-listed company founded in 2019. It is one of the few psychedelic stocks with a substantial market capitalization (compared to others in the industry).

The company has focused its research on developing psychedelics-inspired medicine, which aims to preserve the therapeutic powers of these substances while getting rid of the hallucinating effects.

The medicine aims to help patients with addiction, and a different variation focuses on adult ADHD via LSD micro-dosing. LSD, while not exactly a class of naturally occurring psychedelics, mimics some of the effects and offers a narrow focus. It offered exceptional growth between June 2020 and Feb 2021, roughly 11x. 

2. Field Trip Health and Wellness Stock 

Field Trip Health Stock
  • Exchange: TSXV
  • Ticker: FTHW.V
  • Forward Dividend Yield: N/A
  • Market Cap: $9.44 Million

This Toronto-based company (founded in 2019) takes a slightly different approach to psychedelics. The company offers psychedelic-assisted psychotherapy, which is when a certified clinician administers the substance and guides you through the “trip.”

They help you with psychedelic exploration. It’s considered an alternative treatment for depression, general anxiety, and trauma. The company has locations in two Canadian, six US, and one European city. 

The highly experimental nature of the treatment is the risky part of the business, which is balanced out by the geographical reach and operational diversity the stock offers. The company is expecting to tap into the massive mental health market, especially in the US. 

3. Numinus Wellness Stock

Numinus Wellness Stock
  • Exchange: TSXV
  • Ticker: NUMI.TO
  • Forward Dividend Yield: N/A
  • Market Cap: $72.26 Million
  • Forward P/E Ratio: -3.06
  • Average Analyst Rating: 2.0 - Buy

The Vancouver-based company has been around since 1964. It also explores psychedelic-assisted psychotherapy (psychedelic integration), but its services include Ketamine therapy as well, which is another psychedelic-induced experience aimed at people with PTSD, anxiety, and substance use disorder.

The company focuses more on the natural form of psychedelics and doesn’t rely upon LSD (another substance with major negative connotations). It’s an income-generating company, not solely research-based, though it is involved in clinical trials involving MDMA and psilocybin. This can be both an asset and a resource drain, depending on the psychedelic market’s future. 

Numinus Wellness saw exceptional growth between Aug 2020 and Dec 2020, when its stock grew well over 720%. 

4. Bright Minds Biosciences Stock

Bright Minds Biosciences Stock
  • Exchange: CSE (CNXS)  
  • Ticker: DRUG.CN
  • Forward Dividend Yield: N/A
  • Market Cap: $19.46 Million
  • Average Analyst Rating: 1.0 - Strong Buy

Bright Minds is not primarily focused on psychedelics, but it is a part of one of its focuses, i.e., Neuropsychiatry. This makes it a psychedelic stock that offers a lot more than simply the promise of one particular substance class becoming commonplace.

The sciences that the company is working on include epilepsy and pain as well, and breakthroughs in any one of them could carry the stock forward without the need for psychedelics legalization. The company has a wide variety of proprietary compounds that are refined and shortlisted for clinical trials. The stock rose by over 100% between Apr 2021 and Dec 2021. 

5. Wellbeing Digital Sciences 

Wellbeing Digital Sciences 
  • Exchange: NEO  
  • Ticker: MEDI.NE
  • Forward Dividend Yield: N/A
  • Market Cap: $1.03 Million

This company markets itself as the next-generation mental health and wellness company, using psychedelics (primarily) to provide care for people suffering from certain mental illnesses, PTSD, and other psychological issues.

One of the company’s wholly-owned subsidiaries has been working on designing and developing clinical trials and medicinal products based on psychedelics. The company is also inducing technology into the mix and plans to offer wearables to the patients to monitor their physiological responses and vitals during their psychedelics-induced therapies.

The company is going through acquisitions and partnerships with different departments and businesses. It already has 11 clinical locations in Canada and the US. 

6. Psyched Wellness

Psyched Wellness
  • Exchange: CSE (CNXS)  
  • Ticker: PSYC.CN
  • Forward Dividend Yield: N/A
  • Market Cap: $10.84 Million

Psyched Wellness, unlike many other psychedelic companies focused on multiple compounds, has just one key research focus – Amanita Muscaria mushroom.

The company has launched one product, an extract of the Amanita Muscaria mushroom which is classified as a dietary supplement and it’s the first legal product of its kind in North America.

The extract claims to have restorative properties which help the body fight off physical stress and may assist the user with their sleep. The main edge this product will have over other psychedelics is that it can be bought without a prescription so, with the right marketing, it can reach a massive audience without any regulatory hindrances.

Up until now, the stock has only spiked once near the time of its inception and grew 500% between Oct 2020 and Feb 2021. 

7. Psybio Therapeutics

Psybio Therapeutics
  • Exchange: TSXV  
  • Ticker: PSYB.V
  • Forward Dividend Yield: N/A
  • Market Cap: $9.07 Million
  • Forward P/E Ratio: -0.88
  • Average Analyst Rating: 2.0 - Buy

Psybio Therapeutics is a Vancouver-based company that’s working on a wide range of psycho-targeted biotherapeutics. The company already is already working on the top 40 molecules and another 88 are in the pipeline.

It’s searching for the right pharmaceutical candidates that might be approved by the FDA for human trials. Psybio has cast an extensive net and even if it achieves major breakthroughs from a few of the molecules it’s working on, it can be transformative for the company.

The problem with this stock is the time it may take to be a profitable investment. The best upward movement for the stock was between May and Sep 2022 when it rose by about 150%.   

One purely US-based and listed psychedelic stock that should also be on your radar is:

8. COMPASS Pathways PLC Stock 

COMPASS Pathways PLC Stock
  • Exchange: NASDAQ  
  • Ticker: CMPS
  • Forward Dividend Yield: N/A
  • Market Cap: $437.69 Million
  • Forward P/E Ratio: -4.1
  • Average Analyst Rating: 1.7 - Buy

Compass Pathways is all about research and psilocybin therapy, psychedelic-aided psychotherapy that can be used to treat a number of mental health issues. The company has FDA approval for the research it’s conducting on psychedelics and their effect on the therapy. 

Three nano-cap psychedelic stocks are even more long-shots than stated above but have the potential of making it big within this particular healthcare asset class. 

  • Mind Cure Health – Ticker: MCUR (CSE)
  • NeonMind Biosciences – Ticker: NEON (CSE)
  • Delic Holding – Ticker: DELC (CSE)

Cautionary Examples

Best Psychedelic Stocks In Canada Cautionary Examples

Before we get to the specific cons of investing in psychedelic stocks, there are three specific examples I want to share. All three companies traded in the CSE, and over the years, the stock has dropped quite brutally. 

  • Nova Mentis Life Science saw its stock drop 99% in less than five years (between Jan 2018 and Sep 2022)
  • BetterLife Pharma saw the stock drop 99.3% in less than five years (between Dec 2017 and Sep 2022)
  • Core One Labs saw the stock drop 99.7% in less than four years (between Dec 2017 and Sep 2021)

Benefits And Shortcomings Of Psychedelic Stocks In Canada

The benefits of investing in some of the best psychedelic stocks in Canada start with the price. Most of these are potentially penny stocks, so even with a small sum, you can buy a decent number of shares. And you wait for psychedelics to legalize. 

Since many of the companies cater to both Canada and the US, even if psychedelics are nowhere near being legalized here in Canada (federally), the US states have already started the process.

A decent demand and a few contracts across the border can push many of these stocks much higher, and you might see gains akin to marijuana stocks in their glory days. 

But as you might spot in the pattern of the stocks shared as cautionary examples, it doesn’t take a lot of time for the hype to drop down and ground your investment to practically nothing. So be very cautious about waiting too long before pulling out from psychedelic stock spikes.

The most significant shortcoming when it comes to psychedelic stocks is uncertainty. We don’t know when it will be legalized and how long you might have to wait to see positive movement in your psychedelic holdings. Even if medical use is legalized, what would the regulations be?

Substances like these, which don’t just numb the senses or create euphoria but also affect perception, are likely to be more harshly controlled than marijuana and its products. And it might also prevent or delay the legalization of recreational use. 

The second major shortcoming is the bad precedent set forth by marijuana stocks. Investors might start pulling out at the smallest hint of a dip to maximize their potential gains. This might spiral into a snowball effect, pushing the stocks lower than they deserve to be. Understanding the market dynamics might be difficult for investors not familiar with volatile asset classes. 


Understand that psychedelic stocks are longshots and the chances of you waiting years before you can capitalize on the gains are quite high.

And if you are not comfortable buying them just yet, it’s a good idea to start tracking the progress of some of the best psychedelic stocks in Canada so you will know exactly when to act. 

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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