7 Best Psychedelic Stocks to Watch | Investing

The U.S. psychedelics industry is expanding in late 2023, with heavy private investment and with the blessing of the chief U.S. drug-approval agency.

In late June, the U.S. Food and Drug Administration issued its first-ever draft guidance on psychedelic drug clinical trials in key areas like psychedelic therapy and high-end herbal medicine, providing industry companies with a glimpse at a regulatory roadmap for drug development.

In addition, the psychedelic drugs market is expected to grow from $4.9 billion in 2022 to $11.8 billion by 2029, according to U.K.-based Brandessence Market Research. That’s a compound annual growth rate of about 13.5%.