Psychedelic Stocks in Canada to Invest in 2024

If you missed your chance at the “green rush”, don’t worry because the “shroom boom” may be coming next! As with cannabis, we are starting to see the gradual loosening of the draconian laws surrounding psychedelics. This could make right now the perfect buying opportunity for mushroom company stocks.

We are also starting to see promising data from clinical trials roll in, as well as big-time investors getting on board. Will it be a risk or a return? To help you decide if the risk is worth it, we will go over some of the best mushroom stocks and other psychedelic stocks in Canada.

5 Best Psychedelic Stocks

The Best Canadian Psychedelic Stocks in 2022

Psychedelic stocks in Canada are brand new, high-risk, and speculative. Biopharmaceutical companies are just getting started in the research and development of their products. Buying into this newly budding industry requires a bit of patience. But if you are ready to play the long game, keep reading.

psychedelic medicinal mushroom

1. Mind Medicine

  • Ticker: MMED
  • Exchange: NEO
  • Founded: 2019
  • 2021 gross revenue: N/A

Mind Medicine Inc., also known as MindMed, develops medicines and therapies inspired by psychedelics like psilocybin, LSD, MDMA, and DMT. They are also working with an ibogaine derivative called 18-MC.

Although this is one of the best psychedelic stocks in Canada, currently the company isn’t making a profit. This is because all of its funds are going into research and development. And with the resignation of the CFO and a new accounting firm announced, shareholders have begun to get a little nervous.

However, with investments from big players like Kevin O’Leary from SharkTank, and partnerships with major research universities, the future still looks bright.

The MMED medical mushroom stocks are currently sitting at $1.32, down from a high of $5.06 in February 2021. This could signify a great time to get in before positive trial results possibly start rolling in.

2. Numinus Wellness

  • Ticker: NUMI
  • Exchange: TSX
  • Founded: 1964
  • 2021 gross revenue: $1.5 million

Joining the ever-growing list of psychedelic stocks on TSX is Numinus Wellness Inc. Numinus is an integrated mental health company working toward the development of health solutions through psychedelic production, research, and clinical care.

Numinus Bioscience researches psychedelic substances, but unlike MindMed, it focuses on the natural form of psychedelics rather than optimized versions.

Another difference from MindMed is that Numinus generates income, which can give investors more peace of mind. The company includes analytical testing of psychedelic compounds for third-party clients, allowing them revenue to help fund research and development. Additionally, Numinus acquired Mindspace, a firm that offers therapy, coaching, and mindfulness classes.

The share price itself has been holding steady for a while. This could make it the perfect buy-and-hold play for magic mushroom stocks in Canada.

3. Bright Minds Biosciences

  • Ticker: DRUG
  • Exchange: CSE
  • Founded: 2019
  • 2021 gross revenue: N/A

Bright Minds is a bioscience company specializing in preclinical development. Among their potential future offerings include psychedelic compounds that retain therapeutic benefits with minimal hallucinogenic side effects.

It is important to note that Bright Minds does not only focus on psychedelics. Besides neuropsychiatric disorders, they have been studying treatments for epileptic disorders and chronic pain.

Because Bright Minds is not solely focused on psychedelic compounds, this can work as a buffer for the risk of these psychedelic stocks. The stock may be carried forward by any breakthroughs in these other areas without relying on the uncertain future of psychedelics.

Although shares have been on a slow and steady downtrend since November, this may be a company you should keep an eye on. Insiders have bought a significant amount of shares this winter, which shows they have confidence in their company despite the downtrend.

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non-psychedelic medicinal mushroom nutraceutical products

4. Cybin

  • Ticker: CYBN
  • Exchange: NEO
  • Founded: 2019
  • 2021 gross revenue: N/A

Cybin Inc. is a Toronto-headquartered biotech company that does both research and development of psychedelic pharmaceuticals and non-psychedelic medicinal mushroom nutraceutical products.

Canadian psychedelic stocks like CYBN have great potential for success due to the company’s heavy reliance on innovative technologies. Partnering with Kernel, a medical tech company has allowed Cybin researchers access to advanced technology that measures brain activity after dosing in a more detailed and effective manner.

Some of the compounds currently being developed include CYB001, which may help treat major depressive disorders, CYB003 for alcohol use disorder, and CYB004 for therapy-resistant psychiatric disorders.

Although currently far below its peak of $3.89, CYBN medicinal mushroom stocks seem to keep getting rejected at the $1 mark. If you are ready to play the long game, this might be just the right time to buy low.

5. Field Trip Health

  • Ticker: FTRP
  • Exchange: TSX
  • Founded: 2019
  • 2021 gross revenue: $960,895

Unlike most mushroom stocks on TSX, Field Trip Health offers ketamine-assisted psychotherapy (KAP). This unconventional form of therapy involves the administration of ketamine by a certified therapist who guides you through your experience. There are several Field Trip Health locations, with many more planned for the future. The company also offers a digital app called Trip which assists as you trip at home.

Field Trip Health is in the process of developing psychedelic compounds for the market. Researchers use synthetic psilocybin molecules to study their effects on mental illnesses. Their novel compound FT-104 is said to be potent, with a shorter “trip” than regular psychedelics.

This company, like most of the companies on this list, is currently on a steady downtrend. Some of the original hype has worn off and speculators have ditched their efforts, possibly making it the perfect time to buy mushroom stocks.

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Psychedelic Stocks 101

Psychedelics have been shown to have potential therapeutic uses for a variety of mental health issues such as addiction, depression, anxiety, and post-traumatic stress disorder (PTSD). Psylocibin specifically is believed to be helpful in the treatment of alcohol and tobacco addictions, as well as alleviating end-of-life anxiety.

The results of clinical trials have so far been encouraging. This indicates that there is potential for magic mushroom stocks and psychedelic stocks in Canada to boom. However, when and if this will happen is still very much up in the air. Legislation and product development take time.

Buying Shroom Stocks

Right now, buying psilocybin stocks in Canada is completely legal as long as the companies you invest in have the legal exemption from the Minister of Health to possess psychedelics. You can buy psychedelic stocks and mushroom stocks in Canada just like any other kind of stock:

  1. Open an account with a brokerage, then deposit some funds in it to trade with.
  2. After doing some research on Canadian mushroom stocks, pick out the psychedelic companies you think would be a good addition to your portfolio. If you are interested in an ETF, look into PSYK on NEO.
  3. Think about how much money you are willing to invest, then divide that number by the share price to figure out how many shares you’d like to buy.
  4. Lastly, perform the trade through your brokerage and you will see your funds deducted and shares will eventually appear.

Risks and Rewards of Magic Mushroom Stocks

Buying psychedelic stocks can be a gamble. Since this is a brand-new sector emerging on the market, there are many unknowns. We recommend diversifying your portfolio to ensure you have a variety of securities. Don’t risk your life savings!

Be aware of these risks and rewards that come along when buying and trading microdosing stocks:


  • Clinical trials may not go as planned. This could either halt or postpone the further development of psychedelic products.
  • Low demand for the products once they hit the market.
  • Companies may need to raise more capital through stock offerings, which will decrease the existing share value.


  • If evidence from human trials comes back positive, this would mean a huge shift in the treatment of many neurological and psychological disorders. In essence, this would precipitate a “shroom boom” and investors of microdose mushroom stocks would reap the rewards for their patience.


You aren’t tripping, the process of legalization of psychedelics is underway. And if you are looking for a high-risk investment with a promising outlook, psychedelic stocks in Canada could be a good bet. But first, make sure to weigh the risks and rewards for these top mushroom stocks before you buy.


Is microdosing legal in Canada?

Microdosing is still illegal in Canada. However, under the newly formed Special Access Program (SAP), the Minister of Health can issue a letter of authorization to allow access to someone with a serious or life-threatening condition. This is only permissible when “conventional treatments have failed, are unsuitable or unavailable.”

Is psychedelic therapy legal in Canada?

The only psychedelic therapy currently legal in Canada is KAP. However, under the SAP, exemptions for other psychedelic therapeutics can be made for severe cases.


Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip.

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