Psychedelics have gone from a countercultural fad of the 1960s to mainstream medicine in the 2020s. Quite a few psychedelic pharmaceutical companies are developing drugs that follow the legal, regulatory pathway to approval. Hallucinogens, including psilocybin, are showing considerable promise in treating illnesses such as depression and schizophrenia.
Several of these drugmakers are publicly traded and are receiving increased attention from investors. We've seen a similar phenomenon with marijuana stocks over the past several years. Cannabis was once on the fringe but is now a significant and growing industry.
Whether you call them magic mushroom stocks, 'shroom stocks, or psilocybin stocks, psychedelic stocks are hot right now. Let's explore five of the best publicly traded psychedelic companies on the market today.
Best psychedelic stocks
Psychedelic stocks are simply healthcare stocks focused on the use of hallucinogens to treat diseases. Because the area is still fairly new, most of these companies have relatively low market capitalizations. However, many are growing rapidly. Here are five of the top psychedelic stocks:
1. AtaiBeckley
NASDAQ: ATAI
Key Data Points
2. Compass Pathways
3. Helus Pharma (formerly Cybin)
NASDAQ: HELP
Key Data Points
Founded in 2019, Cybin (HELP -3.35%) went public in 2020 on Canada's NEO Exchange through a reverse takeover of Clarmin Explorations. Its shares began trading on the NYSE American in August 2021.
In December 2025, the company rebranded itself as Helus Pharma. In conjunction with this name change, it transferred its U.S. stock listing to the Nasdaq stock exchange, effective on Jan. 5, 2026.
Helus Pharma's lead candidate is HLP003 (formerly known as CYB003), a deuterated version of psilocin, a psychedelic found in mushrooms. The company expects to report results from one phase 3 study of HLP003 as an adjunct treatment of major depressive disorder in the fourth quarter of 2026.
In addition, Helus' pipeline includes HLP004 (formerly known as CYB004), a deuterated version of dimethyltryptamine, a powerful hallucinogenic chemical found in plants and animals. The company is evaluating HLP004 in a Phase 2 study targeting generalized anxiety disorder, with results expected in the first quarter of 2026.
4. Definium Therapeutics (formerly Mind Medicine)
NASDAQ: DFTX
Key Data Points
Mind Medicine (also known as MindMed) was the first psychedelic drugmaker to conduct an initial public offering (IPO) on Canada's NEO Exchange in March 2020. The company was founded less than a year earlier, in May 2019.
In January 2026, MindMed announced a rebranding as Definium Therapeutics (DFTX -1.98%). The company also changed its stock ticker to DFTX, reflecting its new name.
Definium is evaluating its experimental psychedelic drug DT120 (formerly known as MM120) in two Phase 3 clinical studies targeting generalized anxiety disorder. The company plans to announce results from one of these studies in the first half of 2026, with results from the other study expected in the second half of 2026.
In addition, Definium is evaluating DT120 in another Phase 3 study for major depressive disorder and plans to initiate a second Phase 3 study in the same indication in mid-2026. The company is also evaluating DT402 (formerly known as MM402) in a phase 1 study targeting autism spectrum disorder.
5. GH Research
NASDAQ: GHRS
Key Data Points
GH Research (GHRS +0.63%) is a clinical-stage biopharmaceutical company based in Dublin, Ireland. It was founded in 2018 by Theis Terwey, Florian Schönharting, and Magnus Halle. Two of the three remain actively involved in the company, with Schönharting serving as chairman of the board of directors and Halle serving as managing director.
The company's lead pipeline candidate is GH001, an inhalable formulation of mebufotenin, a psychedelic found in various plants and the Colorado River toad. GH Research is evaluating the experimental drug in a Phase 2b clinical trial targeting treatment-resistant depression (TRD) and in a Phase 2a trial targeting bipolar II disorder. The TRD study was placed on a clinical hold by the U.S. Food and Drug Administration, but the hold was lifted in January 2026.
GH Research's other pipeline candidate is GH002, an intravenous formulation of mebufotenin. The company completed a Phase 1 study of GH002 in treating psychiatric or neurological disorders. It's working to advance the experimental drug into the next stage of clinical testing.
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Benefits and risks of investing in psychedelic stocks
None of the five psychedelic drugmakers has approved therapies on the market yet. There is a risk that pipeline candidates will be unsuccessful in clinical testing. Even if the drugs prove safe and effective in clinical studies and win regulatory approvals, it's still possible they won't achieve commercial success.
Also, none of the companies has reached profitability yet. They might need to raise additional capital through stock offerings that dilute the value of existing shares.
On the other hand, there are reasons to be optimistic about the potential for psychedelic substances in treating various neurological and psychological disorders. It's still early days, but any or all of these leading pharmaceutical stocks could become big winners over the next few years.
How to invest in psychedelic stocks
Follow these steps to invest in psychedelic stocks:
- Open your brokerage app: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Tips for investing in psychedelic stocks
If you want to invest in psychedelic stocks, consider taking these actions:
- Start with a small investment to reduce your risk.
- Make sure your portfolio is well diversified.
- Evaluate the psychedelic companies' financial positions.
- Research the psychedelic companies' pipelines.
- Stay abreast of regulatory changes that could impact psychedelic therapies.
FAQ
Investing in psychedelic stocks: FAQ
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