Psychedelic companies use controlled compounds like Psilocybin and MDMA to treat severe mental health disorders, a sector rapidly emerging as a transformative medical frontier. The global psychedelic therapeutics market is valued at an estimated US$3.41 billion in 2026 and is projected to grow at a CAGR of over 15% through 2035. This accelerated growth is driven by the urgent need for long-lasting alternatives for patients failed by traditional drugs, with key assets (Psilocybin and MDMA) now moving through late-stage clinical trials toward potential commercialization.
Canada is a critical hub for the sector, primarily due to the Special Access Program (SAP), which allows physicians to secure restricted psychedelic drugs for patients with serious conditions who have exhausted conventional options. With over 78% of SAP applications for Psilocybin approved in 2024, this signals a trend toward expanding therapeutic access. This, combined with increased R&D investment and anticipation of potential FDA approval of MDMA for PTSD (which would set a global precedent), is moving the Canadian industry out of the speculative phase and into medical reality.
Below we’ll look at some top psychedelic stocks in Canada and see if they have a place in your portfolio.
What are psychedelic stocks?
Psychedelic producers are biotech companies that utilize controlled psychedelic compounds—like Psilocybin and MDMA—to develop treatments for medical and therapeutic purposes. This is a rapidly growing market, valued at an estimated US$3.19 billion in 2025(1).
The vast majority of these biotech companies are small- or micro-cap stocks with high future potential but minimal current profits. Most are focused on R&D, but 2025 marked a major clinical breakthrough: the first successful completion of a Phase 3 efficacy trial for a classic psychedelic compound. This signals that widespread, government-approved psychedelic products are achievable, though not yet on the market.
Legislation is, however, moving in their favour. In October 2022, Alberta became the first province to regulate psychedelics for healthcare purposes. (2) And at the beginning of 2022, Canada revised its Special Access Program to allow patients emergency access to psychedelics in life-threatening situations when conventional medicines fail.(3)
It’s important to note that the government does not allow healthcare providers to use psychedelic products without a particular reason. So until treatments are approved for widespread use (which could take years) these stocks will remain highly speculative.
Are psychedelic stocks legal?
Yes, psychedelic stocks are legal. You can invest in psychedelic companies even if your province or territory hasn’t legalized them for medicinal use. Consuming psychedelics, however, is illegal in Canada.
Top psychedelic stocks in Canada
The top psychedelic stocks in Canada are micro- and small-cap companies with the potential to grow but no products to generate immense profits. Larger psychedelic stocks can be found trading on the Nasdaq in the U.S., such as Atai Life Sciences and Compass Pathways.
The following three are some top Canadian companies researching psychedelics.
| Psychedelic stock | Description |
| Numinus Wellness (TSE:NUMI) | Develops mental health treatments from psilocybin |
| Psyched Wellness (CSE:PSYC.CN) | Sells mushroom-based products |
| Psybio Therapeutics (TSXV:PSYB.V) | Develops synthetic psychoactive compounds for use in mental health treatments |
1. Numinus Wellness
Founded in 1964, Numinus Wellness develops psychedelic treatments from psilocybin – the primary psychoactive compound that gives many mushrooms their “magic” effect.
In 2020, Numinus was the first Canadian company to be granted a license by Canada Health to legally possess psilocybin for research purposes. Later, in 2022, Health Canada permitted Numinus to administer psychedelic therapy to Canadians who had exhausted all other treatments for mental health.
The company now has two “compassionate access trials,” which allows it to use new, unapproved drugs on seriously ill patients. The first is MDMA-assisted therapy for PTSD and the second is psilocybin-based treatment for substance use disorders.
Numinus has strategically shifted from owning wellness clinics to focusing on high-margin clinical research and practitioner training, making it a key service provider for the psychedelic sector. This pivot is driving financial improvement, with Q3 2025 (ending May 31, 2025) total revenue reaching CAD 1.8 million, an 81.6% increase year-over-year, primarily due to its Cedar Clinical Research (CCR) operations. The successful optimization efforts resulted in a Gross Margin soaring to 48.2% and a significantly reduced Net Loss of just $0.74}$ million (down from $5.7 million in Q3 2024), demonstrating strong progress toward operational profitability.
2. Psyched Wellness
Toronto-based, Psyched Wellness is a wellness company specializing in one mushroom type – the Amanita Muscaria.
This mushroom grows in clusters – or “fairy rings” – around trees in North America, Asia, and Europe and has historically been used during ceremonies and rituals. For Psyched’s purposes, the mushroom has shown immense promise in healing people with certain psychiatric disorders, such as depression and addiction. The company has a leg-up on other psychedelic stocks in that it already has several Amanita Muscaria products, such as teas and extracts, which it sells in 49 U.S. states. It does not, however, have medicine or treatments that are available in Canada.
For the full fiscal year ending November 30, 2024, Psyched Wellness reported annual revenue of CAD $623,160, marking a strong growth of 94.07% from the previous year. However, the company is still actively burning cash for commercialization efforts. In the first six months of fiscal 2025 (ending May 31, 2025), the Net Loss grew to CAD 2.60 million (up from $1.99 million year-over-year), driven by a significant increase in research and development spending, including a new Genotoxicity Study on AME-1 to further validate its safety profile.
Despite these ongoing losses, the company maintains a solid liquidity position, with CAD $4.44 million in cash and cash equivalents as of May 31, 2025. Psyched Wellness is actively moving toward high-volume sales, having launched its 2x potency Calmer supplement in late 2025 and conducted pilot runs for new dietary supplement shots in the U.S. market, which operates under the Self-GRAS (Generally Recognized As Safe) designation.
3. Psybio Therapeutics
Founded in 2020 and headquartered in Vancouver, Psybio Therapeutics develops synthetic compounds to treat mental health disorders.
The company doesn’t extract psilocybin from mushrooms. Rather it engineers novel psychoactive compounds from bacteria, which can recreate the effects of psychedelics. By engineering its psychedelic experiences, Psybio Therapeutics can hit specific receptors in the brain – such as the serotonin 5-HT2A receptor, which plays a crucial role in mood regulation.
Psybio has 88 individual molecules in its pipeline but no products yet for sale.
Pros of psychedelic stocks
- Clinical trials look promising. Psychedelic companies have released impressive clinical trial results. So long as psychedelics continue to show their effectiveness in treating mental health, these products could become commercially available.
- Government legislation is shifting. The Canadian government remains open to psychedelic medicines. If psychedelic companies release promising results from clinical studies, it will only be a matter of time before the government allows them to sell products widely.
Cons of psychedelic stocks
- Psychedelics are illegal. The Canadian government has not legalized mushrooms for medicinal or recreational use. So it’s difficult for a psychedelic company to profit when its product is still widely illegal.
- Borrowing rates are high. Many psychedelic companies are in their growth phase and may need to borrow money to fund research and development. With the prime rate still relatively high, these companies could face higher operational costs if they need to secure more capital.
- Therapies might fail. While clinical testing has shown promising results, we don’t have conclusive evidence that psychedelics are safe and effective at treating mental illness. Until that’s indisputably the case, these companies will not get regulatory approval from the Canadian government.
Are psychedelic stocks right for you?
Psychedelic stocks are highly speculative. If you’re a growth-stock investor who can wait several years before seeing immense positive returns, these mushroom stocks might be worth considering.
However, if you are uncomfortable with risk, consider safer stocks with more certainty, like blue-chips or large-caps.
For those who want to dip their feet in the mushroom market, look for companies that already have treatments in clinical testing. You could also invest in companies with clinical labs in Canada and the U.S., which would give them a double boost if both countries were to approve psychedelic treatments.
If you don’t want to handpick mushroom stocks yourself, you could also invest in a psychedelic exchange-traded fund (ETF), such as Horizons Psychedelic Stock Index (PSYK).