Back in 2015-2016, when the marijuana industry started to pick up the pace, Wall Street was skeptical about its success. Five years forward and the marijuana stocks have made several millionaires. There seems to be no doubt that the psychedelics industry is changing public perception, and rightly so, why not? A nasal spray called Spravato, used for the treatment of depression, was the first to be approved by the U.S. Food and Drug Administration back in March 2019.
Now that Biden is in power and will be pushing for marijuana decriminalization, psychedelics industry’s legalization and commercialization are just at arm’s length. Psychedelics such as LSD, MDMA, and “magic mushrooms” — are on the cusp of a Shroom Boom, and in our opinion, psychedelic stocks will roar higher. While there was a lot of commotion on election day, Washington, D.C., and Oregon passed measures to decriminalize/legalize psilocybin. Let’s take a look at one of the well known psychedelic stocks:
Champignon Brands (SHRMF)
Champignon Brands Inc. (“Champignon”) is a Canadian based company dedicated to distributing artisanal, medicinal mushrooms and associated CPGs. The Champignon team believes that they can enhance millions of consumers’ health and wellness through the distribution of our premium, mushroom-infused suite of products.
Champignon Brands is arguably one of the most well-known psychedelic stocks, and that’s a direct commentary on this nascent industry. Just today, more than 321,977 shared traded hands compared to an average trading volume of 468,974. At the current volume and share price, the market cap stands at over 39.439M.
The company’s current focus area is mushroom-infused beverages. Assuming that Oregon market permitts for sale of such products there at some point, SHRMF could jibe well in the Oregon market. In a recent press release, Champignon Brands Inc. announced that it continues to work with the British Columbia Securities Commission to address an ongoing continuous disclosure review. Could this micro stock be the next GWPH ? Sign up now to get more updates on SHRMF.