Canadian business man, politician and television personality Kevin O’Leary believes the psychedelics industry bears far much more investment potential compared to the cannabis industry. O’leaty made the sentiments on 11 May during an interview on CNBC’s Healthy Returns Summit.
“The potential of psychedelics far exceeds the potential of cannabis. What interested me is scale and size of the market. These opportunities have been ignored ever since the 1960s,” said O’Leary.
O’Leary has investments in notable psychedelics companies including COMPASS Pathways PLC (CMPS) and MindMed Inc. (MMED) which are both the only listed psychedelics companies on the United States stocks markets.
According to O’Leary, the past one and half year there have been a significant increase in market acceptance in usage of psychedelics drugs and therapies, Several clinical trials linked to psilocybin substances have also taken place in the same time frame.
He urges investors to consider the fact that the world has not had new medicine for mental health related illnesses approved for decades but now multiple psychedelics drugs for mental illnesses are getting approved by regulators.
“This is a brand new area of medicine with such incredible potential. This is an exciting space. How often do you get to invest in something that’s never been done before,” added O’Leary