Hi there,
We've been pretty consistent in our messaging around psychedelic stocks. They all carry considerable risk and with so many new players entering the space it is very difficult to pick just the one. We definitely think the sector has potential, but many of these companies are years away from completing clinical trials and having a viable product - they are like early stage micro cap biotech stocks. It's as Dan likes to put it, picking a needle in a haystack. They all have potential and which are buys is very hard to tell at the moment.
It is why we prefer (and have both invested in) the only publicly traded ETF that tracks the industry (PSYK). It was just listed a few weeks ago and we subsequently brought it to investors' attention. With this you get a basket of stocks in the industry and while still considerably risky at least you get exposure without having to 'pick' the right one. Be prepared however, as all these companies (including the ETF) will be highly volatile.
Mat