As cannabis investors increasingly cross over to the psychedelic side of the aisle, the race is on to see which company will be the leader. One of the biggest players in the space, Atai Life Sciences, remains a private company.

But there are already numerous publicly traded companies for an industry that -- like cannabis -- is still essentially illegal in the U.S.Plus, the jury is out on whether psychedelic treatment companies and psilocybin mushrooms will be legalized.

Having said that, investors are anxious to grab the next penny stock that may be poised to jump on the psychedelic bubble. Most of these companies are only in the beginning stages of working with psychedelics so there is lots of risk to be sure.

The Top 5 psychedelic companies as measured by market cap:

1. Mind Medicine (MMEDF) , whose market cap is at $60 million, like the others is a relative newcomer to the publicly traded arena. The company listed in March and has been racing ahead in its drug development pipeline. The company has moved beyond ketamine and psilocybin mushrooms and has also embraced LSD (lysergic acid diethylamide) as a treatment compound. MindMed as it is called, has begun clinical trials for LSD to treat anxiety and cluster headaches. The company has clinical trials for MDMA (3,4 Methylenedioxymethamphetamine) and DMT (the active ingredient in Ayahuasca). The company's immediate priority is to address the opioid crisis by developing a non-hallucinogenic version of the psychedelic ibogaine. So far Mindmed has spent $3.9 million on research and development and has no product revenue. MindMed has even said it may not generate revenue for several years. Think of MindMed as a typical biotech play, there is no quick revenue turn like a cannabis company.

2. Champignon Brands (SHRMF) logs in at $57 million. The company hasn't traded any Canadian shares since June, as trading was stopped until the company is able to update its disclosure obligations. Theover-the-countershares still trade. Since then it has filed business acquisition reports in connection with its previous acquisitions of Artisan Growers Ltd., Novo Formulations Ltd. and Tassili Life Sciences Corp. A couple of weeks ago, the company issued a statement that said it decided against a new rebranding effort. It also terminated its plan to buy the Wellness Clinic of Orange County. Champignon said it still planned to file a report with regards to acquiring AltMedCapital Corp. by Aug. 27. The company currently specializes in the formulation and end distribution of a suite of mushroom-infused beverage products and it sells Auralite crystals. The acquisitions are an attempt to move into ketamine treatment clinics.

3. Revive Therapeutics (RVVTF) comes in at $31 million. Revive's cannabinoid delivery technology is being advanced to fill the medical needs for diseases and disorders such as pain, inflammation, and wound care. Revive's cannabinoid pharmaceutical portfolio focuses on rare inflammatory areas such as liver disease. The company has been granted FDA orphan drug status designation for the use of CBD to treat auto-immune hepatitis (liver disease) and FDA orphan drug status designation for the use of CBD to treat ischemia and reperfusion injury from organ transplantation. In February, it announced plans to acquire Psilocin Pharma Corp. for $2.75 million. Psilocin has developed production solutions for the active compound Psilocybin. The precisely dosed formulations work with both natural and synthetically derived Psilocybin which will be targeted for clinical research and subject to eventually Food and Drug Administration approval in the treatment ofconditions such as depression, anxiety, bi-polar disorder, bulimia and anorexia. The company also filed an IND for a COVID treatment.

4. Mydecine Innovations Group Inc. (MYCOF) (formerly known as New Leaf Brands) has a market cap of $18.7 million. The company recently announced the acquisition of NeuroPharm Inc. a Canadian-based developer of natural psychedelic-based treatments for mental health disorders in the Canadian and United States veteran communities. That company entered into a collaborative relationship with Leiden University Medical Center of The Netherlands for the initiation of clinical trials. The project, "NeuroPharm Veteran PTSD Research Project," is preparing a type of protocol to be used for a clinical trial for the specific treatment of PTSD in veterans.In June, the company signed a deal with Mindleap Health Inc. to buy MindLeap's Digital Telehealth Platform which is also focused on the psychedelics industry.

5. Numinus Wellness (LKYSF) is listed with a market cap of $18.2 million. Numinus Health Corp acquired Salvation Botanicals, a company that consists of a testing and research laboratory that is licensed by Health Canada to test cannabis and narcotics substances and a cannabis production facility capable of manufacturing extracts, edibles and topicals. In addition, it has a Dealer's License dated Jan. 1and issued to Salvation under the CDSA for possession, processing, sale, sending, transportation and delivery of psilocybin, mescaline, DMT and MDMA. The company has created a Clinical Advisory Council to explore psychedelic treatments, but so far that is the only effort beyond the license that has been made with regards to psychedelics. For the three months ended April 30, the Company had a net loss of $181,653 and no revenue.

Please note that due to factors including low market capitalization and/or insufficient public float, we consider these names to be a small-cap stocks. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

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Totally Out There: Our Top 5 Psychedelic Stocks - RealMoney