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“Our ambition is to be one of the first publicly listed neuro-pharmaceutical companies developing psychedelic medicines,” Rahn said in a phone interview.

Clinical trials

For those who are still getting used to legal marijuana, the idea of publicly traded companies working with psychedelic drugs like MDMA and psilocybin, which is derived from magic mushrooms, may sound a bit out there.

Yet a growing number of companies are conducting clinical trials of psychedelic treatments for everything from depression to post-traumatic stress disorder, and some have recently received the blessing of the U.S. Food and Drug Administration. This has created a legal way for these companies to conduct research on otherwise illegal drugs, opening the door to public listings.

In late 2018, the FDA gave “breakthrough therapy” status to a psilocybin treatment developed by London-based Compass Pathways Ltd. for clinical depression, expediting the development process.

Meanwhile, Toronto-based Mind Medicine is preparing a Phase 2 clinical trial into the use of a psychedelic called ibogaine to treat opioid addiction, which will be conducted in New York and governed by the FDA.

Compass Pathways declined to comment on whether it’s planning a public listing, but the company is “always looking at options to ensure continued growth and funding,” chief communications officer Tracy Cheung said in an email.

The Canadian Securities Exchange, which has become the go-to bourse for U.S. cannabis companies that can’t list in their home country, is also expecting listings from psychedelic drug companies in 2020.