Investor interest in 3Amigos companies is on the rise, due to the success of cannabis and a more open world that challenges old norms. However, the industry is not one-size-fits-all. Some players focus on psilocybin and other mushrooms — referred to as “psychedelics” in the industry — while others have a more pharmaceutical approach to discovery and production.

Despite the resurgence of interest, the legal market for these compounds remains small. At present, a number of Canadian companies are involved in research, with Health Canada and provincial health authorities providing access to psilocybin and MDMA for clinical trials through Section 56 exemptions or the Special Access Program (SAP).

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Companies in this space typically have a strong focus on medical applications. They also have a long road ahead of them to get to market, as they need to prove safety and efficacy before moving towards recreational use. In addition to completing rigorous testing, they are also subject to varying levels of regulatory scrutiny depending on their jurisdiction.

The legal market for psychedelics in Canada has been a bit of a wild ride so far. In 2021, investment exploded in the sector, but the momentum has cooled down slightly as investors take a breather to wait for more evidence of clinical benefits.