What would an end-of-year be without an end-of-year review?
For the psychedelic medicine industry, this sort of retrospective isn’t your usual clickbait headline. 2021 was a seminal year for the space. The sector took historic steps, graduating from newbie fringe investment to legitimate biotech play, establishing footholds on major stock exchanges and with institutional investors.
It’s possible that 2022 may end up being ever bigger, but for now 2021 was the year that psychedelic medicine officially made its mark. Here are some of the year’s biggest hits.
MindMed lists on the NASDAQ
Has there been a bigger event in the industry’s short history? Announced in the fall of 2020, MindMed finally uplisted to the NASDAQ on April 28. In a new industry, the success of its first big names is crucial, with spillover effects felt across the space. You could feel the hush as the psychedelic medicine industry spent the day watching the ticker and refreshing their screens…
See our coverage: MindMed on the Nasdaq: Day One and MindMed Uplists to the Nasdaq: A First Look
Atai Life Sciences goes public
This announcement was big news, right up there with MindMed’s NASDAQ listing. The entry of such a significant player, backed by big name investors, brought some serious news coverage and credibility to the space. The IPO finished with over $2 billion in market capitalization, a major milestone for the sector.
See Finally Going Public: ATAI IPO Today and ATAI Going Public: A Closer Look
Compass Pathways clinical trial results
The industry had been waiting for this. The largest ever clinical trial using psilocybin to treat depression. While the market reacted somewhat negatively after the news, the results were positive, and more measured analysts see them as proving the thesis that psychedelics do indeed perform as advertised.
See COMPASS Pathways Announces Positive Results From Groundbreaking Phase 2b Trial
MAPS’ historic phase 3 MDMA trial
The world’s first-ever phase 3 clinical trial investigating MDMA-assisted psychotherapy for PTSD patients, spearheaded by MAPS (the Multidisciplinary Association of Psychedelic Studies), produced promising results. The data demonstrated safety and efficacy in the conjunctive use of MDMA and psychotherapy in PTSD treatment in the largest, most robust clinical trial of its kind to date.
This was a major clinical milestone for the industry. Read more here.
Major cities decriminalize psychedelics
Cities like Seattle and Detroit joined the decrim movement, with Toronto taking major steps in that direction as well. Major cities decriminalizing drugs will go a long way in breaking the taboo and speeding up research and access.
See our coverage: Breaking News: Seattle Largest U.S. City to Decriminalize Psychedelics; Detroit Decriminalizes Psychedelics; and Toronto Board of Health Votes to Decriminalize Drugs
Celebrities join the psychedelic bandwagon
Feeling empowered by the growing public support and diminishing social stigma, a steady stream of celebrities are opening up about mental health and the positive effects of psychedelics on their lives. From Michael Pollan to Will Smith, the stream of famous public figures will definitely help destigmatize psychedelics.
See Celebrities Continue to Come Out for Psychedelics and Jada Pinkett Smith and Son Jaden Share Their Psychedelic Experiences
Wonderland: Miami, the industry’s largest in-person conference
Tooting our own horn? Perhaps. But that doesn’t mean it ain’t true. Microdose put on the Wonderland event in Miami, an impressive collection of world class researchers, heavyweight celebrities like Mike Tyson, and countless entrepreneurs, advocates and investors. The psychedelic medicine industry has officially arrived.
