Psychedelics per Country: Research, Companies and Market Activity – PSYCH: The Psychedelics As Medicine Report 3rd Edition

This section provides a country-by-country overview of psychedelic medicine activity, including substances under investigation, the scale of clinical research, notable organisations, and the estimated valuation of psychedelic companies operating within each jurisdiction.

Australia

Psychedelic medicines studied: DMT, ketamine, N₂O, MDMA, psilocybin

Clinical trials: 2

Creso Pharma entered the psychedelic medicines industry in July 2021 through the acquisition of Canadian psychedelics company Halucenex Life Sciences. Mind Medicine Australia (MMA), a registered charity, supports clinical research into psychedelic-assisted therapies. The Psychae Institute is headquartered in Melbourne and has received AU$4.6 million in initial funding.

Estimated valuation of companies: $17m

Brazil

Psychedelic medicines studied: ayahuasca, DMT, ketamine, ibogaine, MDMA, psilocybin

Clinical trials: 3

Brain Institute at the Federal University of Rio Grande do Norte has conducted research into neural plasticity, inflammation and neurodegeneration triggered by 5-MeO-DMT. Núcleo de Estudos Interdisciplinares sobre Psicoativos focuses primarily on ayahuasca, its application and anthropological importance. The University of São Paulo hosted a clinical trial investigating ayahuasca’s antidepressant potential in 2015.

Canada

Psychedelic medicines studied: ayahuasca, ibogaine, ketamine, psilocybin

Clinical trials: 18

Braxia Scientific owns and operates multidisciplinary clinics, while Cybin Corp focuses on drug delivery systems and proprietary psychedelic derivatives. Havn Life Sciences became the first psychedelic company to list on Nasdaq’s Global Select Market. Numinus Wellness announced Health Canada approval to study MDMA for PTSD in July 2021. TheraPsil submitted a proposal for psilocybin regulation to Health Canada in August 2021.

Estimated valuation of companies: $2.1bn

China

Psychedelic medicines studied: ketamine, psilocybin

Clinical trials: 12

Zhejiang University School of Medicine identified anatomical and molecular targets of ketamine’s fast-acting antidepressant effects. M2BIO, a subsidiary of Wuhan General Group, is researching psilocybin-based therapies for mental health disorders and CBD products.

Denmark

Psychedelic medicines studied: psilocybin

Clinical trials: 3

Octarine Bio is backed by private investors and developed early-stage platforms expanding the chemical diversity of psychedelic derivatives.

Estimated valuation of companies: $6m

Germany

Psychedelic medicines studied: psilocybin, ketamine

Clinical trials: 1

Atai Life Sciences is a biotech company focusing on developing psychedelic medicines and is the largest publicly traded psychedelics company. MIND Foundation is a non-profit organisation advancing psychedelic research and therapy.

Estimated valuation of companies: $2.3bn

Ireland

Psychedelic medicines studied: 5-MeO-DMT

Clinical trials: 3

GH Research completed its phase I clinical trial in April 2021. Atai Life Sciences backed GH Research following a €27m funding round.

Estimated valuation of companies: $1bn

Netherlands

Psychedelic medicines studied: 5-MeO-DMT, MDMA, psilocybin

Clinical trials: 4

Blossom operates as a web platform providing insights on research, companies and regulatory attitudes. Synthesis Institute provides medically supervised psychedelic experiences and has raised over $4m.

Estimated valuation of companies: $8m

Spain

Psychedelic medicines studied: ibogaine, MDMA

Clinical trials: 3

ICEERS is a non-profit organisation dedicated to transforming society’s relationship with psychoactive plants through research and education.

Switzerland

Psychedelic medicines studied: ayahuasca, DMT, ketamine, LSD, MDMA, mescaline, psilocybin

Clinical trials: 36

Heffter Research Institute and University Hospital Basel have driven clinical research across multiple psychedelics, including altered states of consciousness and therapeutic applications.

United Kingdom

Psychedelic medicines studied: ibogaine, ketamine, MDMA, psilocybin

Clinical trials: 11

Awakn Life Sciences operates treatment clinics and conducts addiction research. Beckley Psytech is developing first- and second-generation psychedelic compounds. COMPASS Pathways is conducting large-scale clinical trials for psilocybin-assisted therapy.

Estimated valuation of companies: $1.8bn

United States

Psychedelic medicines studied: DMT, ibogaine, ketamine, kratom, LSD, MDMA, psilocybin, salvinorin A

Clinical trials: 171

Maya Health develops software platforms for psychedelic clinics. Journey Clinical supports mental health professionals integrating psychedelic medicine. Tactogen and TRIPP are developing next-generation compounds and immersive therapeutic tools. Wesana Health focuses on psychedelic compounds for traumatic brain injury and related conditions.

Estimated valuation of companies: $1.8bn