Mentioned this a few pages ago, but in addition to holding a couple of cannabis stocks, CURLF (Curaleaf), and APHA Aphria, I decided to buy a basket of psilocybin stocks (as opposed to focusing on one) because
1. I had no idea which ones of the maybe 4-5 trading, were...good, for lack of a better word.
2. The industry is in its infancy, and there will likely be some early acquisitions etc when things heat up in the space.
So I plunked about $5K each into 4 penny stocks (the one trading the highest was at the time I think .45), fully ok with potentially losing it all. I told myself if any one of them hit $1, I would really back up the truck and buy a serious position. One from that basked made it, and I did indeed plunk down in a major way (in several batches).
As I was researching companies, the one that kept coming up time and again was not even publicly traded then (this is about 2 months ago), so obviously I didn't and couldn't buy into that one. Since that time, they have IPO'd and Peter Thiel dumped some money into them, which kind of caused a chain reaction in the "mushroom space". Share prices up, and big.
Fast forward to today: Canada announces approval for use of psilocybin in therapy. I can't help but think that might be a forward indicator for the US market as well (we seem to be a few years behind Canada when it comes to such things).
The thing that kills me is that these investments are in my IRA, NONE in my non-tax deferred accounts, so effectively this does nothing for me, currently, and I am quite cash poor at the moment (in fact I am in quite a bit of debt). On the bright side, with the gains from the "basket" and that one company in particular (Mind Medicine (MMEDF), up 661%), it's going to pay for college for at least one of my kids, and maybe two (just as of today). So for that I am truly grateful (assuming you can use IRA money for college tuition?!), but wow, I just wish I had the foresight to put some $$ from savings into these, and that could have helped with my debt situation as well.
Still time I guess, it's still VERY early, considering no FDA approvals yet or anything.
And referencing the previous post, I think I mentioned something about shrooms being the new cannabis, but that is not quite accurate. Apparently these companies are not taking the same approach (at least in the US) - instead of dealing with each state and its laws on a case by case basis like "Big Cannabis" did, they are going straight for FDA approval, and leaving individual states out of it. Smart. I guess they saw how long and expensive the state by state approach was, and learned from that.