'Psychedelics renaissance': Startups turning magic mushrooms into medicine are racing to go public Summary List Placement The psychedelics industry is booming. Compass Pathways , a London-based psychedelics giant, raised $146.6 million in its US initial public offering last month, and is valued at more than $1 billion. Psychedelics companies Field Trip Health and Havn Life Sciences recently started trading in Canada, following MindMed, which secured a Canadian listing in March. Meanwhile, the psychedelics industry is drawing attention from biotech investors , as well as from cannabis companies looking for fresh opportunities. The total market for psychedelics-related medicines could eventually reach $100 billion, according to a report from Tania Gonsalves at Cannacord Genuity. Companies are working on psychedelics-based therapies for treatment-resistant depression, cluster headaches, opioid use disorder, smoking cessation, and PTSD among others, according to the report. Ronan Levy, the founder and executive chairman of Field Trip , which is focused on setting up treatment clinics and on psychedelics-based drug development and manufacturing, called the uptick in investor interest and funding a "psychedelic renaissance." A focus on the importance of mental health has gone mainstream, Levy said.