Insider identified the biggest companies in the industry, most of which have gone public within the past year.
Many of the companies have gone public on Canadian exchanges via reverse takeovers, or the acquisition of a shell company that's already public. That's similar to how cannabis companies entered public markets. By contrast, cannabis companies in the US generally operate in a manner that's legal on the state level, but in violation of federal law, which still considers cannabis a Schedule I drug., according to a May 2020 report from analyst Tania Gonsalves at Canaccord Genuity. The various illnesses psychedelic-based medications are hoping to alleviate — from depression to post-traumatic stress disorder to anxiety and substance abuse — are common.
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