According to Kevin O’Leary, one of the hosts of Shark Tank, psychedelic drugs, such as medicinal mushrooms, could “far exceed” cannabis investment potential.
O’Leary says that the size and scale of the market for treatment of mental health conditions like depression and PTSD shows “incredible potential,” though it is risky.
“This is an exciting space. How often do you get to invest in something that’s never been done before?” he also said.
Former NHL player Daniel Carcillo, who suffered traumatic brain injury, had been given psychedelic therapy and is now the CEO of Wesana Health.
The former National Hockey League player had said that he was on the verge of suicide as a result of traumatic brain injury he endured as a professional athlete.
“Nothing worked,” Carcillo said at the CNBC Healthy Returns Summit this week. “I started to make plans to underburden my family and take my own life. I thought I had tried everything.”
He said he had then discovered various mushroom-based alternative medical treatments for inflammation and wellness, such as Lion’s Mane and Turkey Tail, and psilocybin.
Medicinal uses for psilocybin include depression, PTSD and other mental disorders.
“I found myself more connected to myself and the others around me. I have three young kids under the age of six and all I wanted to do was hug them and get back to my beautiful wife,” said Carcillo.
It was last November that O’Leary said, “Treating mental illness and substance-use disorders more effectively may be the largest problem ever. That’s not to say that any single investment is a sure bet. I have been investing in Pharma and biotech for years, and trust me: It’s always a long game and the outcomes are typically binary. None of these companies make money to start, and they will have to raise hundreds of millions of dollars to complete their clinical trials.”
He added, “As a developer of indexes and ETFs I always want a diverse portfolio because either these investments will be wildly successful or they are going to zero, and nobody knows which horse will win the psychedelic medicine race. I think these companies are onto something extraordinary, however, and the impact on society and the millions suffering globally from mental illness and addiction could be profound.”
