Psychedelics, Cannabis and the Stock Exchanges

Last week, I came across an article surveying the 50 (!) psychedelics companies that are now publicly traded on U.S. exchanges— a handful of which we are proud to call our clients. Of these, 41 are listed on over the counter (OTC) markets, while the remaining nine outfits are traded on either the Nasdaq or the New York Stock Exchange (NYSE). Cannabis, of course, has many, many more public companies. Some of these companies are tiny, with market caps of a few hundred thousand dollars; others are relative giants, with market caps into the billions.

Some of the companies referenced in the articles linked above are cross-listed. Cross-listing occurs when a company is able to meet the requirements of two or more exchanges, and lists its securities on each of them. For instance, a company based in Canada that lists on the Canadian Stock Exchange (CSE) may choose to cross-list on a U.S. OTC exchange, or maybe even a European or Asian market. Companies cross-list because selling on multiple exchanges increases the number of investors exposed to the stock, promoting liquidity and increased share prices.

Both cannabis and most psychedelics — especially the classic psychedelic drugs — are Schedule I

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