Jefferies sees potential tailwind forming for psychedelics from marijuana shift

Jefferies analyst Andrew Tsai notes that the highest level of the U.S. government has signed an executive order to encourage the DEA to reschedule medical marijuana to a less stringent CIII for CNS indications like pain. The firm could see non-recreational psychedelics eventually follow suit, as long as sponsors continue producing Phase II/III data to suggest psychedelics can safely produce profound efficacy in mental health – arguably a function of time. Jefferies notes it thinks Atai Beckley’s (ATAI) proprietary psychedelics have promise in tough $1B-plus mental health disorders. Other publicly traded companies in the space include Supernus (SUPN) and Cybin (CYBN).