The shifting fortunes of corporate psychedelia
Finance and Society September 8, 2025 Sandy Brian Hager
Abstract This article traces the shifting fortunes of for-profit psychedelic medicine through two phases: a boom from 2016 to late 2021, followed by a bust that continued through late 2024. It argues that the forces driving this cycle are best understood through the concept of capitalization, which links present valuations to investor expectations about future earnings. Engaging the...
DOI: 10.1017/fas.2025.10014 (opens in new tab)
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Boom
Venture capital
Bust
Volatility finance
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