The MAHA movement loves psychedelics. Should Wall Street?

A nasal spray for treatment-resistant depression has delivered strong clinical results

- David Wainer

Just about everyone in the "Make America Healthy Again" (MAHA) movement seems bullish on psychedelics. Robert F. Kennedy Jr. has spoken favorably about the treatments, and President Trump's surgeon general pick, Casey Means, has described psilocybin therapy (known as magic mushrooms) as "one of the most meaningful experiences of life."

That kind of political enthusiasm might suggest a ripe buying opportunity for investors. But Wall Street and pharmaceutical companies have largely stayed on the sidelines. Questions remain. Chief among them is how to commercially scale treatments that leave patients high for several hours.

That might be starting to change. Last week, study results pointed to a potential breakthrough: a therapy that delivers what appears to be a strong clinical effect with far less time required under supervision.

Atai Life Sciences and partner Beckley Psytech—currently in the process of merging—released mid-stage results from a trial of BPL-003, a synthetic form of mebufotenin, also known as 5-MeO-DMT. The compound is a powerful and fast-acting psychedelic that occurs naturally in certain plants and in the venom of the Colorado River toad. Delivering the drug via nasal spray allows for rapid onset and short duration, a potential advantage for both patients and providers.