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Psychedelic stock Core One Labs (CLABD) is up over 80% this week but is it a buy? Core One Labs is a biotech company focused on bringing psychedelic medicine to market through novel delivery systems, psychedelic assisted psychotherapy, and API grade psilocybin manufacturing.

Related: Cannin’s Top 5 Psychedelic Stocks for 2021

Core One Labs Inc. operates as a biotechnology research and technology life sciences company in the United States and Canada. It focuses on bringing psychedelic medicines to market through novel delivery systems, psychedelic assisted psychotherapy, and API grade psilocybin manufacturing. The company manufactures CannaStrips, which are cannabis-infused strips, as well as produces oils, distillates, and resins. It also offers consulting services for cultivation, extraction, and manufacturing, as well as financing, nursery, and cultivation services; and holds real estate properties and equipment. The company was formerly known as Lifestyle Delivery Systems Inc. and changed its name to Core One Labs Inc. in September 2019.

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Core One Labs Inc. was incorporated in 2010 and is headquartered in Vancouver, Canada. Core One Labs seems like it may be a smart investment but let’s take a closer look.

The global antidepressant drug market was valued at $13.7 billion in 2016 and is projected to grow to $15.9 billion by 2023. This is a compound annual growth rate (CAGR) of 2.1% from 2017-2023. These figures include treatments for MDD, obsessive-compulsive disorder and anxiety. For the 300 million people around the globe suffering from a major depressive disorder (MDD), the prescription of antidepressant medication is, in the majority of cases, the first line of therapy.

Related: Science Behind Using Psychedelics To Treat Mental Health and Addiction Is Compelling

One hundred million of those diagnosed with MDD are said to suffer from treatment-resistant depression (TRD). This accounts for approximately 33% of MDD cases. An individual is diagnosed with TRD after they are observed to have failed to sufficiently respond to a course of antidepressants within a specified period.

According to a study published in the Journal of Clinical Psychiatry, TRD costs employers upwards of $48 billion each year in the US alone. This cost is a result of direct increases in health care costs for the employer and both a decrease in productivity/increase in absenteeism of employees who suffer from TRD.

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Today, the company announced that it is pursuing consolidation for a NASDAQ uplisting in order to enhance the company’s investor profile and add value for shareholders.

CLABD is currently down 10% for the day but, based on our forecasts, a long-term increase is expected. Our 5 year outlook for CLABD is bullish. We believe this stock could increase over 500% by 2026 so make sure you add this psychedelic stock to your watchlist.

Up Over 80% this Week – Is Core One Labs a Buy?

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