Psychedelics stocks got a nice boost in November after voters in Washington D.C. and the state of Oregon voted to decriminalize psychedelics. And that led some analysts to suggest that the psychedelics market will now play out the same way the cannabis market played out – rewarding early investors and sinking those who bought at the top. But this analysis lacks substance, and really just is not sound.

The truth is, there’s very little similarity between the cannabis market and psychedelics market, except for the legality of these substances. And even the suggestion that the two markets are similar...