Compass Pathways (NASDAQ:CMPS) has been beaten up lately. But the fundamentals are rapidly improving, making now a great time to buy this psychedelic stock.

CMPS and other companies championing psychedelic-based therapies are seeing legalization tailwinds grow rapidly.

Many cities across the U.S. are in talks to decriminalize psilocybin, among other substances.

Cities in Massachusetts, Michigan and California are the latest seeking to pave the way for the reintroduction of these kinds of life-changing — in a good way — substances into society.

And in the past, several cities in Michigan have already decriminalized a range of psychoactive substances.

All of the reforms that have happened, or will happen in the near future, suggest that the benefits of psychedelic therapy are beginning to really catch on with society as a whole.

After all, it’s looking very evident already that psilocybin and other psych-inspired meds have insurmountable therapeutic potential. Many psychedelic treatments are actually more effective at treating various mental health disorders than current medications, and often with fewer or less severe side effects.

The Bottom Line on CMPS Stock

By 2030, psychedelic therapy will be the gold standard for mental health treatment.

And Compass is at the forefront of commercialization.

COMP360 Phase IIb trials are due at the end of the year. That makes this the most advanced drug in this industry by far. It will likely be the first to market by a mile.

So, there’s a lot of opportunity to secure first mover advantage and incumbency. And a lot of cash firepower as well — more than anyone else in this space.

CMPS stock will be at $100 before the year is out.

Compass Pathways is one of my top picks, and, long-term, this stock will score investors big returns.

But it’s not the best growth stock to buy today.

Instead, the best growth stock to buy today is a company that reminds me of a young Amazon. Indeed, I think buying this stock today could be like buying AMZN stock back in 1997 — before it soared thousands of percent.

Which stock am I talking about?

Click here to watch my first-ever Exponential Growth Summit to find out the name, ticker symbol, and key business details of this potential 10X stock pick.

On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.

By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service, Innovation Investor. To see Luke’s entire lineup of innovative cutting-edge stocks, become a subscriber of Innovation Investor today.