Continued small-cap M&A: at least two more psychedelic microcap acquisitions/reverse-mergers close by Q1 2027.

Many small psychedelic companies are running low on cash and have no major near-term milestones to excite investors. Rather than go under, at least two of them are expected to merge with or get absorbed by other companies before early 2027. This is already happening — one recent deal between XTL and Psyga set the pattern.

XTL-Psyga is the template. Cash-strapped assets get absorbed. Range-bound tape and no near-term catalyst forces consolidation over organic growth.