First Ever Publicly Traded Psychedelics Company Soars over 22% on First Day of Trading
Mind Medicine, the first ever psychedelic medicine company to be publicly traded, soared over 22% on its’ first day of trading on the NEO Canadian stock exchange today. Trading under the symbol MMED on the NEO, Mind Medicine was up 22.7% today on its’ first day of trading, ending the day at $0.41.
Does Mind Medicine sound familiar?
JR Rahn, co-founder of Mind Medicine, lead the IPO today, and Kevin O’Leary of the show Shark Tank helped lead a $24mil funding round before the IPO. Mind Medicine specializes in Ibogaine, which comes from the West African plant root of Iboga, a nonhallucinogenic used for treating addiction for over 50 years.
As Mr.Rahn told the Wall Street Journal here:
Mr. Rahn says MindMed is developing what he hopes will become the “antibiotic for addiction,” based on a nonhallucinogenic derivative of ibogaine, a psychoactive compound that has been used for more than 50 years to treat addiction….
Mr. O’Leary said he agreed to invest only after Mr. Rahn promised MindMed wouldn’t look to create recreational drugs and would focus solely on medicinal use. “If this can actually cure opioid addiction, that is a big, big opportunity,” Mr. O’Leary said. “Why wouldn’t I want a piece of that?”
Mind Med also claims another big-name investor, notably, ex-Canopy Growth CEO Bruce Linton, has been an investor and on the board of Mind Med for awhile now. As he told The Star:
“These things may cause harm if used incorrectly. They may be perceived wrongly, but...they do something. Now the question is: could they be better tested, delivered and derived?” Linton, a board member of the Toronto-based Mind Medicine Inc., told The Canadian Press.
“I thought this is kind of bad public policy still, but it’s going to change with science and data. I like those models, so next thing you know, I’m investing money and a lot of time.”
Will psychedelics become the new cannabis? We explore that subject in-depth in our Cannabis.net post here, and while there is tremendous potential in mushrooms and psychedelic derivatives in medicine for such things as opioid addiction, PTSD, depression, and bi-polar disorder, it may be a long time before we see US legalization and movements. While small enclaves are starting to legalize mushrooms for medical patients, the Federal government is still not budging on cannabis legalization, let alone mushrooms and psychedelics.
Canadian legal markets and financial markets are much more cannabis and psychedelic friendly than US based stock markets at this time. Look for more psychedelic medical companies to go public in Canada as early research requires large capital budgetS and IPO’s will be the fastest way for these companies to get access to that capital.
ARE MUSHROOMS THE NEXT BIG THING, READ MORE...
ARE MUSHROOMS THE NEW CANNABIS, READ OUR OPINION!
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