Psychedelic Medicine Stocks Garner Serious Investor Interest
Category: News & PoliticsVia: krishna • last year • 35 comments
Full Disclosure: I own shares of Mind Medicine (MindMed) Inc. (Stock symbol MMEDF)
Disclaimer: Nothing in this seed is intended as a recommendation to buy or sell any security. Investing in the stock market may result in the loss of some all all of your invested capital
Disclaimer # 2: Personality I think that investing in this sort of stock if you're not an experienced investor is only slightly less crazy than buying stocks in major airlines or cruise ship companies.
NEW YORK, June 25, 2020 /PRNewswire/ -- Investor interest in alternative psychedelic medicine is on the rise, with billionaire investors, celebrities, and high-profile execs endorsing the psychedelic medicine market either by joining strategic advisory boards or making sizable investments. In fact, there is so much interest in psychedelics medicine that some analysts see the industry bringing in $6.85 billion by 2027. Mental health is a big problem in America, with total spending on mental healthcare every year topping $195 billion.
Mind Medicine (MindMed) Inc. (NEO:MMED) (OTCQB:MMEDF) has received sizable investments from Shark Tank host and celebrity investor Kevin O'Leary and former Canopy Growth CEO Bruce Linton. Hallucinogens have even begun getting more airtime, with Netflix, Inc. (NASDAQ:NFLX) recently launching a star-studded documentary titled "Have a Good Trip: Adventures in Psychedelics."
Psychedelic Meds Gain Celebrity Backing When the FDA granted Breakthrough Therapy designation to two psychedelic-based treatments in 2019 and approved Johnson & Johnson's ketamine-like nasal spray for depression, it opened up a flurry of investments.
The sector even experienced the largest-ever private financing round of $80 million for Compass Pathways, a psychedelic medicine company. PayPal Holdings (NASDAQ:PYPL) co-founder, Peter Thiel, the legendary Silicon Valley billionaire investor who was an early business partner of Tesla CEO Elon Musk, and also recently led a $24 million financing round for ATAI Life Sciences, a privately held company developing psychedelic medicines..
Among the few publicly-traded psychedelic companies also conducting drug trials and garnering investor interest is Mind Medicine (MindMed) Inc. (MMED) (MMEDF), a neuro-pharmaceutical company that discovers, develops, and deploys psychedelic-inspired medicines to improve health, promote wellness, and alleviate suffering.