Mind Medicine Inc (NASDAQ: MNMD), also known as MindMed, is having an incredibly strong start to the trading session this morning. While there has been no press releases or SEC filings, there’s good reason for the gains.
The company’s CEO spoke to editors of Yahoo! Finance, pointing to strong growth ahead. Here’s what’s going on:
MNMD CEO Points To Growth Ahead
Mind Medicine didn’t have the best debut to the Nasdaq, with share prices falling a whopping 29% in its first trading day on the major stock exchange. The declines follow tremendous runs in value on Friday and Monday on the OTC market as investors anticipated the IPO that would make the company the second psychedelic medicines company to be listed on a major exchange in the United States.
In the interview, the CEO of the company, JR Rahn, pointed to the fact that we are still very early on and said he will not concern himself with short-term price fluctuations, stating:
These are still very early innings for us. We’re not going to be dictated by the day-to-day fluctuations or hour-by-hour fluctuations of our stock. We have 180,000 shareholders. A lot of them are very mission driven.
I think it’s a sign that the entire psychedelics industry is growing up. We’re accessing a whole new fresh set of investors that hasn’t been able to access us before. I think that’s going to include sovereign wealth funds, pension funds and further retail investors.
Our objective over the next few years is to conduct clinical trials on psychedelic substances like LSD, MDMA and others, and ultimately bring those to market. To do that, you have to do it through the FDA pathway.
Rahn went on to explain that the industry is growing and a rapid shift in investor interest for psychedelics to treat addiction and mental health disorders like anxiety and depression is just beginning to take place.
There’s no question that MNMD has already attracted some pretty serious investors. Among them, there’s Kevin O’Leary, Shark Tank star and world-class venture capitalist and Bruce Linton, former CEO of Canopy Growth.
There’s A Huge Opportunity In The Industry
I’ve been following psychedelic medicine for some time, and have even written on Silo Pharma, a company that plans on becoming the third psychedelic medicines company to make it to a major uplisting, and I have to say there’s a huge opportunity in the space.
The fact of the matter is that psychedelics have been used in medicine for centuries, dating back to the days when medine men would use them as natural remedies, and there’s plenty of literature showing that this approach works.
Interestingly, there’s only a handful of companies that are planning on tapping into the medicinal power of psychedelics, and as the concept becomes more mainstream, they’re likely to become the leaders in the space. As such, these stocks represent major opportunities.
The Bottom Line
The bottom line here is simple. Mind Medicine may have had a rough debut to the Nasdaq, but at the end of the day, all that means is that there’s a discounted opportunity to get involved. The company is embarking on a scientific journey that likely holds the answers to some of the biggest concerns in the mental health community, and considering data to date, it’s doing a great job of it. All in all, MNMD is a stock that’s well worth your attention.