Alternative drug developer Mind Medicine Inc. (Nasdaq: MNMD) debuted on the Nasdaq on Tuesday following an incredible two-day run-up that saw the stock jump over 47%.
MindMed is a biotechnology company focused on the clinical development of psychedelic-sourced drugs.
This is a big win for the alternative pharmaceutical space after years of struggling for mainstream recognition.
The medical and business communities are beginning to realize that treatments like psilocybin mushrooms, ketamine and DMT can help with mental disorders like anxiety, depression and trauma.
According to the Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S., affecting 40 million adults.
I’m excited by MindMed’s Nasdaq uplisting, and eager to see companies go after this space and cut in on Big Pharma’s territory.
The company is pushing the boundaries of what we thought was achievable with alternative medicines.
Its successes in clinical trials helped it earn the approval of investors like Kevin O’Leary and Bruce Linton.
I’m looking forward to seeing if the stock finally picks up volume along with companies like the Peter Theil-backed Compass Pathways PLC (Nasdaq: CMPS), or Seelos Therapeutics Inc. (Nasdaq: SEEL), which is developing a ketamine-based treatment for suicide prevention and also PTSD.
The hope is MindMed and others finally get that recognition and start trading like established pharmaceutical companies.
With its Nasdaq listing, the company is in a great spot to capitalize on this next wave of innovation.
When that happens, we’ll see more institutional investment, and more mainstream and retail investors picking it up as well.
The potential for this sector is huge!
Data Bridge Market Research estimates the psychedelic derivative medicines industry will reach $6.8 billion by 2027.
We can also look back to the early days of the cannabis market for clues.
Companies like Canopy Growth Corp. (NYSE: CGC) shot up roughly 4,500% as social and legal acceptance grew.
Will history repeat itself? Check out my short video and let’s discuss the MindMed Nasdaq uplisting, and the potential for this stock moving forward.
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