Today trading in the DOW on the open was fun as it gapped up around 200 points, however shares of Mind Medicine Inc (OTCMKTS: MMEDF) are up over 13.20% this morning on the US OTC market to be one of the top traded stocks on that exchange today. It has done over 5 million shares in volume and as you can see from this chart has broken out today.
Mind Medicine Inc (OTCMKTS: MMEDF) is a stock rising, because it is linked to psychedelic therapy and with the November election Washington, DC decriminalized it, while other states, such as Virginia, are now looking to make cannabis legal. Cannabis stocks had a big run in the past few years and now with action in Washington, DC some traders are looking at companies like Mind Medicine as the next big trend.
For decades, psychedelic therapy was only an experimental idea under research by companies at educational institutions including Johns Hopkins. This changed in 2018 after life sciences company COMPASS Pathways plc (NASDAQ:CMPS) received Breakthrough Therapy Designation from the Food And Drug Administration for its treatment that is psilocybin-based for depression. Now in 2020, psychedelic treatment looks primed to become one of the hottest new developments into the healthcare sector. After in COMPASS’s footsteps are pioneering organizations like Mind Medicine (MindMed) Inc. (NEO:MMED) (OTCQB:MMEDF), brand new Wave Holdings (CSE:SPOR) (OTCPK:TRMNF), Revive Therapeutics (CSE:RVV) (OTCPK:RVVTF), and Johnson & Johnson (NYSE:JNJ), which are centered on developing psychedelics as medicines.
Biotech businesses like MindMed are now actually improving to produce revolutionary new psychedelic therapies for mental health problems like depression, PTSD, anxiety, and more, and these firms are getting money that is major investors. The potential of those remedies became too ideal for federal regulators, as well as for investors, to ignore as psychedelic therapy transitions from a theoretical solution to a breakthrough therapy.
MindMed takes procedures that is essentially pioneering psychedelic therapy. It announced in a press release titled “MindMed Receives Approval of Protocol Design to Evaluate Microdoses of LSD For Adult ADHD In Phase 2a Clinical Trial from Swiss and Dutch Health Authorities” a big move. According to the release, “a leading psychedelic medicine biotech company, has received a positive response on its protocol design for a Phase 2a clinical trial evaluating microdoses of LSD in the treatment of adult ADHD from the Swiss and Dutch health authorities. MindMed has also successfully submitted a pre-IND briefing package to the FDA for its Project Lucy, a potential Phase 2b Efficacy Trial evaluating LSD Assisted Therapy in anxiety disorders. In addition, the company has now reached an agreement with University Hospital Basel Liechti Lab to conduct an interim analysis anticipated in Q1 2021 for its Phase 2a clinical trial of LSD assisted therapy for anxiety disorders currently ongoing in Switzerland.”
The buzz around the company and the action in the stock is grabbing attention on Twitter today.
$MMED powering higher (+10.30%) on BIG volume — nearly 4 million shares in less than an hour of trading.— PsychedelicStockWatch (@PsychStockWatch) November 23, 2020
The accumulation continues.#psychedelicstocks #psychedelics #stocks $MMEDF $MMQ $CMPS $NUMI $FTRP
With international markets lower and NA markets mildly higher, not much direction for #psychedelicstocks.$CMPS -1.02%$MMED -2.72%$NUMI +2.27%$FTRP +7.83%$MCUR -7.41%$MYCO +2.13%$CYBN unchanged$PULL -1.7%$ENBI -1.9%$MMEDF $LKYSF $MCURF $FTRPF $MYCOF $CLXPF $MMQ— PsychedelicStockWatch (@PsychStockWatch) November 19, 2020
Boom! DOSE THE WORLD! $mmedf 1.44 !!!!— Psychedelic Stocks (@PsychedelicSto4) November 23, 2020
I have no position in this stock and am not trading it now. Neither is Mike Swanson, the head editor of this website. To get his morning trading alerts join his free email update list by clicking here.