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Highlights
- Clearmind Medicine strengthened its balance sheet in 2021, and for the nine months ended July 31, the company had cash of C$ 6.6 million.
- As psychedelic stocks are becoming popular, investors have turned their attention to companies exploring psychedelic-based therapies.
- A lot of Canadian companies are exploring psychedelic-based therapies, and one company that stands out is Clearmind Medicine Inc.
Once considered as a risky investment, the psychedelic stocks in Canada exploded onto the scene in 2021 and some of them gave massive returns to the investors.
Psychedelic substances became increasingly popular after multiple research reports claimed that they can be used for the treatment of mental health disorders like depression and anxiety.
According to a 2020 Johns Hopkins Medicine report, two doses of psychedelic compound psilocybin, given with supportive psychotherapy, produced an effective reduction in symptoms related to depression and most participants in the study showed improvement.
Due to this reason, investors turned their attention to companies exploring psychedelic-based therapies for patients suffering from mental health disorders.
A lot of Canadian companies are exploring psychedelic-based therapies, and one company that stands out is Clearmind Medicine Inc.
It is listed on the Canadian Securities Exchange (CSE) and trades under the stock symbol CMND.
Also Read: Best psychedelic stocks to explore in Canada
Why you should explore Clearmind’s (CSE:CMND) stock?
Notably, the stock of Clearmind Medicine has returned to the shareholders about 311 per cent year-to-date (YTD). It is probably the only CSE-listed psychedelic stock with such massive returns.
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Clearmind Medicine strengthened its balance sheet in 2021, and for the nine months ended July 31, the company had cash of C$ 6.6 million. This represented a significant increase of C$ 329,841 in 2020.
On November 22, the company said that it has decided to go for a dual listing. Clearmind Medicine is planning to go public on the Nasdaq Stock Market and it will continue to trade on the CSE.
Bottom line
Clearmind Medicine is a biotechnology company and focuses on developing therapies through psychedelic substances. The company aims to address the issue of under-served health problems like alcohol addiction.
Also Read: Is Numinus Wellness (TSXV:NUMI) an undervalued psychedelic stock to buy?
The psychedelics market is expected to boom in future and a Research and Markets report indicates that this market will grow at a compound annual growth rate (CAGR) of 14.5 per cent between 2021 to 2026.
