MNMD Stock: Psychedelic Drug Maker Mind Medicine Debuts On NASDAQ

2 min read | April 27, 2021 12:45 PM EDT | By Anuj

MNMD Stock: Psychedelic Drug Maker Mind Medicine Debuts On NASDAQ — Image source: Poring Studio,Shutterstock

A Little Backgrounder on Mind Medicine Inc (MNMD:US or NASDAQ:MNMD)

Mind Medicine is one of the leading producers of psychedelic drugs, an evolving industry on the back of rising legalization of psychedelic medicines. It offers medicines and treatments for mental illness and engages in the research and development (R&D) of psychedelic drug production. The medical firm also develops drugs with components such as MDMA, DMT, LSD, etc.

Source: Pixabay

In Canada, the company’s stock is listed on the Neo Exchange under the symbol of ‘MMED’, where it will continue to trade. MindMed shares also made to the first-ever psychedelic exchange-traded funds (ETFs), which trade on the Neo Exchange.

With a listing on one of the traditional US exchanges, Mind Medicine is expected to capitalize on the booming interest in mushroom extract psilocybin. Its debut is also likely to raise hopes for other mushroom-based substance manufacturers.

A Glance At Mind Medicine’s Trade History

Before its listing on the New York-based Nasdaq Exchange, Mind Medicine’s OTCQB-listed shares rocketed by more than 65 per cent on Friday, April 23, after getting the US Securities and Exchange Commission’s (SEC) approval. All its OTCQB-traded outstanding shares have been transferred to the Nasdaq exchange.

The stock delivered a massive return of 665 per cent in the past one year, led by the growing decriminalization of psychedelic medicines across North America.

The biotechnology firm’s expenses amounted to US$ 24.2 million in fiscal 2020, primarily representing the costs of R&D operations. As of March 30, 2021, the company reported a total cash available of US$ 161 million.

The Toronto Stock Exchange Venture-listed Numinus Wellness (TSXV:NUMI), a Canadian psychedelic pharmaceutical firm, has also been evolving in the same line.

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