MNMD Stock: Psychedelic Drug Maker Mind Medicine Debuts On NASDAQ

April 27, 2021 09:45 AM PDT | 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.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.