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Along with being a physical health crisis, COVID-19 has also hampered the mental wellbeing of people all around the world. As a result, many medical research and development (R&D) companies are turning their focus to mental health related issues and even expanding their understanding of psychedelics. This, in turn, has drawn an unprecedented traction to psychedelic companies, such as Numinus Wellness Inc (TSXV:NUMI) and Mind Medicine Inc (MMEDF:US or OTCQB: MMEDF).
Psychedelic stocks are getting good capital markets exposure from their R&D operations, along with equity investments. The industry is on track to get policymakers' nods in North America on the back of their effective therapies to treat mental illness. On top of that, health regulators have been closely scrutinizing the current developments in the psychedelic industry.
Source: Pixabay
Earlier this year, psychedelic exchange-traded funds (ETFs) started trading on North American exchanges. It is one of the reasons behind the mushroom-based medicines boom.
Let us delve into the two above mentioned psychedelic ETF-listed stocks’ buzzing performances.
Numinus Wellness Inc (TSXV:NUMI)
Canadian biotechnology firm Numinus Wellness focuses on the research and development of psychedelic-focused treatments. It has already received regulatory approval to cultivate Psilocybe mushrooms to boost its psychedelic drug production. Its current stock price is C$ 1.08 apiece.
The healthcare stock soared by as much as 28.6 per cent on Friday, April 23, as 4.5 million of its shares changed hands on the Toronto Stock Exchange Venture (TSXV).
Numinus stock gained more than 307 per cent in the last nine months. However, it is down by almost 56 per cent against its 52-week high of C$ 2.45 per common share (December 15, 2020).
Numinus bounced back to its bullish run after having a short-term bearish movement, with a rise of 20 per cent in the past one week.
In the first quarter results of 2021, the medical company reported a consolidated cash balance of C$ 4.9 million, compared with C$ 9,960 in the first quarter of 2020.
Source: Pixabay.com
Mind Medicine Inc (MMEDF:US or OTCQB: MMEDF)
Mind Medicine, a US-based biotech company, engages in providing therapies and medicines to treat mental diseases. It also conducts research and development of psychedelic drugs, including LSD, MDMA, DMT, etc.
The New York-based firm recently announced that it is expected to begin trading on the NASDAQ Capital Market on Tuesday, April 27.
Its listing has already been approved by regulators. It will trade under the ticker of ‘MNMD’. Its OTCQB-listed stock zoomed over 65 per cent on the back of this announcement.
Mind Medicine’s current share price is US$ 3.52, which has plunged around 31 per cent from its December 2020 high of 5.07 apiece. It maintained its uptrend throughout the past one year and posted over 665 per cent returns.
In its 2020 results, the healthcare firm spent US$ 24.2 million on its operating activities. Its available cash amount was US$ 161 million at the end of the first quarter of 2021.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.
