Psychedelic stocks are taking off on Monday with MindMed (OTCMKTS:MMEDF) and Numinus Wellness (CVE:NUMI, OTCMKTS:LKYSF) seeing major spikes.
To start off with, it’s worth noting that both of these psychedelic stocks are seeing massive trading today. As of this writing, more than 12 million shares of MMEDF stock and 10 million shares of NUMI stock have changed hands. For comparison, these companies’ daily average trading volumes are 4.57 million shares and 2.08 million shares, respectively. LKYSF stock, the shares of Numinus Wellness trading on the OTC Markets Group, traded more than 3 million shares compared to typical flat trading for the same period.
Let’s begin the focus on psychedelic stocks with MindMed. It’s a treatment company seeking to help people overcome anxiety, opioid addiction, and adult ADHD. It plans to do this with a combination of LSD and therapy.
The company recently announced it completed a round of funding raising $27 million. To date, it has raised $94.8 million in funding. It’s also worth noting that the company is planning to up-list its stock onto the Nasdaq Exchange.
Next up is Numinus Wellness. This psychedelic stock is on the rise today following the announcement that Health Canada’s leadership is planning to revise the Special Access Programme. The goal is to allow access MDMA and psilocybin-assisted psychotherapy. To be clear, this is beneficial to both MMEDF stock and LKYSF stock.
MindMed and Numinus Wellness are psychedelic stocks worth keeping an eye on. The negative reputation of the drugs is dwindling as more people become accepting of them. That could, in turn, result in a shroom boom for both of these companies.
MMEDF stock was up 33.9%, NUMI stock was up 48.3%, and LKYSF stock was up 46.5% as of noon Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
