Psychedelics company MindMed (OTCMKTS:MMEDF) is not slowing down. Today, shares of MMEDF stock are once again on the move thanks to exciting company news. So with a shroom boom underway, what do you need to know about the MindMed news?
As a quick refresher, MindMed is a biotech company developing psychedelic-based treatments for mental illness and addiction. Its candidates rely on psilocybin, LSD, MDMA, DMT and Ibogaine derivative 18-MC. While many consumers are only familiar with psychedelics for their recreational use, a handful of healthcare professionals see real potential here. Essentially, these up-and-coming drugs could transform mental healthcare.
For investors, that is exactly where the move today in MMEDF stock comes in.
It turns out that MindMed, which is studying the role of psychedelics in treating the root causes of addiction and in reducing depression and anxiety, is setting another milestone. Today, the company announced another clinical trial. Importantly, this trial is the first of its kind… ever. MindMed will be studying the effects of using MDMA and LSD together. Based in Switzerland, the trial aims to prove that MDMA can increase positive effects from psychedelics including positive mood and empathy. On its own, LSD can sometimes produce negative emotions and anxiety. This would further boost the case for psychedelics as a positive treatment base.
While LSD on its own does still have positive benefits, MindMed wants to maximize patient outcomes. For investors, that is a good sign. As a company that stands to benefit from disrupting the pharmaceutical industry, delivering for its patients could help boost adoption and visibility.
What to Know About the MMEDF Stock News
So what else should you know about MindMed and the MMEDF stock news today?
The one big takeaway is that the news today does not exist in a vacuum. Investor interest, healthcare interest and patient interest in psychedelic treatments is only growing. Election Day saw a handful of states make moves to legalize or decriminalize psychedelic use. With that backdrop, MindMed is working to gain legitimacy and has even applied to uplist on the Nasdaq Exchange.
As further proof of this bullish backdrop, UFC president Dana White is exploring a psychedelics treatment study. As Jeff Siegel wrote for Benzinga, brain injuries are not uncommon for professional fighters. White apparently wants to work with Johns Hopkins researchers to see if psychedelics can help UFC fighters combat brain trauma. This is yet another mainstream endorsement for the potential in psychedelic medicine.
So what should you do here? Keep a close eye on MMEDF stock as it charts its journey higher.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.