MindMed (OTCMKTS:MMEDF) stock has been climbing recently in anticipation of its uplisting on the Nasdaq Exchange this week, where it will trade as MNMD stock. The company’s announcement that it will be hitting the exchange came Friday morning, and drove the stock up over 65% in the last trading session of the week. Investors can expect to see these numbers continuing through Monday as the listing grows closer.
As investors’ excitement continues to build over the burgeoning industry, there is a key theme to watch. Specifically, the listing of MindMed on the Nasdaq signifies a rapid shift in interest over psychedelics.
With that in mind, here’s everything investors need to know ahead of the MNMD stock uplisting:
What to Know About MindMed and MNMD Stock Now
- MindMed offers therapeutic and medicinal treatments for adults.
- The company seeks to treat symptoms primarily of ADHD, anxiety and opioid dependence.
- MindMed is one of the leaders of the psychedelic medicine industry, a booming sector in the wake of the increasing decriminalization of psychedelic substances.
- Subordinate voting shares were approved on Friday.
- The listing will take place tomorrow, April 27.
- MMEDF stock is still trading today, but on Tuesday, the stock’s ticker for U.S. investors will change to MNMD.
- Trading of the stock will continue on the Neo Exchange for German and Canadian traders under the ticker MMED.
- The listing capitalizes on the growing interest in psilocybin mushrooms. But, the company also produces medicine with ingredients like MDMA, LSD, DMT and 18-MC.
- The listing’s news is boosting not just MNMD stock, but also industry peers. Numinus Wellness (OTCMKTS:LKYSF) and Champignon Brands (OTCMKTS:SHRMF) have each gained in the wake of the MNMD stock listing news.
MMEDF stock saw a 65% upswing Friday. At open today, the stock is already jumping higher, gaining over 37% and trading at $4.80. Trading volume is also already double its norm, with 11 million shares changing hands against the average 2.8 million. The boom has rocketed MMEDF past its previous 52-week high.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.