News that MindMed (OTCMKTS:MMEDF) stock will uplist to the Nasdaq Exchange next week is boosting sector peers including Numinus Wellness (OTCMKTS:LKYSF) and Champignon Brands (OTCMKTS:SHRMF). LKYSF stock is up nearly 30% on the day, while MMEDF is up just over 65%. SHRMF, which resumed trading today for the first time since October 2020, is up more than 75% on the day.
MindMed will begin trading on the Nasdaq on Tuesday under the ticker MNMD. The company will also trade on the NEO Exchange under the ticker MMED for investors in Germany and Canada. Trading volume in MMEDF exploded today, with 14.7 million trades on the day, compared with an average daily trading volume of 2.7 million.
Yesterday, Champignon Brands announced the revocation of two cease trade orders levied against the company by Canadian regulators. SHRMF was halted for “content deficiency in the Company’s material change report dated April 30, 2020, [and] failure to provide periodic disclosure for the interim period ended June 30, 2020.”
While under the cease trade order, Champignon hired a new CFO and general counsel, as well as filing a number of financial statements with the Canadian authorities. It’s worth noting that when the cease trade orders initially came down, competitor MindMed was trading around 80 cents and Numinus Wellness was trading around 35 cents. Psychedelic stocks skyrocketed in December 2020, but SHRMF was left out of the fun, both then and into 2021.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.