Mind Medicine (NASDAQ:MNMD) stock is heating up on Tuesday thanks to tweets from Sen. Cory Booker.
In a video tweet, Booker discussed the regulations surrounding psychedelics. In particular, the Democrat senator noted that regulations keeps these drugs from seeing therapeutic use, despite recent research suggesting there’s such a case for them.
In his tweets, Booker references his and Sen. Rand Paul’s “Right to Try” bill. This legislation would allow incredibly ill patients to try certain restricted drugs, such as psilocybin and marijuana.
Here’s a portion of what Booker says in the video, per Marijuana Moment:
“We see that some drugs, like certain psychedelics, can help vulnerable people deal with their addiction, their trauma, their anxiety, their depression and more […] Let’s make these drugs available for research, study and—ultimately, hopefully—for constructive application.”
Why MNMD Stock Is Rising
All of these discussions are incredibly important to MindMed. The company’s main focus is on using psychedelics as a form of treatment for certain patients. So, the idea of a bill easing access to these types of drugs has investors excited today.
With that excitement comes heavy trading of MNMD stock. As of this writing, more than 2.6 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 1.3 million shares.
MNMD stock is up 9.9% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.