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MindMed Surges, Putting It at Forefront of Psychedelic Euphoria
Michael Bellusci, Bloomberg News BC-MindMed-Surges-Putting-It-at-Forefront-of-Psychedelic-Euphoria , Michael Bellusci
(Bloomberg) MindMed Inc. is leading the recent surge in psychedelic stocks as investors seek to capitalize on potential decriminalization in some jurisdictions.
Canadian-listed shares of MindMed have surged over 50% since the beginning of the month and have more than tripled since the end of October. Its market capitalization of over C$1 billion puts the company ahead of at least eight companies in Canadaâs benchmark S&P/TSX Composite Index, according to data compiled by Bloomberg.
Psychedelic stocks have garnered more attention this year after Oregon became the first state to legalize medical use of psilocybin, the active ingredient in magic mushrooms, in November.