FREMONT, CA: Companies like MindMed (MMEDF) are creating psychedelic drugs to help people battle mental health issues. The NewYork-based startup is conducting clinical trials of drugs including LSD and psilocybin, to treat anxiety, depression and opioid addiction.
Psychedelic medicines offer a new paradigm in mental health. The traditional medicines that treat depression, addiction and anxiety make patients highly addictive to the medicines and they do not deal with the underlying problem. The stigma that has long plagued psychedelics started to fade as more people became educated about the issues. Oregon became the first state to legalize psilocybin, an ingredient in hallucinogenic mushrooms, for mental health treatment.
Unlike the cannabis industry, psychedelic biotech firms are not seeking state-by-state approvals for their pipeline of drugs. Companies that take this biotech approach look to prove the safety and efficacy of these medicines at the FDA.
MindMed is among the first psychedelic drug companies to be listed on a public exchange. It currently trades on Canada NEO Exchange as well as the over-the-counter market in the U.S. and has applied for an uplisting on the Nasdaq. Some analysts call the psychedelic drug industry “the new cannabis” opportunity for investors, and it is attracting some high-profile money.
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