Here Comes Psychedelic Trading To A Terminal Near You

From DoubleBlind:

Psychedelics on the Stock Exchange?
In the wake of the cannabis green rush, investors are eyeing psychedelics, while Canadian pharma company Mindmed aims to go public this March.

n the few places where cannabis is legal, it can be incredibly lucrative. Last year, the nascent worldwide marijuana sector pumped out approximately $15 billion in sales. By 2024, that number is expected to triple. Not bad for an industry that, less than a decade ago, was entirely illegal almost everywhere on Earth and is still outlawed in most countries.

Investors are seeing big opportunity in psychedelics, too. The enormous potential of medicines like ketamine, psilocybin and MDMA to treat mental health has some whispering that psychedelics are the next billion-dollar industry. They probably aren’t wrong: in 2019, Americans spent $225 billion on mental health services, according to the German statistics database Statista. Treating anxiety or depression can equal bank for some.

Now startups dedicated to psychedelic medicine are going public, intending to list on Canadian stock exchanges. Among them is Mind Medicine Inc. (“Mindmed”), a Canadian company that made headlines this week when its co-founder and director Jamon R. Rahn, announced intent to list on NEO Exchange based in Toronto by the first week of March 2020—targeting a valuation worth $50 million, according to Bloomberg News.

“Our ambition is to be one of the first publicly listed neuro-pharmaceutical companies developing psychedelic medicines,” Rahn, told Bloomberg. (DoubleBlind reached out to Mindmed for comment and we’ll update this post if we hear back.)

Last June, Mindmed acquired a synthetic drug called 18-MC (18-methoxycoronaridine), an analog of ibogaine, which can allegedly help eradicate addiction. The company is currently prepping for an FDA-approved Phase 2 clinical trial for 18-MC. Mindmed’s director is Bruce Linton, the former co-CEO of Canopy Growth Corporation, the world’s largest cannabis company. The startup has also attracted Shark Tank star Kevin O’Leary as an investor....

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All of which brings to mind one of my favorite newspaper corrections:

Aug. 14, 2017
A Financial Times Correction: LSD Microdosing
Corrections
Correction: LSD microdosing
August 11, 2017
• Drug microdosers use 10 microgrammes of LSD every three days, not 10 milligrammes as wrongly stated in an article in the Aug 12/13 FT Magazine.

Microgrammes, milligrammes, what's a thousand-fold difference in dosage between friends?

Fortunately for anyone who took the 1000-times-larger amount, President Carter (a bit of a micro-manager) is still alive:...

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