Why Mind Medicine Stock Is Soaring Today
Mind Medicine (NASDAQ: MNMD) stock is posting big gains in Tuesday's trading. The biotech company's share price was up 8.7% as of 2 p.m. ET despite a 0.8% pullback for the S 500 index and a 1.5% decline for the Nasdaq Composite index.
MindMed stock is surging today following a recent report from a Minnesota-based task force that urged the decriminalization of psychedelic mushrooms. The clinical-stage biotech specialist is focused on potential medical applications for psychedelics, and it stands to benefit if restrictions on the category are lessened.
The Minnesota Psychedelic Medicine Task Force published a roughly 200-page report yesterday that supported the decriminalization of psilocybin mushrooms. Two-thirds of the task force voted in favor of recommending decriminalization in Minnesota and the creation of a state-regulated clinical program for administering psilocybin mushrooms as a therapeutic treatment. The task force also called for more funding for research into psychedelics as therapies. If certain legal restrictions on psychedelics were lifted, MindMed could have an easier path to commercializing its treatments.
Source Fool.com
