In the face of declining demand due to Coronavirus fears and a whipsawing stock market, Mind Med (MMED.NE) opened for trading today on the Toronto Stock Exchange NEO, and was 30% higher midday. This is good news for other new companies intending to list in Canada like CanaFarma who is scheduled to begin trading on the Canadian Securities Exchange soon. Click more to learn about CanaFarma here. These positive results could quell fears for companies in the cue to list their shares.
Mind Med, a startup, debuted Tuesday on Toronto’s NEO stock exchange. The company seeks to use compounds from psychedelics like magic mushrooms or LSD for novel treatments to fix everything from addiction to depression, to ADHD. The IPO would take place via a reverse takeover under the ticker MMED. Mind Medicine lists former Canopy Growth (NYSE:CGC) co-CEO Bruce Linton as a director, as well as Shark Tank’s Kevin O’Leary as an investor.
Canafarma will be the market’s only true vertically-integrated enterprise completely in control of its CBD products all the way from seed-to-counter. Most of the CBD/Hemp Oil market is fragmented with small players each focused on one aspect of the CBD product chain: cultivation, processing, marketing & sales, and research & info publication.
It’s great to see investors participate in new offerings after the shocking volatility markets have endured during the ongoing Coronavirus scare. Often it takes one soldier to brave through the line, and Mind Mend is clearing the way for revenue generator like CanaFarma to stay on track to trade public shares.