Mind Medicine, a psychedelic stock, presented a compelling investment opportunity. The management team, previously successful with Canopy Growth Corp in the cannabis sector, initiated this venture, anticipating that investors would recall the impressive performance of cannabis stocks. Consequently, Mind Medicine’s stock surged from $0.50 to $6.40 within three months.
Just like cannabis companies were brand new on the stock market in the mid 2010s, psychedelic companies first came public on the stock market in 2020. Canopy Growth Corp was the biggest cannabis company in the world and management had left that company to start a new psychedelic company called Mind Medicine in 2020. With intelligent investors backing this company and great management we bought the company anticipating the general public would remember that amazing run a lot of the cannabis companies had just 2 years earlier. With a brand new sector like psychedelics just coming onto the stock market it didn’t take long for the sector to catch fire and Mind Medicine went from .50 cents a share in September 2020 to 6.40 a share in December 2020 (It has since had a 10-1 reverse split on it’s shares so the share count is a lot less than back then which is why it’s showing a higher price)
