MMEDF - The 'Shroom Boom' Is Exciting But MindMed May Be A Bit Too High
- There has been a boom in magic mushroom interest following Oregon's legalization of psilocybin last year.
- The few stocks researching the medical uses of psilocybin such as Mind Medicine have seen their share prices rise ~10X over the past six months.
- Mind Medicine's core research surrounds medical LSD and psychoactive addiction treatments - psilocybin appears to be secondary for now.
- Mind Medicine's research is exciting, but regulatory uncertainty and significant future potential competition weaken its profitability potential.
- Speculative short-term buying may be pushing MMEDF too far too fast - buyers may want to wait for a sharp pullback or crash akin to pot stocks in 2019.
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The 'Shroom Boom' Is Exciting, But MindMed May Be A Bit Too High