A tweet from a US senator was driving medicine of the mind (NASDAQ: MNMD) stock up at near double-digit rates on Tuesday. Although the tweet didn’t mention the company’s name, it strongly supported the work it does, and investors were more than cheered by the move.
The politician in question is Cory Booker, Democrat of New Jersey. On Monday afternoon, Booker posted a tweet along with a video in which he passionately defended current research into psychedelic drugs. Specifically, he named psilocybin and MDMA, which are currently federally illegal.
Mind Medicine, also known as MindMed, has research programs involving the study of substances in both drugs. As the senator pointed out in the text portion of his tweet, these show promise in treating afflictions such as post-traumatic stress disorder, substance abuse and depression.
“For too long, the war on drugs – the legacy that is still with us – drugs that could help people, drugs that could save lives, have been restricted. Restricted in their study, restricted in their clinical trials and delayed,” Booker said in the tweet’s accompanying video.
Booker is a politician, and a high-profile one, so it won’t come as a shock to anyone that the tweet is part of one of his legislative efforts. In late July, he and his co-sponsor, U.S. Senator Rand Paul, Republican of Kentucky, introduced the Right to Try Act, which would allow terminally ill patients access to drugs classified as controlled substances from Schedule 1 by the Drug Enforcement Agency — — like psilocybin and MDMA.
Similar to the legalization of marijuana, there is growing political power behind the movement to remove drugs like this from Schedule 1 classification. So the latest expression of that power is understandably encouraging for MindMed and its investors. .
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Eric Volkman has no position in the stocks mentioned. The Motley Fool has no position in the stocks mentioned. The Motley Fool has a disclosure policy.
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