Psychedelic Sector News - Weekly Extractions: August 24, 2022

In this special edition of Weekly Extractions, Adam reviews recent events surrounding Bright Minds ($DRUG), Mydecine ($MYCO), and MindMed ($MNMD).

Extraction #1: What’s Going On With Mydecine?

Just as we heard Mydecine was running out of capital, there seems to be more news about events happening behind the scenes. Long story short, things don’t look great for them right now, but there may be a deal happening at some point soon. If not, this could very well be a bankruptcy filing in the making.

Extraction #2: Bright Minds Comments on Trading Activity

Last week, Bright Minds’ stock jumped from $0.90 to over $3.00. After much speculation, the company issued formal comments suggesting that they are unaware of any material indicators that would have caused such an increase in demand or share price. Is it something big going on here as well? That remains to be seen.

Extraction #3: Take Profits When You Can

This is not investment advice, but because of the market conditions right now, it’s a good reminder to always lock in profits when you can. Market volatility can be stressful to follow and we’re still super early in this industry.

Extraction #4: Jake Freeman, Bed Bath & Beyond, and MindMed

Last week, Adam hosted Dr. Scott Freeman in a two-part interview series called “The Freeman Chronicles.” The next day, his son, Jake Freeman was in the news for making $110 million trading Bed Bath & Beyond. Then, MindMed’s stock jumped significantly. Why did this sequence occur? Well, the speculation is that the family (most notably, Jake Freeman) will now be getting behind MindMed. As you might expect, this excites the market and brings about more attention to MindMed.