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MindMed Surges, Putting It at Forefront of Psychedelic Euphoria

  • Company’s shares have more than tripled since end of October
  • Oregon voted to legalize psilocybin, found in magic mushrooms
Psilocybin mushrooms

Photographer: Roger Cremers/Bloomberg 

MindMed Inc. is leading the recent surge in psychedelic stocks as investors seek to capitalize on potential decriminalization in some jurisdictions.

Canadian-listed shares of MindMed have surged over 50% since the beginning of the month and have more than tripled since the end of October. Its market capitalization of over C$1 billion puts the company ahead of at least eight companies in Canada’s benchmark S&P/TSX Composite Index, according to data compiled by Bloomberg.