MindMed Best In Psychedelic Space, Could Still Be In 'Third Inning': Kevin O'Leary

Author: Chris Katje | March 21, 2021 08:27am

Jason Raznick, the founder and CEO of Benzinga interviewed Kevin O’Leary on the “Raz Report” last week. Among the topics discussed was O’Leary’s stake in Mind Medicine Inc (OTC:MMEDF).

O’Leary on Mind Medicine: O’Leary told Benzinga the psychedelics industry remains attractive with trials for treating mental health problems. With no new treatment options in years, the opportunity for the industry looks promising.

O’Leary said there is a “massive, massive problem” that a company like Mind Medicine can help tackle.

The CEO of Mind Medicine approached O’Leary when looking for early-round investors to put capital to work.

“We became major investors,” O’Leary told Benzinga.

Mind Medicine has hit every milestone the CEO told O’Leary it would hit, he said. The company is working on FDA approval in the future and could also be uplisted to a major exchange like the Nasdaq.

“I see no reason why Nasdaq wouldn’t be interested in this sector,” O’Leary said, adding that he thinks the Nasdaq maintains an entrepreneurial spirit.

O’Leary told Benzinga he believes Mind Medicine is still “in its third inning.”

Related Link: Why Kevin O’Leary Is Bullish On Peloton And Zoom

Investing in Psychedelics: O’Leary offered up advice for investors looking for exposure to the psychedelics industry.

“The outcomes are unknown, highly speculative,” O’Leary said on the psychedelics space.

O’Leary said investors should consider diversifying their risk and finding companies that are doing multiple trials, like Mind Medicine.

Investing in companies in the space that have only one trial risk potentially becoming worthless if the treatment is not approved.

“No. 1 for me is MindMed," O’Leary said.

Price Target: Shares of Mind Medicine were up 2% to $2.79 on Friday. Shares are up around 1200% in the last 52 weeks.

Posted In: MMEDF