Bruce Linton & Kevin O’Leary Invest in Psychedelics
Ryan Allway
February 6th, 2020
News
The cannabis industry has matured into a multi-billion dollar market over the past several years — and many of its pioneers are moving on to earlier stage opportunities.
Shark Tank’s Kevin O’Leary, better known as Mr. Wonderful, and former Canopy Growth Corp. (NYSE: CGC) (TSX: WEED) Founder & CEO Bruce Linton recently made investments into the MindMed — an early pioneer in the psychedelics space. The $6.2 million investment round made headlines throughout the cannabis space and could represent another big regulatory-driven opportunity.
MindMed was founded by Silicon Valley tech executive JR Rahn and 35-year biopharmaceutical industry veteran Stephen L. Hurst, JD, who were interested in developing outside-of-the-box solutions to mental illnesses ranging from depression to addiction. After spending years researching the industry, the two opted to take a company down the regulatory pathway.
MindMed is gearing up for a Phase II clinical trial focused on Attention Deficit Hyperactivity Disorder (ADHD) where participants will receive a micro dose of LSD to increase focus and creativity. Taking a page out of the CBD playbook, these dosages would not be high enough to elicit any hallucinogenic effects, making them more palatable for doctors to prescribe.
In addition, the company is working on a non-hallucinogenic synthesized version of Ibogaine, a naturally-ocucring psychoactive substance found in plants. The team recently acquired an anti-addictive molecule that was previously funded by the National Institute on Drug Abuse and plans to develop a Phase II clinical trial to treat addiction.
The move comes as psilocybin and other psychedelics have earned legal status across many U.S. municipalities, including Denver, Colorado and parts of California. Advocates from Oregon and California hope to bring a legalization question to the 2020 ballot for a statewide vote — and existing cannabis frameworks could ease the legalization process.
Like cannabis, many psychedelics have a long track record of safety among recreational users. There’s also evidence that they could be beneficial for treating certain medical conditions. However, both psychedelics and cannabis remain Schedule I Controlled Substances on the Drug Enforcement Agency’s list with no signs of a federal removal.
Investors interested in the space may want to take a look at a handful of other companies that are starting to build a presence in the space during the early innings.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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