Nov 20, 2020 Guest(s): JR Rahn Founder, Co-CEO, MindMed
Earlier this month, Oregon became the first state to legalize the use of psilocybin for medicinal purposes through Measure 109, and decriminalized the use of all drugs with Measure 110.
Since the Measures passed in November, MindMed shares (MMED.NE) has soared 70%, last trading at $1.55.
The legalization of psilocybin reflects the rising popularity of therapeutic drug use at a time when mental health issues are on the rise due to COVID-19.
"This isn't just specific to the state of Oregon. 40% of Americans in the midst of COVID-19 had a mental health incident and substance abuse problem. 11% of Americans considered suicide," said JR Rahn, founder and co-CEO of MindMed.