Is MindMed Creating The Tesla Of Mental Health? Thoughts From CEO JR Rahn, Investor Kevin O'Leary
Mind Medicine (OTC: MMEDF) Co-Founder and CEO J.R. Rahn and investor Kevin O'Leary spoke this week at the inaugural Benzinga Global Small Cap Conference.
O'Leary on MindMed: O'Leary for long had avoided the cannabis sector, despite getting numerous deals offered to him. Cannabis still being a Schedule I narcotic has deterred O'Leary from investing in the space.
The psychedelic industry being used as a medicine for depression, anxiety and opioid addiction, however, attracted O'Leary to the space.
O'Leary met the CEO and Board of Directors for MindMed and told them he was interested in the company if they tackled treatments for mental illness and addiction instead of pursuing recreational drugs.
'I got on board in a big way. I became a spokesman for the sector," O'Leary said, noting investing in the psychedelic and biotech space can be risky. 'What I liked about MindMed was they had multiple opportunities, multiple trials, multiple ideas, multiple markets.'
MindMed has outperformed every one of O'Leary's other investments in 2020.
'That's the one I put my big bet on,' he said, calling Rahn a rock star.
Related Link: MindMed Submits Application To Cross-List On NASDAQ
Rahn on MindMed: Rahn came to the psychedelics space after personal struggles with alcoholism and drug addiction.
'MindMed is a biotech company that happens to be developing psychedelic medicines to treat big problems in society,' Rahn said.
MindMed is focused on FDA trials to prove that the company's treatments are safe to be used.
'We may be creating effectively the Tesla of mental health,' he said.
Unemployment rising during the pandemic is causing addiction rates and mental illness rates to go up, according to Rahn, who said 11% of Americans considered suicide in the month of June.
"That's our addressable market," he said "This market is going to get bigger out of COVID-19.'
MindMed wants to marry psychedelics and digital therapeutics. Psychedelics could be a $100 billion market by some estimates.
Price Action: Shares of MindMed were up 20% on Wednesday to $2.88. Shares have risen 577% in the last six months.
For more on MindMed, check out Benzinga's interview with Rahn last month.
Photo courtesy of Neo Exchange Inc. and Spencer Xiong Photography.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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