what happened
The US Senator’s Tweet Was Motor Driven heart medicine (MNMD 8.01%) Stock up on Tuesday at near double digit rates. While the tweet didn’t mention the name of the company, it strongly endorsed the work the company is doing, and investors were cheering for the move.
So what
The politician in question is Cory Booker, a Democrat from New Jersey. On Monday afternoon, Booker published a tweet accompanied by a video vehemently defending his current research on psychedelics. Specifically, he named psilocybin and his MDMA, both of which are now illegal at the federal level.
Mind Medicine, also known as MindMed, has a research program that includes studies of substances found in both drugs. As the senator pointed out in the text portion of his tweet, these show promise in treating afflictions such as post-traumatic stress disorder, addiction and depression.
“For too long, the war on drugs – which remains our legacy – has limited the drugs that can help people, the drugs that can save lives. Research is limited, clinical trials are limited. It’s been delayed,” Booker said in a video accompanying the tweet.
So
Booker is a politician and a prominent politician, so it shouldn’t surprise anyone to learn that this tweet is part of his legislative effort. In late July, he and his co-sponsor, Kentucky Republican Senator Rand Paul, announced the right to allow terminally ill patients access to drugs classified as Schedule 1 controlled substances by the Drug Enforcement Administration. Introduced the Right to Try Act. – Such as psilocybin and MDMA.
It’s similar to legalization of marijuanathe political force behind the move to remove such drugs from Schedule 1 classification is growing. So the latest expression of this force is understandably encouraging to MindMed and its investors.
Eric Volkmann I have no positions in any of the stocks mentioned. The Motley Fool has no positions in any of the companies mentioned. The Motley Fool has Disclosure policy.
