Medicinal Mushroom Stock Index: Performance Hardly "Magical" Last Week
The use of either functional (i.e. edible) or psychedelic (i.e. psilocybin or "magic") mushrooms in the treatment of mental issues such as obsessive-compulsive disorder, PTSD, opioid addiction, alcoholism, depression, anxiety, and eating disorders suggests that the fledging "medicinal" mushroom industry is on the threshold of becoming the next billion-dollar industry.
At the beginning of 2020, there were only 6 small biopharmaceutical companies listed on any of the Canadian or American stock exchanges that were involved in the medicinal mushroom sector. By the end of September, that number had increased to 8 and to 12 by October 16th.
To provide insights into the progress of this fledgling sector's growth we have created the munKNEE Medicinal Mushroom Stock Index to track each constituent's stock price performance. Below is a brief introduction to each company (for more detailed information read Introducing The "Medicinal Mushroom" Stock Index) and their performance for the week ended October 30th. (All prices in USD)
- Silo Pharma (SILO) -52.4% to $0.20
- Green Star (GTSIF) -25.0% to $0.03
- MindMed (MMEDF) -23.8% to $0.77
- Mind Cure (MCURF) -20.0% to $0.48
- Mydecine (MYCOF) -16.7% to $0.15
- Compass (CMPS) - 16.6% to $32.00
- Champignon (SHRMF) -12.2% to $0.36
- Revive (RVVTF) -11.8% to $0.15
- Numinus (LKYSF) -3.0% to $0.32
- Havn (HAVLF) -2.9% to $0.67
- New Wave (TRMNF) N/C ($0.03/share)
- Field Trip (FTRPF) +6.9% to $2.01
The average performance of the above 12 stocks last week was -10.2%. If Compass was excluded from the equally-weighted index the sector because of its extremely high price compared to the others then the Index only declined -5.8%. Interestingly, in comparison, the munKNEE Pure-Play Pot Stock Index of the 25 pure-play cannabis stocks that trade in excess of US$1/share was down 5.5% this past week..
About Each Constituent
For the sake of comparing companies using one type of mushroom vs. another the list below is divided into two segments, namely functional and psychedelic.
Psychedelic Mushroom Category
1. COMPASS Pathways Plc (CMPS)
COMPASS has a psilocybin-based therapy for treatment-resistant depression in Phase 2 of clinical trials. For more information on the company visit its website here.
2. Mind Medicine Inc. (MMEDF)
MindMed has three drug initiatives that use psychedelic mushrooms already in Phase 2 with several other initiatives in Phase 1 trials. For more information on the company visit its website here.
3. Mydecine Innovations Group Inc. (MYCOF)
Mydecine is the only company in the world that can legally produce, transfer, sell and export pharmaceutical-grade psilocybin from whole-mushroom extraction and can do so at a tiny fraction of the cost of synthetic psilocybin production. It is conducting the world’s first clinical trials into the efficacy of psilocybin in treating PTSD in collaboration with the Dutch Royal Army, For more information on the company visit its website here.
4. Numinus Wellness Inc. (LKYSF)
Numinus combines clinical operations with psychedelic drug R&D and cultivation of Psilocybe mushrooms, for the purpose of extracting psilocybin from them. For more information on the company visit its website here.
5. Field Trip Health Ltd. (FTRPF)
Field Trip is conducting advanced research on plant-based psychedelics such as ketamine as a treatment option for PTSD. For more information on the company visit its website here.
6. Silo Pharma Inc. (SILO)
SILO is focused on providing proprietary psychedelic therapeutics to patients suffering from end-of-life anxiety, Alzheimer's, depression, addiction, PTSD, and obsessive-compulsive disorder. For more information on the company visit its website here.
7. Revive Therapeutics Ltd. (RVVTF)
Revive entered a Phase 1 clinical trial in August with the University of Wisconsin System to study the safety and feasibility of psilocybin in adults with Methamphetamine Use Disorder. For more information on the company visit its website here.
8. New Wave Holdings Corp. (TRMNF)
New Wave focuses on active psychedelic compounds, functional mushroom product lines, and has developed an IP portfolio focusing on psilocybin, LSD, MDMA, and ketamine derived treatments for neuropsychiatric diseases. For more information on the company visit its website here.
9. Greenstar Biosciences Corp. (GTSIF)
Greenstar purchased Eleusian Biosciences in June to give it immediate access to the emerging psychedelic medicine sector and Eleusian's two provisional patents related to the treatment of traumatic brain injuries and post-traumatic stress disorder (PTSD). For more information on the company visit its website here.
10. HAVN Life Sciences Inc. (HAVLF)
HAVN is engaged in the research and development of psychopharmacological products, including the formulation of standardized psychoactive compounds derived from fungi. For more information on the company visit its website here.
11. Champignon Brands Inc. (SHRMF)
Champignon is focused on treatments for depression through the development of ketamine compounds and a network of ketamine-based treatment clinics. For more information on the company visit its website here.
Functional Mushroom Category
Mind Cure Health Inc. (MCURF)
Given that it could take +10 years, and potentially +$100M, to bring a new psychedelic drug to market, Mind Cure is developing products from the 12 species of edible ("functional") mushrooms that are recognized as promoting brain health as opposed to the 100 or so species containing the highly psychoactive substance, psilocybin.
Functional mushrooms, like psychedelic drugs, also represent a multi-billion market in their own right and this market is already open for business today which will allow Mind Cure to offset some of the R&D costs associated with psychedelics research with near-term revenue streams from functional mushrooms. For more information on the company visit its website here.
Future munKNEE Medicinal Mushroom Stock Index reports will be published on a week-ending basis going forward due to the small number of constituents and the "penny-stock" nature of almost all of them.
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