Psychedelics Already Have Reddit on a Solid Trip

Reddit Psychedelics

Reddit. Reddit confuses the _________ (add your own word here) out of me. But that’s simply because I am new to it and new is a big exaggeration: having the app on your phone and having an account and signing on less than a half dozen times is knowing nothing about Reddit. 

But what I do know about Reddit is that they sent Gamestop stock to the moon and back. And that’s when I got interested – but the navigation of the site seems frenzied to me even when I’m in a subReddit group. Be that as it may. The new interest on the block or the chatter as the term is used in intelligence circles now revolves around one stock in one sector near and dear to me: MindMed. 

MindMed is serious business. What I mean by serious business is it’s a serious industry. MindMed is involved in breakthrough psychedelic therapy for the purpose of healing trauma and other mental illnesses. 

We’re not just another pill to manage symptoms. We offer a toolset — from breakthrough medicines and technology to compassionate therapy— for patients and therapists that accounts for the entire, complex patient journey.”

Toolset?  What does that mean?  I think of a toolset as  something that is put in place to help achieve a desired outcome. I believe a toolset can be both tangible and conceptual. 

Dr Miri Halperin Wernli , President, Head of Clinical Development describes it this way:

“In the psychedelics-assisted therapy paradigms, the psychedelic molecules don’t by themselves address the underlying biological, psychological or social causes of the mental illness. What psychedelic medicine allows us to do is to help patients open their eyes, in a safe and professional environment, on their wounds and deep conflicts, process them, and create new meanings – between them and their wounds, between them and the world, between their ego and their soul – which in turn helps alleviate the pain and the suffering, and with a subsequent revision of health.”

Psychedelics are having a “renaissance”. Yes the same substances that were tuned in and turned on to in the days of Woodstock are back. They never really left, ask any true psychonaut, they have just been on a quiet hiatus, away from the public eye, until this recent re-emergence of the past 20 years or so. With that there is a wellspring of information on psychedelics and the renaissance that is upon us. 

How can this renaissance and the healing potential of psychedelics be described? And why should anyone care? DoubleBlind 

a psychedelic biannual print magazine and media company puts it this way:

“Psychedelics—as the first class of drugs that heal through inspiring mystical experiences—hold the potential to shift how the Western medical community perceives wellness more broadly.” 

And therein lies the interest of corporate interests like MindMed and other biotech and pharmaceutical companies undertaking the research and development of treatment in the “burgeoning industry of medicinal psychedelics”. 

A number of companies have jumped on the bandwagon. Enough companies that the first psychedelic  Exchange Traded Fund just launched on the Canadian Stock Exchange in late January. 

“Psychedelics just went mainstream.The world’s first psychedelics ETF (exchange traded fund) will begin trading Wednesday. Horizons Psychedelic Stock Index ETF will trade on the Canadian NEO exchange under the ticker PSYK.”

And among the companies included in this fund is the new talk of the Reddit town MindMed. 

“Among the companies included in that ETF is the New York-based biotech firm MindMed (MMEDF), which is backed by Shark Tank investor Kevin O’Leary. MindMed has seen its stock soar 250% in the past three months. The stock currently trades on Canada’s NEO Exchange as well as the over-the-counter market in the U.S. and has applied for an uplisting on the Nasdaq.”

And why has Reddit turned its attention to MindMed or psychedelics in general? Let’s explore the interest in psychedelic investment in the first place. 

“THE BURGEONING psychedelic sector is attracting attention from investors as more companies have gone public, and research has increased rapidly due to greater mainstream and government acceptance and decriminalization.”

“Decades of research have demonstrated that psychedelics, which are hallucinogenic drugs, are effective in treating mental disorders such as depression, suicidal thoughts, PTSD and anxiety. The Food and Drug Administration has approved and fast-tracked several clinical research trials.”

“Dozens of biopharmaceutical companies are competing against each other since the ones that develop the intellectual property to synthesize the molecules to help treat disorders will likely be profitable and attract more capital.”

Ah, that’s why. Money honey: turning those penny stocks into dollars, big dollars. Let’s see if that’s the buzz on Reddit. 

“It’s official MindMed (MMEDF) is now over $2/share. I’m glad I invested in it when it was still less than 50 cents. My guess is that it’ll keep growing b/c psychedelics are still in their clinical trials. I think that once psychedelics go mainstream MindMed stock will soar. I personally think it’s going to continue going up in value. Might have a couple dips here and there, but ultimately I can see it going as high as $5/share (Maybe higher).”

“What do you guys think (About all of this the current price, psychedelics going mainstream, and how high do you think it’ll go)?”

As of today (12/8) it’s up to $2.41. I’m making more $$ off this stock alone then people who are working full time at Amazon lol.”

Now that was from a month or so ago. And from one subReddit group. 

There is more buzz and more chatter about why MindMed is only a stock that can be bought OTC (over-the-counter) and not on the NASDAQ. First what does that mean. And why does it matter? 

“If you are interested in piling up a substantial nest egg by investing in stocks, you have a number of options for acquiring them, ranging from formally organized stock exchanges to the looser world of over-the-counter stock trading. NASDAQ is a stock exchange, while OTC refers to over-the-counter stock trading, which involves a network of dealers trading stocks directly with each other. Both formats involve risk, but OTC particularly requires you to have the stomach to face it.”

But now the chatter includes the word “uplisting”. What is uplisting? 

Here are some definitions from

“means a listing of the Corporation’s Common Stock to be traded on a national exchange such as NasdaqCM, NYSE Mkts or OTCQX.”

“Uplisting If the Company qualifies, or can reasonably take appropriate actions to qualify, the Company shall use commercially reasonable efforts to apply for listing on The NASDAQ Stock Market “

“means a listing of the Common Stock of the Corporation on a U.S. national securities exchange.”

Does this mean MindMed is going to be uplisted? Do the Reddit people know something the rest of us don’t? 

MindMed March Moon Madness

I believe MindMed will uplist by the end of March. Here is why..

  • Like many of you I have watched all of JR’s interviews and his disposition, when asked about the NASDAQ up-list, is that he has something to share but is not allowed to for regulatory reasons. He has even stated, “I can’t necessarily tell you the exact path that we are taking but it’s very clear how a Canadian listed company can get up-listed on the NASDAQ.” This was after complimenting the Reddit community’s ability to dig up the information. He stated that, “All of the information is out there.”….well in 2011 the NASDAQ adopted “seasoning rules” which prevents companies who have used the reverse merger vehicle to go public from being approved for the NASDAQ until the company has been trading over-the-counter for one year and after all of the required information from the merger has been filed. Basically, you can’t file an annual report until you’ve existed for a year and there is a form you cannot file until your fiscal year has ended.
  • So, if MindMed went public at the beginning of March and has met every other requirement that the NASDAQ has requested then we can reasonably expect the process to be complete by the end of March. These “seasoning rules” should be the only thing holding the company back.

If there is anything that I am missing or my logic seems flawed or you think you know better…let it be known.

Well! If that doesn’t open up a world of discussion. What is going on? Let’s explore.

Here is what the website has to say:

“The imminent up-listing to the Nasdaq will put MindMed on the radar of institutional investors and analysts, and they will realize how big of a buying opportunity MindMed is.”

 The chatter continued on Reddit. And one Reddit user, called byu/darrinkoehler did quite a bit of due diligence and posted a term paper’s worth of information:

The End-All, Be-All MindMed Nasdaq Uplisting Post

Due Diligence

“Each time some Nasdaq Uplisting concern or controversy (or even conspiracy) comes up on this thread, I do my own Due Diligence. So far, I’ve found adequate answers to the concerns raised, so I will share them here. Hopefully this post will keep from so many of the same concerns being posted in this subreddit on a daily basis.”

“I will continue to update this post as new questions/concerns come up, so you may like to bookmark or sticky this post.”

“If I’m missing something or a correction is necessary, add it in the comments and I will update the post.”

“Huge shoutouts to u/snaxks1 and u/financialfreedomm who have also been conducting much of this DD and who have helped correct some mistakes for me.”

“#1 – MindMed has not filed form 40-F with the SEC.”

“The Form 40-F is an annual form required for all companies trading on the Nasdaq. Any company that has been trading publicly for less than 12 months cannot file the 40-F. In other words, MindMed cannot submit this form until after March 3rd, and is not in any way tied to the Nasdaq approval.”

“In accordance with the SEC Exchange Act, a Canadian company that has been subject to reporting to any Canadian regulatory authority for at least 12 months, and has outstanding equity shares valued at US$75 million or more, must file a Form 40-F to register securities that it intends to offer in U.S. markets.”

“The SEC Form 40-F is a filing with the Securities and Exchange Commission (SEC) required for companies domiciled in Canada but that have securities registered in the United States. Form 40-F is an annual filing that companies must fill out. It is similar to the Form 10-K for U.S.-based companies in purpose and content.”

“– Source:

“Other Canadian companies that uplisted to the Nasdaq, such as OrganiGram, had to fill this out in conjunction with their application to the Nasdaq because they had been trading for longer than 12 months already, making the document necessary.”

“#2 – MindMed responds to emails with vague answers”

“This is to be expected. The company is not permitted to share any information about this, as it is considered insider information.”

“#3 – It’s been nearly a year since MindMed’s Nasdaq application. It’s taking too long, which is suspicious.”

“MindMed applied on September 21st. Though on the Nasdaq’s own website, it does say that the typical process lasts 4-6 weeks, JR Rahn (Co-CEO and Co-Founder of MindMed) has stated in multiple interviews that he is working as a matter of top priority with both MindMed’s legal counsel and financial advisor Canaccord Genuity to have the application approved ASAP. He has also stated that Nasdaq “works at their own pace,” hinting that it is likely a combination of necessary work on MindMed’s side and slower-than-desired pacing at Nasdaq.”

“#4 – MindMed’s application cannot be approved because they do not meet the SEC’s “Seasoning Rules.””

“The seasoning rules require that companies listed via means of reverse takeover trade for 12 months before “applying to list” to the Nasdaq. However, the seasoning rules also include an exception, which states that a company is exempt from this rule if they complete a firm commitment offering of over $40 million USD. Interestingly, MindMed applied to uplist to the Nasdaq before it met either of these requirements. Depending on how you interpret the seasoning rule, the recently closed (January 7th) Canaccord bought deal could exempt MindMed from having to wait 12 months. If not, the 12 month seasoning period will be over March 3rd, 2021. Either way, it appears that Nasdaq has not taken a denial stance over this matter on the application, but is rather working actively with MindMed’s teams on matters of timing that likely include variables we simply cannot know. In other words, uplisting to the Nasdaq could be any day now, or not until after March 3rd.”

“#5 – MindMed cannot be uplisted because they do not meet the required Share Price.”

“(edited 01/13 2:34PM EST – clarifying based on feedback on various interpretations)”

“This may or may not be true. It depends on which Nasdaq standard MindMed applied for. We don’t know the answer to this, but here are some possibilities:”

“Market Value of Listed Securities Standard”

“$2 per share, if the Company meets the requirements of the Market Value of Listed Securities Standard under Rule 5505(b)(2)”

“Rule 5505(b)(2):”

“(A) Market Value of Listed Securities of at least $50 million (current publicly traded Companies must meet this requirement and the price requirement for 90 consecutive trading days prior to applying for listing if qualifying to list only under the Market Value of Listed Securities Standard)”

“In other words, $2 for 90 days. Where it gets complicated is we don’t know if MindMed is seeking to qualify “only under the “Market Value of Listed Securities Standard.” For instance, they could also qualify under the…”

“Equity Standard”

“$3 per share for 5 consecutive days(A) Stockholders’ equity of at least $5 million;(B) Market Value of Unrestricted Publicly Held Shares of at least $15 million; and(C) Two year operating history.”

“Mind Medicine was “founded” in 2010. The reverse takeover was performed on February 27th, 2020. It is conceivable that in qualifying for both above standards, they may be able to qualify with a closing price of $2 for only 5 days before approval.”

“All in all, there is a lot of grey area here, and MindMed has legal counsel and Canaccord Genuity working on these finer details to get the uplisting accomplished as a matter of highest priority.”

“TL;DR: Because of all the above grey areas, MindMed’s legal and financial teams could still get an uplisting any day now. If not, however, early March seems to be a shoe-in.”

Kudos to that due diligence!  So will MindMed get uplisted and does the word imminent have a date? And what will that mean for the $3.38 stock price. Will it  share the same good tidings as Compass Pathways, another psychedelic company? 

“Compass Pathways, IPO’d on the Nasdaq at $17 only in September and is now trading at $47” 

Perhaps to use a term from the psychedelic playbook: set as in mindset – composure might be best right now. And like one wise Reddit user from the subgroup r/MindMed Investors Club put it patience is a good thing. 

Mindmed 🚀

“Guys no one can know exactly when it will be uplisted. Be patient. I find it pretty stupid that 70% of posts are “When are we going to be uplisted? “ and so on. If O’Leary himself does not know the exact date no one will. Be patient, the important thing is IT WILL HAPPEN. Good luck 🚀🚀🚀””


Full disclosure: This writer/psychonaut owns shares of Mindmed stock so I would be quite happy to see it take off to the moon and beyond.

Author: Sherri Margolin (Dark Matters)

Disclaimer: Absolutely nothing you read in here should be taken as investment advice. The discussion of securities and ideas is never to be considered a recommendation to buy or sell any.  Always do your own due diligence.

No Comments Yet

Comments are closed



Dark Matters is a digital magazine covering the underbelly of what makes our world go round. From the crust of the earth to the cosmos of the universe, from Big Foot to Big Pharma, psychedelics to the supernatural, we’re diving deep into the black hole of all that is subversive—sex, drugs, and aliens.


Margolin & Lawrence Ad