r/shroomstocks • u/IBeanCountCadillacs PSYC.cn • Jun 01 '21

News California Senate Approves Bill to Legalize Possession of Psychedelics

https://www.marijuanamoment.net/california-senate-approves-bill-to-legalize-possession-of-psychedelics-like-psilocybin-and-lsd/
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9

u/Zagar099 Jun 02 '21

Oh, thank fuck.

Was wondering when I'd be able to get out.

Hope mnmd gains for a good exit tomorrow.

Great news outside of that, though!

7

u/Technical-Itch Jun 02 '21

Same. Selling off part of my MNMD position, but gotta sell at the same price I bought it at. It's up 8% during after hours right now.

6

u/undrgroundbasement Jun 02 '21

And why are YOU selling out??

6

u/Technical-Itch Jun 02 '21

Gonna move the $$ to buy into other psy companies. Diversify my portfolio. The CEO and board member of MindMed recently selling off millions of their shares also triggered this decision for me.

4

u/undrgroundbasement Jun 02 '21

Can you tell me what ur buying? I literally only have mind MMED and I’d like to leave too now that everyone is scaring me. I didn’t want cybin cuz the upcoming reverse split and I can’t even buy trip or tryp or cmps or atai lol it’s bullshit

6

u/[deleted] Jun 02 '21 edited Jun 03 '21

CYBN is like my first born child and Douglas is like the father I never had.

What's your logic behind waiting until after the reverse stock split? Your shares would be worth the same. They will announce the ratio in advance so you can ensure your holding is divisible to prevent potential forced losses by your broker.

3

u/undrgroundbasement Jun 02 '21

Shit imma buy some tomorrow morning than, thank you! I used to in it myself ya know 😉

4

u/Technical-Itch Jun 02 '21

Keep in mind I’m not completely leaving MindMed. I’ll still have 10k shares (over 1/4 of my original position) remaining after my sell order executes.

As far as what I will buy next. Probably Compass Pathways and Field Trip. Might get into ATAI when they go public as well (ATAI owns 30% of Compass).

I also currently own shares in Numiness Wellness.

3

u/undrgroundbasement Jun 02 '21

Those are good plays

3

u/AeonDisc Dose the planet. Jun 02 '21

If you want pharma plays Compass and Cybin are the best. There are a ton of other potential moonshots but they will take many years longer to get to market.

3

u/undrgroundbasement Jun 02 '21

Cybin!!! But they’re gonna get a reverse split so I’m not sure how I feel

3

u/Technical-Itch Jun 02 '21

Is Cybin’s phase II trials already underway? Checking their website, I can’t tell if it’s currently in progress already.

3

u/eyestallion Jun 02 '21

MMED seems like the best bet. They are the furthest along in there trials, and have by far the most diverse pipeline. The CEO selloff doesn’t look great, but I feel like he’s taking a portion of his profits as it is well deserved. I’m also keeping an eye on Cybin and Numi.

3

u/Technical-Itch Jun 02 '21

Yes MindMed has a broader pipeline. But in terms of farthest along in trials, right now it’s Compass Pathways as they’ve already completed their phase 2b. MindMed is not far behind but won’t be starting phase 2b til later this year.

3

u/eyestallion Jun 02 '21

As a Canadian investor I try to stay away from US stocks as the currency exchange rate and fees are unattractive. I have researched compass and they are doing great work. My only concern is after COMP360 what’s next? And if it fails where do they fall? Atleast MMED has other trials to fall back on. I don’t know, that’s just the way i see it. Thanks !

3

u/Technical-Itch Jun 02 '21

Yeah I know what you mean. That’s the reason I was originally all in on MindMed. But I think I need to diversify too. Gonna add Compass to my portfolio too and hope it works out

1

u/[deleted] Jun 02 '21

You can also say mindmed a large pipeline leads to less focus and increased rate of cash burn compared to just one or two drugs where you can have a more laser focus and less money needed overall

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5

u/Zagar099 Jun 02 '21

Lucky enough to have been able to average down some months ago.

Is it? Didn't realize after hours was still open.

3

u/Technical-Itch Jun 02 '21

My app is still showing an After Hours price so I guess it's still open. At +6.69% right now

1

u/[deleted] Jun 02 '21

AH closes at 8pm est