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While the demand for treatments based on psychedelic substances is growing because mental health issues are on the rise despite the easing of restrictions related to the COVID-19 pandemic, MNMD’s psychedelic inspired medicines are still in their developmental stage. Also, its net and comprehensive loss for fiscal first quarter ended March 31, 2021 came in at $14 million.
MNMD still has a long way to go to complete the development of its products, so its near-term prospects look bleak. As the company’s co-founder and CEO JR Rahn told Yahoo Finance, “These are still very early innings for us.”
