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Cathie Wood and ARK Increase Support for Psychedelics

The article Cathie Wood and ARK Increase Support for Psychedelics was originally published on Microdose.

Last week we reported on investment superstar…

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The article Cathie Wood and ARK Increase Support for Psychedelics was originally published on Microdose.

Last week we reported on investment superstar Cathie Wood investing in psychedelics for the first time. Wood’s ARK Genomic Revolution ETF bought 83,278 shares of Atai Life Sciences, a piece of very good news for the psychedelic medicine industry.

This endorsement from a major kingmaker will help legitimize the sector and bring more capital to the space (ATAI and other major players like MindMed got a brief boost of approx 14% on the news)

Cathie Wood’s first purchase of ATAI was small, representing only 0.01 of their holdings. But since last week ARKG has increased their investment approx 4-fold, buying ATAI an additional 4 times and bringing their total to over 340,000 shares (approx $2 million at current value).

This move shows additional confidence in the psychedelic space and should have further positive spillover effects for the sector.

The suite of ARK funds is focused on innovative companies and the market pays attention to who they invest in, and on February 15 ARK analyst Ali Urman tweeted: “I’m doing a deep dive on psychedelics. If anyone has any good resources to share, please do! I’m also working on a podcast, so if anyone has any burning questions, let me know!”

Going public with these kinds of headlines for psychedelics will go a long way in garnering support from the investment and innovation communities.

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