Latest news with #SteveStafstrom
Yahoo
22-05-2025
- Business
- Yahoo
Why Mind Medicine Stock Vaulted More Than 8% Higher Today
One state's House of Representatives just voted in favor of decriminalizing psilocybin. This is the compound the company is trying to develop into medicines. 10 stocks we like better than Mind Medicine (MindMed) › Investors had a good mind to plow money into Mind Medicine (NASDAQ: MNMD) stock on Tuesday. Shares of the psychedelic-focused biotech, which also goes by the name of MindMed, provided a nice high by rising more than 8% in price on a legislative development. That performance contrasted well with the S&P 500 index's 0.4% drop on the day. Late on Monday, Connecticut's House of Representatives approved a bill to decriminalize psilocybin, the psychoactive compound found in so-called "magic" mushrooms. The vote was narrow, with 74 of the state's lawmakers in favor and 65 against. The proposed law will be put in front of the state Senate for review and an eventual vote. If it passes, the New England state's law on psilocybin would change drastically. Possession of up to a half-ounce of the compound would subject a violator to only a $150 fine, without any time in jail. Speaking on the House floor, Democrat state representative Steve Stafstrom made statements that might have come from MindMed's public relations department. "Psilocybin is a product which has been shown to be an effective therapeutic for various mental illnesses, including treating PTSD, addictions, depressions and anxiety disorders," he said, in advance of criticizing the state's currently punitive measures for violators of current law. Broadly speaking, the American public is in favor of decriminalizing drugs and psychoactive substances thought to be more beneficial than harmful. The Connecticut House vote is yet another example of how the tide is turning in favor of de facto legalization, a process that is already well advanced in many jurisdictions throughout the country. This trend bodes well for MindMed and others involved in psychedelic medicine. Before you buy stock in Mind Medicine (MindMed), consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Mind Medicine (MindMed) wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $642,582!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $829,879!* Now, it's worth noting Stock Advisor's total average return is 975% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Mind Medicine Stock Vaulted More Than 8% Higher Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-05-2025
- Politics
- Yahoo
Connecticut House votes to advance gun manufacturers liability bill
HARTFORD, Conn. (WTNH) — The Connecticut House of Representatives voted Wednesday to advance a new piece of gun legislation that could open firearms makers and retailers up to more lawsuits. New Haven man sentenced to 2 years in prison for gun trafficking The bill goes all the way back to 2012, when families of victims in the Sandy Hook shooting sued the manufacturer of the rifle that was used in the shooting, arguing that the way the manufacturer marketed the rifle led to it winding up in the hands of the young, unstable man who perpetrated the shooting. That lawsuit faced several road blocks, including a federal law that shields gun manufacturers from many types of legal liability. The bill today opens those manufacturers up to legal liability under Connecticut law. The bill states that they must exercise so-called 'reasonable control' over their sales practices and opens the door for more civil lawsuits of the type that the Sandy Hook families brought. Most Democrats support this bill, and most Republicans oppose. 'What this bill does is it essentially requires firearms makers and sellers to implement these reasonable controls over their sales and marketing and if they don't, then there'd be a cause of action under Connecticut law,' State Rep. Steve Stafstrom (D) on the judiciary committee said. 'I think generally the concern is, this is probably a trial lawyer's dream,' State Rep. Vincent Candelora (R), the House minority leader, said. 'I don't think it does anything to make Connecticut residents safer from gun violence. It certainly will make lawyers a lot richer.' The bill is now heading to the Senate. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
