What’s going on with NeoMind Biosciences?
NeoMind Biosciences (NMDBF) stock rose 0.76% after the company announced natural health company Vitasave has agreed to carry all four of its functional mushroom infused coffees on Vitasave’s ecommerce platform. Shares of NMDBF were trading at $0.12 per share on Thursday morning.
"Expanding customer reach is an important component of NeonMind's strategic growth plan and Vitasave will be a strong partner with its robust online presence," said NeonMind CEO Rob Tessarolo. "More than ever, consumers are concerned about their health and wellbeing and the demand for high quality functional food products continues to grow. The NeonMind coffee product line delivers excellent taste along with the functional mushrooms that can be incorporated into a daily ritual."
What does this mean for NMDBF?
NeonMind has shipped its functional mushroom infused coffees to two Vitasave warehouses in Ontario and British Columbia, Canada, and they are expected to be available for purchase within the next several weeks, the company announced. The varieties include two traditional roasted coffee blends made with Peruvian dark roast and Peruvian medium french vanilla roast, and two instant coffee blends made with 100% Columbian Arabica dark roast.
Functional mushrooms in NeonMind Coffees include cordyceps, lion's mane, reishi, and turkey tail, and are known to provide long-term physical, neurological and immunological benefits. NeonMind cited a report by Mordor Intelligence that claims the global functional mushroom market was valued at nearly $25.5 billion in 2020.
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NeonMind Biosciences Inc manufactures Medicinal Mushroom products under the brand NeonMind which are for sale through e-commerce on its website. It is also in the early stages of development of a product with the goal of using such product to promote and cause weight loss using a compound found in psychedelic mushrooms. The company's product development is organized into two divisions long-term product development, and near term product commercialization.