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Jos Schmitt discusses new listing MMED, Mind Medicine Inc (MindMed) + MORE

March 8, 2020


say it’s a it’s a plethora of guests
today and I’m very excited to have our good friend JosSchmitt joining us
president CEO of the NEO Exchange good to see you as always sir welcome back
thank you a pleasure to be with you it’s a it’s an exciting day obviously
let’s start with the MindMed listing talk a little bit about the significance
of a company like MindMed and the listing on the NEO Exchange I think it’s
a it’s a new pivot point in in our in our evolution I think you know you look
at at NEO it’s a step-by-step approach to build this dis exchange
focusing first on trading in in other listed securities then starting to list
ETFs a little bit easier closer to the market and then we started to develop
the corporate business and I think MindMed is a Swee for me taking neo again to
the next level of recognition as an exchange and then today is demonstrating
it where you have both the benefits of a main vault Stock Exchange with you know
the quality label that that represents combined with liquidity and service and
you know I’m can tell you that I’m very pleased and very impressed with the
volume we see today in this in this security which is a token to both the
quality of the market and and the interest that people have in that
security yeah we were noting off the top of the show this morning right at 9:30
was already almost six million shares done online med so yeah that’s great to
hear as far as the listening last time you’re
here we were talking a little bit about the listings coming up this year as far
as special purpose acquisition or SPAC listings for 2020 what else do we have
in store well we did list another one believe it or not today will come out
with a press release tomorrow to make sure that you know today we can focus
all your attention on MindMedt but we listed
not a SPAC as they are called service SPAC they did an IPO of 120 million
u.s. dollars and they are focused on on a new team which is driven by marketing
packaging around the entire cannabis space and I think a continuation of of
you know our stronghold in in the SPAC space and I I think you were gonna see
much more I think this this vehicle became an extremely interesting vehicle
in in in the markets today and I think what what they bring in comparison with
a classical IPO they bring certainty certainty about raising the capital
certainty in in the way that the pricing takes place around the the race and in
in very volatile markets or very volatile sectors specs are an
interesting vehicle last year the US had the most active year with SPAC IPOs so
did Canada and you know and I’m of course proud to say that most of them
were with us and I think that this year we’re gonna see more we’re gonna see
more SPACs and you’re gonna see them focus continue to be focused on on the
cannabis space because I think there is lots of opportunities over there and
we’re gonna we gonna see distressed assets that you know are gonna become
targets of of those vehicles but you’re gonna see specs in other industries
don’t be surprised to start seeing more emerging in the in the in the mining
industry and the and the eSports industry but even in in other areas I
think I think it’s it’s gonna be a vehicle that’s gonna play an important
role in the capital markets for the next few years we’ll go back to the end of
last week I believe it was Thursday we had a big move down in the market
obviously timing couldn’t have been worse for trading halt at the TSX it’d
be amiss we don’t get your you know thoughts on on the trading halt itself
and you know what actually happened on Thursday yeah if you if you would have
seen me on the interview I gave to BNN that day I was upset I was
really upset and upset because this really impacts an impacted our market
not not only on that day but it impacts the credibility of this market and and I
find that a big issue and I’m not blaming the TSX I’m not pointing the
thing about the TSX everyone can have technological issues it can happen to
all of us but the market again like on April 27th 2018 came to a grinding
standstill and the reason for that is that there is no retail investors
anymore there is no financial advisors anymore who have access to market data
so they were sitting in front of their screens and those screens were black
because we do not have in Canada consolidated market data that’s mandated
by the regulator’s you know the US has been doing this since since the 70s like
that is extremely frustrating and I you know expressed very strongly my
frustration to the securities regulators because we talked about it in 2016 we
talked about the I wrote them a letter after the events of 2018 you know with
the steps to take to tackle this and then 2020 it happens again I’ll be
honest with you I don’t know what I’m gonna do if I’m
sitting in 2022 again in a meeting talking about an issue of this nature it
is unacceptable it makes this market look bad and it’s
it’s extremely painful for you know people like myself like bankers like
like corporates you know seeking to bring in investors into Canada seeking
to bring in issues into Canada to have to face issues like like that so well
you probably can see that soon as I start talking about it I I get going
again yeah lots too lots to discuss in that nature it’s an exciting day
obviously we won’t we won’t keep you but absolute pleasure as always come back
and see us again Jos Schmitt from the NEO Exchange guy’s an absolute pleasure
thank you very much good to see you else again guys we’ll send it back over here

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