Tuesday night, the U.S. Senate finally cleared a procedural vote to move forward with gun control legislation. The action comes after weeks of negotiations.
In order to pass, the deal needed bipartisan support, including 10 republicans. In a rare act of urgency, unity, and action, all parties seem fixated on passing the bill this week, and top Senate Democrat Dick Durbin says the Senate will stay in town until it’s done.
If passed by both chambers of Congress, the legislation would be a massive leap forward in gun reform.
The bill, as it stands now, is 80 pages long and is cited as the ‘‘Bipartisan Safer Communities Act’.’
Perhaps the most encouraging is the structure of the bill. The Table of Contents lists the first division as Mental Health and Firearm Provisions, with Title 1 being Children and Family Mental Health Services.
The bill seems aimed at identifying, diagnosing, and curing the root causes that lead to the majority of gun violence cases. The bill tackles several other issues, but mental health and its ease of access are chief among them.
Some areas of note include:
- Not later than 18 months after the date of enactment of this Act, the Secretary shall provide technical assistance and issue guidance to States on improving access
- to telehealth for services covered under Medicaid and CHIP, including with respect to: [...] telehealth in schools, including specifically for the provision of mental health and substance use disorder services in such settings.
- $250,000,000 shall be for a community violence intervention and prevention initiative
- $250,000,000 shall be for grants for the community mental health services block grant program, each fiscal year from 2022-2025
- $40,000,000 shall be for National Child Traumatic Stress Network, each fiscal year from 2022-2025
- $120,000,000 shall be for Mental Health Awareness Training, each fiscal year from 2022-2025
There are plenty of other set-asides and references to improving the availability and delivery of mental health in schools and other locations. So, with all of the time, money, energy, and effort being thrown at mental health — who stands to gain the most?
Outside of the general population, children, and the youth of the country, there are a few companies that are likely positioning themselves to provide services and make a pretty penny too.
Compass Pathways (NASDAQ:CMPS) is an ADR and functions as an investment holding company. It operates through its subsidiaries that provide mental health care services. They are developing psychedelic chemicals like psilocybin into therapies for difficult conditions including treatment-resistant depression.
Talkspace Inc. (NASDAQ:TALK) is a virtual behavioral healthcare company committed to making care more effective, accessible, and convenient. Talkspace allows its psychotherapists and psychiatrists to serve patients who normally would not have the resources available to them, usually based on geographic location or other factors. Talkspace sells subscriptions to businesses, insurers, and consumers, all of which pay monthly according to the services their patients use. This stock may be suitable for aggressive investors, as the stock is trading at lucrative levels and beginning to show earnings potential.
Atai Life Sciences (NASDAQ:ATAI) is a clinical-stage biopharmaceutical company, which engages in the treatment of mental health disorders. ATAI is a company whose aim is to combine the services of both Talkspace and Compass Pathways — meaning their aim is to offer behavioral telehealth along with innovative therapies.
