viewNuminus Wellness Inc.

Numinus Wellness looking to position itself at the forefront of psychedelics for healing and wellness


Through its Bioscience lab, Numinus is the first public company in Canada to receive a licence to produce and extract psilocybin from mushrooms

Magic mushrooms

Quick facts: Numinus Wellness Inc.

Price: 1.58 CAD

Market: TSX-V
Market Cap: $260.79 m
  • Trifecta of psychedelics healing and wellness solutions
  • Numinus Bioscience is a Health Canada-licensed lab
  • Numinus R&D is developing psychedelic-assisted therapeutic protocols
  • Numinus Health supports practitioners in delivering best-in-class treatments

What Numinus Wellness does:

Numinus Wellness Inc (CVE:NUMI) (OTCMKTS:LKYSF) (FRA:LR23) is an integrated mental health company creating an ecosystem of health solutions to research, develop, and deliver safe, evidence-based, accessible psychedelic-assisted psychotherapy.

The group operates three business lines:

  • Numinus Bioscience is a Health Canada-licensed lab for psychedelic substance research, developing IP while offering analytics services for revenue generation.
  • Numinus R&D is developing psychedelic-assisted therapeutic protocols to embed in mainstream healthcare, led by medical leadership with global research and policy reform experience.
  • Numinus Health supports practitioners in delivering best-in-class treatments by offering centralized, Numinus-owned training, facilities and other operational resources for effective care delivery and healthcare impact.

This trifecta of solutions positions Numinus at the forefront of psychedelics for healing and wellness.

Through the Bioscience lab, Numinus is the first public company in Canada to receive a licence to produce and extract psilocybin from mushrooms, and the first to complete a legal harvest of psilocybe mushrooms using this licence.

This first-mover advantage allows it to research and develop proprietary, standardized extraction methods, testing methods and product formulations—for use in R&D partnerships, contract research services, and clinical trials.

Numinus also possesses a dealer's licence from Health Canada to import, export, possess, test, and distribute MDMA, psilocybin, psilocin, DMT, and mescaline.

Lastly, Numinus holds a cannabis testing licence from Health Canada, allowing it to provide third-party analytics and testing services for revenue generation.

How is it doing:

Numinus Wellness has made a brisk start to 2021.

On January 29, the company reported its fiscal 1Q 2021 results which showed a healthy cash balance of nearly C$5 million to help the company advance its many psychedelic therapy initiatives.

During the three-month period to end November 20, 2020, Numinus generated revenue of C$229,188 and ended the quarter with a cash balance of C$4,915,209 (as at November 30, 2020) thanks to a $4.6 million equity raise and $1.1 million warrant exercise. The company’s net loss for the quarter came in at C$1.9 million.

Among the highlights, fiscal 1Q saw the company cultivate and harvest the first legal flush of Psilocybe mushrooms in Canada and collaborate with Syreon Corporation to start a compassionate access clinical trial looking at psilocybin-assisted psychotherapy to treat substance abuse disorders.

Subsequent to the quarter’s end, Numinus entered into a collaboration agreement in December with the Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS PBC) to seek approval to deliver MDMA-assisted psychotherapy for post-traumatic stress disorder (PTSD) through a single-arm, open-label, compassionate access trial.

On the research front, Numinus told shareholders that it is continuing to look at psilocybin extraction of Psilocybe mushrooms, colloquially referred to as magic mushrooms, which contain the psychedelic compounds psilocybin, psilocin and baeocystin. As part of its research, the firm entered into a contract services agreement with Optimi Health to advance research and development of psychedelic products.

On February 8, Numinus closed its acquisition of Mindspace Psychology Services Inc. (DBA Mindspace Wellbeing), a leader and pioneer in psychedelic programming, as previously announced on December 15, 2020.

The acquisition expands Numinus' presence into Quebec, building on its Vancouver office with two established locations and extensive virtual services as well as insights garnered from a decade of successful clinic management. Founded by Dr Joe Flanders in 2011, Mindspace will continue under his leadership, the group said.

The company paid a consideration of $500,000 in cash upon closing of the transaction A time-based payout of 441,176 common shares of Numinus will also be issued/over the course of 24 months, plus $100,000 in Numinus shares, issued at market price, per year on each of the first three anniversaries of the acquisition closing date, and a multi-year performance payout of $800,000 in Numinus shares, issued at market price.

Then on February 18, Numinus Wellness updated on the progress of the MDMA-assisted therapy for PTSD trial in collaboration MAPS PBC.

The company said it has successfully transitioned into the 'pre-implementation stage' at its Vancouver clinic, with the recruitment of therapists, physicians, and staff now complete in preparation for enrolling patients and the ultimate analysis of therapy outcomes.

Initial regulatory meetings with Health Canada to define the trial's implementation science strategy have also been completed, and next steps will include obtaining ethical and Health Canada approvals to allow the recruitment of participants according to coronavirus (COVID-19) public health protocols, it added.

Numinus said its Medical and Therapeutic Services Director Dr Devon Christie will serve as both the trial's Principal Investigator and as a therapist. Dr Christie is a family physician with a focus in multidisciplinary pain management, is a certified Relational Somatic Therapist, and is already MAPS-trained in the delivery of the MAPS MDMA-assisted therapy for PTSD.

Inflection points:

  • Integration of Mindspace Psychology Services Inc
  • More news on MAPS PBC MDMA-PTSD trial
  • Take advantage of other market opportunities in psychedelics

What the boss says:

When reporting the group’s 3Q2020 results, Numinus Wellness CEO Payton Nyquvest told shareholders that the quarter saw “significant growth” across its business lines.

“We achieved landmark industry firsts, including the first legal harvest and extraction of Psilocybe mushrooms by a public company in Canada, while also embarking on two compassionate access trials and expanding our national footprint,” Nyquvest he said in the statement.

“Supported by our strong cash position and balance sheet, Numinus is poised to take advantage of market opportunities that will further cement our leadership role in the psychedelics industry. At Numinus, we endeavour to develop and deliver psychedelic therapies to transform health care, and we remain committed to executing against our strategic plan while maximizing long-term value for our shareholders.”

Contact the author at jon.hopkins@proactiveinvestors.com

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