Numinus Wellness Archives - Green Market Report

StaffMay 30, 2023


The Daily Hit is a recap of the top financial news stories for May 30, 2023.

On The Site

Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year

Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.

New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing

New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.

Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins

Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.

Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana

Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.

YourWay Cannabis Can’t Find An Auditor For Filings

YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.

In Other News


Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.


Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.

North Carolina

A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.

Dave HodesJanuary 17, 2023


Yesterday, Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, released its financial results for the quarter ending November 30, 2022.

The company is one of the few in the industry reporting revenue growth, for the most part, because of its area of business concentration as a provider of therapy treatment services involving ketamine and Spravato.

Revenue grew 618% year-over-year to C$5.7 million. Their gross margin grew to 41.9% from 31.5% in the fourth quarter of 2022, with a gross profit of C$2.4 million, representing an increase of C$1.1 million.

The company ended the quarter with a cash position of C$26.4 million, down from C$41.8 in the previous quarter ending May, 2022, and also showed a net loss of C$6.2 million—C$1 million more than in 2021.

“We’re very pleased with the momentum that is building across all aspects of our business and the trajectory we’re on, making Numinus the first publicly traded psychedelic-focused company to achieve profitability, which we believe is likely to occur in the next 18 to 24 months,” Payton Nyquvest, founder and CEO of Numinus, said during the earnings call.

The company’s clinical network during Q1 2023 completed more than 19,774 client appointments, including one-on-one and group therapy sessions, neurology-related appointments, paid group programs, ketamine-assisted psychotherapy (KAT), transcranial magnetic stimulation (TMS) and ketamine/spravato medicine appointments, representing a 13.7 percent increase in clinic appointments compared to more than 17,000 appointments in Q4 2022.

Numinus had 138 practitioners providing client treatments through its wellness clinics and virtual services, a 13.1 percent increase from the beginning of the quarter.

The company was especially busy during the end of 2022, launching a new financing option for clinic patients in Canada and expanding its ketamine-assisted therapy offering to its Toronto location in September.

Then on October 28, 2022, Numinus announced the launch of its Ketamine for Chronic and Serious Medical Illness Program, a new program to be introduced in clinics in Utah, British Columbia and Quebec.

All this is seen as good news for the company by investors. The stock rose 13.64% on the Toronto exchange on the financial report news, though earnings per share were down slightly. Analysts positioned the company as a strong buy, according to Yahoo finance.

Future plans include establishing Numinus as a key provider of psychedelic-assisted therapy training during this quarter, Nyquvest said that they submitted a clinical trial application to Health Canada to conduct experiential psilocybin-assisted therapy training research. “This new experiential training study will enable practitioners training to provide psilocybin-assisted therapy the ability to experience and observe psilocybin sessions and further our understanding of the treatment,” he said. “It is one of the first training programs with an experiential option, and something that further differentiates our broader practitioner training program from others offered.” 

Numinus is initially launching the program at their clinic in Vancouver but expects to expand it to other locations.

Nyquvest also noted that the company has focused on acquiring and adapting clinics that can meet the needs of psychedelic-assisted therapy protocols to be used in the future, ensuring their clinics have therapy rooms large enough to comfortably hold a patient and two therapists, with the appropriate soundproofing and patient access to private bathrooms. “Not all wellness clinic companies currently offering ketamine-assisted therapy have taken the same strategy, and we’re confident that Numinus is the best-positioned clinic network to offer MDMA or psilocybin-assisted therapies as soon as they’re approved.”

Nyquvest concluded his remarks by noting that the main focus is now around practitioner recruitment. “It’s about just filling the capacity that we’ve got as we get prepared for some of these other psychedelic products that we anticipate coming online early next year,” he said.

Dave HodesMay 24, 2022


As the industry matures, there are clear leaders in the pack of psychedelics companies who are positioned to continue driving industry development. Compass Pathways, Atai Life Sciences, and Cybin are generally considered the top three companies in the industry, asserting their dominance in the market, with Field Trip Health and Seelos Therapeutics as psychedelics companies to watch.

But there are other companies maybe not so well known that, for now, are under the radar for industry watchers but are still making news—some good, some bad. 

Here’s a list of three winners and three losers of these lesser-known psychedelics companies:

Three winners:

  1. Numinus Wellness, Inc. (TSX: NUMI) (OTC: NUMIF). This Vancouver-based company reported Q1 2022 revenue of $647,915, a 61.9 percent sequential increase from Q4 2021, and a 1,857.6 percent increase compared to $33,098 during the same period last year when Numinus had only one clinic. The company secured several additional strains of psychedelic mushroom species and has already begun genomic analysis of these spore prints for research purposes, according to a press release. In March, the company announced that it had advanced to the next implementation phase in the multi-site open-label extension study of MDMA-assisted psychotherapy for PTSD (MAPPUSX), sponsored by the Multidisciplinary Association for Psychedelic Studies (MAPS).
  2. Small Pharma. London-based Small Pharma initiated a clinical program into DMT-assisted therapy in February 2021. This program includes a Phase I/IIa trial on the company’s lead candidate alongside the development of a pipeline of proprietary preclinical assets. It was the world’s first clinical trial for DMT-assisted therapy in major depressive disorder that showed the consistent quality of psychedelic response in Phase I, according to a press release.
  3. Intelgenx (TSXV: IGX) (OTCQB: IGXT). This Quebec-based company announced in May 2021, that it entered into a second feasibility agreement with Atai Life Sciences for the development of novel formulations of Salvinorin A, a naturally occurring psychedelic compound being developed for treatment-resistant depression and other indications. The first feasibility agreement between the companies was signed in August 2020. That was followed in March 2021 by IntelGenx and Atai announcing a strategic partnership, including a proposed equity investment in IntelGenx by Atai.

Three losers:

  1. MindCure Health, Inc. (CSE: MCUR) (OTCQX: MCURF) (FRA: 6MH): This Vancouver-based psychedelics company announced in March that the additional capital required to execute the company’s business plan is unlikely to be found under the current and foreseeable market conditions, and that “none of the strategic alternatives available to the company necessitated ongoing developmental expenditures.” The company’s board then immediately eliminated all expenditures outside those required to “preserve the value of the company’s assets.” MindCure then initiated a company-wide workforce reduction of all of its C-suite executives and employees, other than its CFO, the vice president of engineering, and certain administrative staff required to “wind-down the company’s operations and for limited care and maintenance of the company.” 
  2. Core One Labs (CSE: COOL), (OTCQB: CLABF): The Vancouver-based company is actively working to investigate investment and potential takeover opportunities by strategic psychedelics or pharmaceutical companies. Its stock price is currently down nearly 99 percent from a year ago. The company began trading on the OTCQB market in April in an effort to get increased corporate visibility in the U.S. marketplace. It also has the potential to significantly enhance its liquidity and broaden access to institutional and retail investors, according to a press release.
  3. Mindset Pharma (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF): The Toronto-based company is struggling—its stock price is down 50.97 percent today as compared to last year. A letter to shareholders in March brought what sounded like good news from CEO James Lanthier when he touted their partnership with McQuade Center for Strategic Research as a “major milestone” that represents the first partnerships with Big Pharma. But the company is trading at a five-year low of $0.33/share today.

StaffApril 12, 2022


Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) is buying Novamind Inc. (CSE: NM) (OTCQB: NVMDF) in an all-stock deal valued at C$26.2 million on a fully diluted in-the-money basis. The combined company will operate 13 wellness clinics and will be positioned as a psychedelic-assisted therapy provider in North America. the company expects revenue of approximately C$10 million in annual pro-forma revenue based on the trailing four quarters.

“Since Numinus began, we have always strived to be the most trusted, evidence-based leader in psychedelic-assisted therapy and medicine. The Novamind acquisition presents a transformational opportunity for Numinus to launch a strong U.S. platform through eight established, reputable, efficiently operating and revenue-producing clinics,” says Payton Nyquvest, Founder and CEO, Numinus. “We prioritize working with the best partners in this industry and Novamind’s U.S. market presence, complementary client programming and respected clinical research capabilities allow us to accelerate our strategic growth plans and broaden access to healing and wellness.”

Research To Continue

Numinus‘ executive team and board will remain in place and the combined company will be led by CEO Payton Nyquvest.

The combined company will operate four clinical research sites and a bioanalytical laboratory, all of which are currently supporting leading drug developers in psychedelic medicine with critical infrastructure and services. Select ongoing psychedelic medicine clinical trials include:

  • A single-arm, open-label, compassionate access trial for MDMA-assisted therapy that has made significant progress toward treating patients with PTSD hosted in collaboration with MAPS Public Benefit Corporation (MAPS PBC);
  • A phase II clinical trial investigating psilocybin for major depressive disorder sponsored by the Usona Institute;
  • An open-label compassionate access trial of psilocybin-assisted psychotherapy for substance use disorders;
  • A phase IIb randomized clinical trial investigating lysergic acid diethylamide (LSD) for generalized anxiety disorder in adults sponsored by MindMed;
Yaron Conforti, CEO, and Co-Founder, of Novamind, said, “This transaction offers significant value for Novamind’s shareholders and provides compelling new opportunities for our employees, patients, and research partners. The combination of Novamind’s network of mental health clinics and research sites in the U.S. and Numinus’ leadership in psychedelic-assisted psychotherapy in Canada creates a best-in-class company. The combined entity is supported with over C$50 million in pro-forma capital and positioned with distinct capabilities to serve a growing and diverse group of stakeholders. We are excited to join Numinus, a true leader in mental health innovation.”

Mr. Nyquvest added, “We expect this acquisition will significantly bolster our financial performance, growing Numinus’ annual revenue to more than five times our current levels, and driving meaningful margin improvement through identified operating efficiencies. Our combined capabilities will deliver exceptional value for our clients, employees, and shareholders. We look forward to welcoming the Novamind team to the Numinus family.”

Debra BorchardtDecember 15, 2020


Numinus Wellness Inc.  (TSXV: NUMI) has acquired Montreal-based psychedelic programming company Mindspace Psychology Services Inc (DBA Mindspace Wellbeing). The agreement brings together the capabilities of two leading Canadian organizations to develop and scale delivery of evidence-based psychedelic-assisted psychotherapy to provide the highest quality patient outcomes.

The deal has an approximate value of C$3.7 million. Just last week, Numinus had announced announce that it has entered into an agreement with Canaccord Genuity Corp. and Eight Capital for a bought deal basis that delivered approximately $10 million.

The acquisition of Mindspace builds upon Numinus’ recently announced plans to embark upon an open-label compassionate access clinical trial of psilocybin-assisted psychotherapy for substance use disorders and its partnership with the Multidisciplinary Association of Psychedelic Studies (MAPS), a leading psychedelic education and research organization, to begin a similar trial of MDMA-assisted psychotherapy for PTSD.

“Adding Mindspace to the Numinus platform will provide strong synergies for both companies,” said Dr. Devon Christie, Medical Director at Numinus and a MAPS-trained therapist for the delivery of MDMA-assisted psychotherapy. “The companies have similar values and complementary strengths, which make this a strong corporate and cultural fit. We are also proud to grow our presence nationally through this announcement.”

Numinus said that the acquisition not only adds a Montreal presence to its existing Vancouver location but also brings the insight and expertise gleaned from a decade of successful client-facing clinic management. The Mindspace Wellbeing clinics generated an average of 25% year-over-year growth over the past five years, including C$1.7M in revenue generation over the past twelve months that is anticipated to grow with the newly launched ketamine-assisted therapy program. Mindspace said it will operate under the ‘Mindspace by Numinus’ brand under the continued leadership of founder Dr. Flanders. The Corporate Wellbeing practice of Mindspace is not included within this agreement and will continue offering its services under another brand soon to be announced.

“Joining the Numinus team is a natural choice,” said Dr. Joe Flanders, Founder and Managing Partner of Mindspace. “It’s an excellent opportunity for us to work closely with a partner that shares our vision and values. We are impressed by the depth and rigor of Numinus’ clinical team and their authentic commitment to finding meaningful, accessible, and sustainable solutions to the mental health challenges we collectively face”.

In line with Numinus’ objectives stated in the prospectus filed in September 2020, the Vancouver clinic is being renovated to administer the trials which will enable Numinus to develop the infrastructure around psychedelic-assisted psychotherapy, train its therapists, and implement, test, and refine optimal protocols for delivery even before these therapies are widely accessible. The company said that these trials will prepare the company to deliver fully regulated psychedelic-assisted psychotherapy that translates research-driven best practices into publicly accessible treatments. With the addition of Mindspace, Numinus said it will be uniquely positioned to provide patients with MDMA and psilocybin-assisted psychotherapy under the expanded SAP revision based on its extensive work completed on developing protocols for psychedelic-assisted psychotherapy and its multiple locations.

“We’re very excited to be bringing the Mindspace brand under the Numinus umbrella,” said Payton Nyquvest, CEO of Numinus. “The combination furthers our stated mission and delivers on our prospectus. This is a first and major step forward in our plan for global expansion of revenue-generating clinics and virtual therapy with the objective of health and wellness for all. Today’s announcement sets a positive trajectory for making psychedelic-assisted psychotherapy more accessible to those in need.”



Debra BorchardtSeptember 4, 2020


Numinus Wellness Inc. (TSXV: NUMI) has filed a final short form prospectus to offers up to 16,000,000 units at a price of $0.25 per Unit for gross proceeds of up to $4,000,000 in the offering jurisdictions of British ColumbiaAlberta, and Ontario. The offering is expected to close on or about September 10, 2020.

Numinus is a company that is creating an ecosystem of health solutions centered on developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted therapies. The company said it would use the net proceeds of the Offering for MDMA and psilocybin Compassionate Access protocol implementation, to make these drugs accessible to specific patient groups before they are available on the market, as more particularly described in the Prospectus.  Additional funds will be used to secure therapy space and develop psychedelic integrative treatment models, support upgrades to its Lab infrastructure to support its Health Canada licenses, and for general operating expenses.

Deal Details

Each Unit will consist of one common share of the company and one-half of one common share purchase warrant.  Each Warrant will entitle the holder to purchase one additional common share of the company at a price of $0.35 per common share for a period of two years from issuance. The company said it has received conditional approval of the Offering from the TSX Venture Exchange, and for the listing of the common shares comprised within the Units, the common shares issuable on exercise of the Warrants and common shares associated with compensation to the Agent.

The Company

Numinus Bioscience includes a 7,000 square foot research and testing laboratory as well as numerous Health Canada licenses (through its wholly-owned subsidiary Salvation Botanicals), including a cannabis testing license that provides established and growing revenue. It is also a late-stage applicant for cannabis processing. Additionally, the company holds a dealer’s license which allows it to import, export, possess, and test MDMA, psilocybin, psilocin, DMT, and mescaline, and it is the first publicly listed company in Canada to be issued a Health Canada license to produce and extract psilocybin from mushrooms for the purpose of developing proprietary extraction methods.

These licenses will allow Numinus to support the growing number of studies on the potential benefits of psychedelic therapies through research projects, product development, and the supply and distribution of these substances. Numinus R&D leverages established relationships to position the Company for partnerships to host studies, develop medical and therapeutic protocols, and influence regulatory approval. Numinus Health, with one clinic already prototyping systems for efficiency and profitability, is dedicated to delivering therapies that enhance and supplement existing options—centered around psychedelic-assisted therapies when and where regulated—for people wanting lasting physical, mental, and emotional health.

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


Recent Tweets

Back to Top

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.