News Release
Alberta Becomes the First Province to Regulate Psychoactives for Therapeutic Purposes
MarketJar
The modern psychoactive renaissance is continuing to gain momentum, with Alberta becoming the latest region to propose regulatory changes regarding the substances. On October 5, Government officials declared that Alberta will be the first province in Canada to regulate psychoactives for the treatment of psychiatric disorders. Although doctors and researchers are allowed to apply to Health Canada for permission to use psychoactives in clinical research or grant patients special access for therapeutic use, they are still illegal in Canada. According to Alberta's new laws, medical professionals must submit an application to the province for a license before administering psychoactives to patients with mental illnesses. Alberta's new laws governing the therapeutic use of psychoactives are expected to take effect on January 16, 2023. At a time when the mental health crisis is getting worse and more people are turning to alternative treatment providers for assistance, these regulatory changes are timely. According to John Hopkins Medicine, over 6.7 million people in Canada experience mental illnesses, compared to 26% of Americans age 18 and older who experience a diagnosable mental disorder each year. Psilocybin has recently attracted renewed interest as a potential treatment for conditions like anxiety, addiction, and depression. And these recent changes to the law demonstrate the legitimacy of psychoactive-assisted therapy within the health care system. Companies in the market stand to gain as psychoactives become more accepted, especially those that provide high-quality goods and integrated mental health care treatment options at clinics. The development and provision of cutting-edge mental health care and access to secure, scientifically supported psychoactive-assisted therapies are the main priorities of Numinus Wellness Inc. (TSX:NUMI) (OTCQX:NUMIF), a leading provider of integrated mental healthcare. The range of mental health services Numinus offers and its network of wellness centers across Canada and the US have kept growing. One of the reasons behind Numinus ’ ongoing growth is its growth-focused strategy. Over the last couple of years, the company has made several sizable acquisitions that have directly contributed to its bottom line. In 2021, Numinus added Neurology Centre of Toronto and Mindspace to the company, both of which are responsible for the notable uptick in revenue in the past year. Then in June 2022, the company completed the acquisition of Novamind, along with its network of wellness clinics, bringing its total network to 12 wellness clinics, four research facilities and a dedicated psychoactives research lab. On November 29, Numinus announced its Q4 and full year results, revealing a 643% increase in fourth quarter revenue thanks to the acquisition of Novamind. The company reported C$4.2 million in revenue for Q4, $3.7 million of which came from its wellness clinic network. Numinus also grew its gross margin to 31.5% in the fourth quarter, generating $1.3 million in gross profit and ended the quarter with a $33 million cash position. “Fiscal 2022 was a pivotal year for Numinus, as we entered the US market with the transformational acquisition of Novamind, expanded our Ketamine-assisted Therapy offering across Canada, launched a formal practitioner training program, and unveiled a global rebranding of our company. Combined, these efforts have provided a solid platform for our continued, measured growth – with scalable infrastructure and systems, and a growing pipeline of practitioners choosing Numinus for their psychedelics-assisted therapy training,” said Payton Nyquvest, Founder and CEO of Numinus. “With our strong wellness clinic network and a growing clinical research division, Numinus is one of the best positioned companies in the sector – supported by diversified revenue streams, growing brand awareness, and a recognized pathway to profitability.” Commenting on the quarter, Nyquvest continued: “Our fiscal fourth quarter was the first to demonstrate the real power of our larger, cross-border platform following the acquisition of Novamind on June 10, 2022 – and the impacts are evident in our performance. Compared to the previous quarter, fourth quarter revenues grew 464% to $4.2 million, gross margin improved by 710 basis points from 6.5% to 31.5%, and gross profit grew 628% to $1.3 million. We’re excited about the momentum building across our business and the regulatory reform underway across the US and Canada, and will continue to evaluate complementary growth opportunities that will enhance our client experience and further support margin expansion.” During Q4 2022, Numinus completed over 17,000 client appointments, which represents a 202% increase in clinic appointments compared to over 5,600 appointments in Q3 2022, mostly due to the acquisition of Novamind at the beginning of the quarter. Numinus acquired Novamind in June 2022, along with its network of wellness clinics. This brings its total network to 13 wellness clinics, four research facilities and a dedicated psychoactives research lab. And this is just the beginning of what this company plans to achieve. To learn more about Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) and how it is pioneering the integration of psychoactive-assisted therapies into standard clinical practice, click this link or visit the company’s website Disclaimer 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, Numinus Wellness Inc. Market Jar Media Inc. has or expects to receive from Numinus Wellness Inc.’s Digital Marketing Agency of Record (Native Ads Inc.) one hundred nine thousand four hundred and forty USD for 23 days (16 business days). 3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. 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Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on pressreach.com. 5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article. 6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Numinus Wellness Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. 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These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Numinus Wellness Inc.’s industry; (b) market opportunity; (c) Numinus Wellness Inc.’s business plans and strategies; (d) services that Numinus Wellness Inc. intends to offer; (e) Numinus Wellness Inc.’s milestone projections and targets; (f) Numinus Wellness Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Numinus Wellness Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Numinus Wellness Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Numinus Wellness Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Numinus Wellness Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Numinus Wellness Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Numinus Wellness Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Numinus Wellness Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Numinus Wellness Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Numinus Wellness Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Numinus Wellness Inc.’s business operations (e) Numinus Wellness Inc. may be unable to implement its growth strategy; and (f) increased competition. Except as required by law, Numinus Wellness Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Numinus Wellness Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Numinus Wellness Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document. 7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Numinus Wellness Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Numinus Wellness Inc. or such entities and are not necessarily indicative of future performance of Numinus Wellness Inc. or such entities.. Contact Details James Young +1 800-340-9767 campaigns@pressreach.com Company Website https://pressreach.com
November 30, 2022 07:30 AM Pacific Standard Time
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