Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis

One Company Leading the Way With 618% Revenue Growth in Q1 2023 is Numinus Wellness Inc. (TSX:NUMI) (OTCQX:NUMIF)

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As the national mental health crisis continues to escalate, more people are turning to alternative treatment providers for assistance, and it’s creating a unique opportunity for fast-acting investors.

Currently, 26% of Americans age 18 and over (approximately 1 in 4 adults), suffer from a diagnosable mental disorder in a given year, according to John Hopkins Medicine.¹

In Canada, more than 6.7 million people live with a mental health problem or illness.² In addition, 1 in 4 Canadian adults screened positive for symptoms of depression, anxiety, or posttraumatic stress disorder (PTSD) in the spring of 2021.³

In response to these numbers and the perceived ineffectiveness of many traditional treatments, many states and countries are turning to alternative treatment methods, including psychoactive treatments for therapeutic purposes.

For instance, Atlanta is now considering decriminalizing Psilocybin and other mind-altering substances.⁴ Meanwhile, San Francisco has already decriminalized Psilocybin.⁵

And Colorado, a recreational MJ pioneer, just became the second state to decriminalize and legalise the use of psychoactives for therapeutic purposes.⁶

In Canada, hallucinogens are also being welcomed into the mainstream of mental health treatment. ⁷

Government officials announced in October that Alberta will be the first province in Canada to regulate psychoactives used to treat psychiatric disorders.⁸

Breaking News

Numinus Expands Research Capabilities With New Phoenix Clinical Research Site

Why Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) is a Company to Watch in the Coming Weeks, Months & Years

As the hallucinogenic market continues to grow and take shape, its companies that combine high-quality product offerings with integrated mental health care treatment options may have the best chance of standing out.

Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) is quickly proving this to be true. Its acquisition of Novamind in June instantly made it a top revenue-producing psychoactive treatment provider.

As a result of the acquisition, Numinus now operates 12 wellness clinics, four clinical research facilities and a dedicated hallucinogen research lab – positioning the company as a leading integrated mental wellness company providing KTA and other mind-altering substance therapies.

image8 2 Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis In addition to that acquisition, Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) has made a series of other moves that have allowed it to build a firm foundation in the growing alternative health market.

For instance, in June the company introduced a new visual brand identity meant to better illustrate its continued growth as a leading mental health care company providing hallucinogenic-assisted therapies across North America.

Then in September, Numinus announced that its Toronto clinic, the Neurology Centre of Toronto by Numinus, had begun offering KTA assisted therapy for patients with neurologic conditions.

Numinus has recently broadened access to KTA-assisted therapy by launching its KTA for Chronic and Serious Medical Illness Program in Utah, British Columbia and Quebec. The program focuses on improving patients’ physical, emotional, mental, and spiritual suffering caused by their illness.⁹

In November, Numinus relaunched the “[Psychoactive] Therapy Frontiers” podcast with new hosts and topics. The series explores the psychoactive renaissance and how to keep your mind, body, and spirit healthy.¹⁰

Clients in psychoactive-assisted therapy could soon enjoy a mushroom tea. Numinus developed a psilocybin-containing tea bag offering substitute for whole mushrooms and other solid therapeutics for use in clinical research, which could eventually serve to treat patients.¹¹

Numinus has continued to grow its revenue, achieving strong full-year 2022 results, including revenue that was up 643% year-over-year and a gross market that grew 31.5% for a $1.3 million profit.

And the company just reported solid Q1 2023 results, with revenue 37.5% higher than just the previous quarter and a gross profit that grew 80% to $2.4 million. Not to mention, ending the quarter with a positive cash balance of C$26.4 million.

Putting it all together, this appears to be an integrated mental healthcare company that’s moving up in the market.

Here are six reasons why investors may want to perform additional due diligence on this rapidly growing company in a rapidly growing market.

6 Reasons

to Consider Adding Numinus Wellness(TSX:NUMI) (OTCQX:NUMIF) to Your Watchlist

Integrated Approach – The Numinus business model – including Psilocybin production, research, and clinic care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use.

Massive Market – The global mental health market size¹² accounted for US$ 381.98 billion in 2020 and is estimated to be US$ 527.44 billion by 2020 and Numinus is addressing that market with end-to-end mental health services. As one example, it has a dealer’s license from Health Canada to possess, produce, assemble, sell, import, export, deliver, and distribute a number of mind-altering substances.

Complementary Business Lines – The Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) business model includes a network of 12 wellness clinics that deliver comprehensive mental health services and a network of four clinical research sites offering research management services. The company’s clinical network revenues were up significantly in Q4 2022 and Q1 2023.

Strong Financials – Numinus saw revenues grow by 618% in Q1 2023 year-over-year (YoY) to C$5.7 million, while FY 2022 revenue increased by 329% YoY. The company also ended the quarter with C$26.4 million in cash.

MAPS Relationship – Numinus Wellness’ (TSX:NUMI) (OTCQX:NUMIF) recently managed the MAPS Phase 3 hallucinogenic-assisted therapy for PTSD clinical trial for MAPS, which is the first of its kind in Canada. With a long-standing relationship with MAPS, Numinus continues to explore ways to further partner with them to increase access to important therapies.

Novamind Acquisition – This acquisition positioned Numinus as a top revenue-producing integrated mental healthcare company providing hallucinogenic-assisted therapies. The acquisition of Novamind was completed on June 10 with Novamind shareholders receiving 0.84 Numinus shares per Novamind share.

A Closer Look at What Separates Numinus from the Competition

We know many people are struggling with mental health these days. From kids and young adults struggling with stress, anxiety, and depression to older adults flooding emergency rooms across North America seeking help for mental health-related issues.

The good news is Psilocybin and other mind-altering substances have shown promise in treating these conditions. That’s why the US FDA recently classified Psilocybin as a “breakthrough therapy,” a classification intended to get promising pharmaceuticals to market faster.¹³

With the attention on hallucinogens increasing, Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) has quickly become a recognized leader in the space with its research lab, recently featured in a Bloomberg article about the incredible potential of Psilocybin.¹⁴

Press Releases

Here’s a closer look at a few of the biggest reasons why Numinus is standing out in this new market:

Reason #1 – Transformative Platform

While there are companies developing hallucinogenic treatments and companies are offering other alternative mental health treatment approaches, nobody is combining both of these things in such a highly complementary manner as Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF).

Numinus helps people to heal and be well through the development and delivery of innovative mental health care AND access to safe, evidence-based hallucinogen-assisted therapies. The Numinus model – including Psilocybin production, research and clinical care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use.

To put it another way, Numinus is leading the integration of hallucinogenic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Reason #2 – Different from the Rest

Most companies in this young marketplace are focused on research and thus not producing revenue.

Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF)is standing out from the crowd thanks to its network of clinics. Following the acquisition of Novamind, Numinusgrew its number of wellness clinics to 12 (one in Vancouver, one in Toronto, three in Montreal, five in Utah, and two in Arizona).

These state-of-the-art clinics address a variety of mental health needs, including: depression, anxiety, bipolar disorder, substance use disorder, ADHD, OCD, PTSD, eating disorders, suicidal ideation, and much more.

Among the treatments offered by the clinics are:

Traditional therapy and counseling
Virtual psychotherapy
Mindfulness programs
Neurological services
Transcranial Magnetic Stimulation (TMS)
KAT therapies
Hallucinogenic-assisted therapies (with Psilocybin or other mind-altering substances for SAP-approved clients)
KAP Pod Program
Psychiatric medical model management
Insurance coverage expertise

With the acquisition of Novamind, Numinus immediately became one of the highest revenue-producing mental health care companies providing hallucinogen-assisted therapies.

The company recently reported that in Q1 2023 its clinic network revenues grew 669.5% compared to Q1 2022.

Now here’s a quick look at how Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) compares to other companies in the marketplace:

N1 Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis

Reason #3 – Rapid Expansion

As mentioned earlier, the acquisition of Novamind was a major development for Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) this year.

It had an immediate impact on the company in a variety of ways. For one thing, the clinic-side of the company’s business jumped in size as the graphic below shows.

N2 Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis

In addition, wellness clinic performance also improved dramatically. For instance:

There were 17,000 client appointments held across the US and Canada in Q4 2022, up 202% compared to Q3
At the end of Q4, Numinus had 122 practitioners providing client treatments through its wellness clinics and virtual services, a 10% increase from the start of the quarter

N3 Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis

All of this growth positively impacted Numinus’s bottom line. Additional developments also had a positive effect on revenue.

For example, the company began offering KAT therapy for patients with neurologic conditions at its Toronto clinic, the Neurology Centre of Toronto (NCT) by Numinus.

NCT focuses on conditions including epilepsy, concussion, brain injury and functional neurological disorders, offering a comprehensive range of services that include primary neurologic care and supportive therapies offered by a team of over 20 specialists.

The new service is being led by a psychologist and follows Numinus’ existing protocol for KAT therapy, already in use in its other locations in Canada and the US, which includes sessions for medical screening, medicine dosing and therapy for integration.

More recently, Numinus launched its KTA for Chronic and Serious Medical Illness Program. The first clinics to use this new program will be in Utah, British Columbia, and Quebec. In the next few months, the company wants to add more clinics to the program.

The goal of Numinus‘s program, which will include KTA-assisted therapy and more community support, is to ease the physical, emotional, mental, and spiritual pain that patients feel because of their illness. Care will be given by healthcare professionals who are experts in long-term and serious illnesses. They will work with each patient’s current healthcare team to make sure that everything works together.

Since Numinus bought Novamind earlier in 2022, integration has gone as planned. For example, the Murray and Salt Lake City clinics were recently merged to make clinic operations more efficient and improve the patient experience, while still retaining all therapists and clients. By combining two nearby locations, Numinus hopes to offer more services to clients in the area while also lowering its operating costs.

In the News

Reason #4 – Health Canada Licensed Research

Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) was the first public company to complete a legal harvest of Psilocybe mushrooms and is among the first public companies licensed to handle a variety of different psychoactive substances.

From making notable progress toward treating patients with post-traumatic stress disorder (PTSD) through a compassionate access trial for hallucinogen-assisted therapy to to developing new and innovative techniques to efficiently grow mushrooms – Numinus has been very busy with innovative R&D.

The hallucinogen-assisted therapy clinical trial for PTSD, which was managed by Numinus and sponsored by MAPS, is the first of its kind in Canada.

MAPS is a leading developer of hallucinogen-assisted therapy training programs, treatment protocols, and research. So, when Health Canada cleared the MAPS-sponsored single-arm, open-label safety and feasibility study evaluating a particular type of hallucinogenic-assisted therapy for post-traumatic stress disorder, this was a huge boost for the pair.²⁸

In February, Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) advanced the trial and successfully transitioned into the pre-implementation stage at its Vancouver clinic.²⁹

In March, Numinus announced that its Montreal site had begun pharmaceutical administration. The treatment follows MAPS’ protocol of three sessions of administration and therapy, each to be followed by three integration sessions.

In January, Numinus confirmed that all trial participants in this study had been successfully dosed.

And these aren’t the only exciting R&D activities taking place at Numinus:

Numinus was named a licensed Psilocybin supplier by Health Canada for Canada’s Special Access Program
Numinus received approval from Health Canada to study Ayahausca and San Pedro (football fans might recognize Ayahausca, which is the substance four-time NFL MVP Aaron Rodgers said he took during a recent trip to Peru and which he credited for helping him subsequently perform at an MVP level.)
Numinus was approved for a Containment Level 2 License – “This biosecurity expansion will allow us to deeply understand not only the mechanisms behind Psilocybe mushrooms and other naturally occurring hallucinogenic materials but also their interaction with the human body,” said Sharan Sidhu, Science Officer and General Manager, Numinus Bioscience.

Reason #5 – Strong Revenue Generation

We mentioned the revenue-generating capabilities of the company’s clinical network earlier, but it bears repeating here:

In Q1 2023, the company’s expanded clinic network brought in C$5.0 million in revenue, a 35.3% increase compared to Q4 and a 669.5% increase YoY. And the company’s clinical revenue-generating capabilities don’t just come from the wellness clinics.

Cedar Clinical Research, the clinical trial management division of Numinus that was acquired through Novamind, has also been busy.

CCR continues to achieve positive operational growth. During Numinus’ fiscal fourth quarter, the division recruited 178 clinical trial participants for 16 third-party clinical studies, representing a 19% increase in clinical trial participation compared to the fiscal third quarter.

Currently, CCR is hosting clinical trials for depression, PTSD, schizophrenia, end-of-life, and traumatic brain injury. In May, CCR was chosen to host a Phase II randomized clinical study for the acute treatment of social anxiety disorder (SAD).

The success of CCR is just another reason why Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) continues to separate itself in the marketplace and generate higher profits.

As mentioned, Numinus reported very impressive Q4 and full-year 2022 results, which are mainly due to the increase in its wellness clinics thanks to the acquisition of Novamind. In 2022, the company saw revenue grow from C$1.5 million in 2021 up to C$6.5 million in fiscal 2022, a 329% increase YoY.

Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) also reported a positive cash balance of C$33 million for the 12 months ended August 31.

Reason #6 – A Knowledgeable Leadership Team

The Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) team consists of a terrific blend of acclaimed scientists, mental health experts, and successful entrepreneurs. Team members include:

Payton NyquvestCo-founder & Chief Executive Officer Executive

15+ years in Canada/US capital markets. Raised $100M+ for public and private companies across North America. Former VP and Head of Sales of one of Canada’s largest independent brokerages.

Michael TanPresident & Chief Operating Officer

20+ years’ operations leadership driving business transformation for global companies, including Indigo, Hudson’s Bay, UPS, and Saks Fifth Avenue. Launched province-wide recreational MJ operations in BC as founding executive Director of the BC Liquor Distribution Branch-MJ Division.

John FongCPA Chief Financial Officer

15+ years building global financial operations for private and public companies (TSX-V, NYSE, London AIM, Lima SE), with experience across mining & resources and technology. Led a precious metals company from exploration to commercial production in 3 years, with net income of $100M and operating cash flow of $98M.

Combine all 6 reasons together and it makes a pretty compelling argument for investigating Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) further. To help you get started performing due diligence on this standout company, here is a recap of major points working in Numinus’s favor.

RECAP: 8 Reasons

to Consider Investing in Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF)

Prolific Investors Entering the Market – Peter Thiel, the founder of Paypal and Palantir, has been investing in hallucinogens, along with Kevin O’Leary and Bruce Linton.

Regulatory Changes Happening Fast – Just like what happened with MJ in its infancy, hallucinogens are gaining momentum as the regulatory policies begin to adapt to the evolving landscape.

Multiple Revenue Streams – Numinus has a multi-pronged profit strategy that encompasses two different segments of the market and provides the company with a diversified and synergistic approach to success.

Health Canada-Licensed Lab – It’s the first public company with a license to cultivate and harvest Psilocybin for research and development.

Strong Financial Footing – It has C$26.4million in cash in the bank to execute its business milestones.

Huge Potential Upside – Numinus has a low market capitalization relative to the total addressable market value (which is $100 billion). The company was valued at CAD$65.2 million on Jan. 16, 2023.

Seasoned Management & R&D Team – The company has a medical team with over 500+ peer-reviewed publications and a management team with a strong capital markets IQ.

Producing Revenues Now – Unlike other companies in the hallucinogenic market that are mainly conducting research at this point, Numinus is generating revenues through its clinical network.

Disclaimer

QUICK LINKS TO PREFERRED BROKERAGES

footnotes:
[1] https://www.hopkinsmedicine.org/health/wellness-and-prevention/mental-health-disorder-statistics [2] https://www.mentalhealthcommission.ca/wp-content/uploads/drupal/2016-06/Investing_in_Mental_Health_FINAL_Version_ENG.pdf [3] https://www150.statcan.gc.ca/n1/daily-quotidien/210927/dq210927a-eng.htm [4] https://tinyurl.com/5xdh99wh [5] https://tinyurl.com/3txhttby [6] https://tinyurl.com/4ep4fnsp [7] https://tinyurl.com/5y38awsw [8] https://tinyurl.com/4frzp7uu [9] https://tinyurl.com/9dtyh25t [10] https://tinyurl.com/mr247srh [11] https://tinyurl.com/ytb9hkh3 [12] https://www.globenewswire.com/en/news-release/2022/06/22/2467263/0/en/Global-Mental-Health-Market-is-estimated-to-be-US-527-44-billion-by-2030-with-a-CAGR-of-3-40-during-the-forecast-period-By-PMI.html [13] https://tinyurl.com/yc5mcmkc [14] https://tinyurl.com/yc5mcmkc [15] https://ir.compasspathways.com/news-releases/news-release-details/compass-pathways-announces-financial-results-fourth-quarter-and [16] https://compasspathways.com/compass-pathways-plc-announces-second-quarter-2022-financial-results-and-business-highlights/ [17] https://compasspathways.com/compass-pathways-announces-third-quarter-2022-financial-results-and-business-highlights/ [18] https://mindmed.co/news/press-release/mindmed-reports-first-quarter-2022-financial-results-and-business-highlights/ [19] https://www.newswire.ca/news-releases/mindmed-reports-second-quarter-2022-financial-results-and-business-highlights-823562927.html [20] https://www.newswire.ca/news-releases/mindmed-reports-third-quarter-2022-financial-results-and-business-highlights-861569621.html [21] https://www.newswire.ca/news-releases/mindmed-reports-full-year-2021-financial-results-and-business-highlights-813382582.html [22] https://ir.atai.life/news-releases/news-release-details/atai-life-sciences-announces-fourth-quarter-and-full-year-2021 [23] https://atai.life/2022/05/16/atai-life-sciences-reports-first-quarter-2022-financial-results-and-business-update/ [24] https://ir.cybin.com/investors/news/news-details/2022/Cybin-Inc.-Reports-Fiscal-Year-2022-Financial-Results-and-Recent-Business-Highlights/default.aspx [25] https://ir.cybin.com/investors/news/news-details/2022/Cybin-Inc.-Reports-First-Quarter-Financial-Results-and-Recent-Business-Highlights/default.aspx [26] https://ir.cybin.com/investors/news/news-details/2022/Cybin-Inc.-Reports-Second-Quarter-Financial-Results-and-Recent-Business-Highlights/default.aspx [27] https://ir.cybin.com/investors/news/news-details/2022/Cybin-Inc.-Reports-Third-Quarter-Financial-Results-and-Recent-Business-Highlights/default.aspx [28] https://tinyurl.com/y2xhtp7d [29] https://tinyurl.com/c79yusjy

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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. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. 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.

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Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis