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)

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 like psychedelics for therapeutic purposes.

For instance, Atlanta is now considering decriminalizing “magic mushrooms” and other psychedelics.4 Meanwhile, San Francisco has already decriminalized them.5

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

In Canada, psychedelics 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 psychedelics used to treat psychiatric disorders.8

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

As the psychedelics market continues to grow and take shape, it’s 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 psychedelics company.

As a result of the acquisition, Numinus now operates 12 wellness clinics, four clinical research facilities and a dedicated psychedelics research lab – positioning the company as a leading integrated mental wellness company providing ketamine- and psychedelic-assisted therapies. 

image1 Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health CrisisIn 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 psychedelic-assisted therapies across North America.

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

Numinus has recently broadened access to ketamine-assisted therapy by launching its Ketamine 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 “Psychedelic Therapy Frontiers” podcast with new hosts and topics. The series explores the psychedelic renaissance and how to keep your mind, body, and spirit healthy.10

Clients in psychedelic-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.

Capture Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis
Find Out Why Numinus Wellness Could Be One of the Top Hallucinogenic Stocks of 2023. Click Here to download the Corporate Presentation.

6 Reasons

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


Integrated Approach – The Numinus business model – including psychedelic 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 LSD, ketamine, MDMA, psilocybin, psilocin, DMT, and mescaline.


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 psychedelic-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 psychedelic drugs have shown promise in treating these conditions. That’s why the US Food and Drug Administration recently classified psilocybin as a “breakthrough therapy,” a classification intended to get promising drugs to market faster.13 

With the attention on psychedelics 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 “magic mushrooms”. 14

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 psychedelic 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 psychedelic-assisted therapies. The Numinus model – including psychedelic 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 psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Capture Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis
Find Out Why Numinus Wellness Could Be One of the Top Hallucinogenic Stocks of 2023. Click Here to download the Corporate Presentation.

Reason #2 – Different from the Rest

Most psychedelic 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, Numinus grew 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)
  • Ketamine-assisted therapies
  • Psychedelic-assisted therapies (with MDMA or Psilocybin 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 psychedelic and ketamine-assisted therapies, with more than $12 million of combined proforma annual revenues (based on trailing four quarters). 

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 ketamine-assisted 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 ketamine-assisted 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 Ketamine 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 ketamine-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 health care professionals who are experts in long-term and serious illnesses. They will work with each patient’s current health care 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.

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, otherwise known as “magic mushrooms” and is among the first public companies licensed to handle a variety of different psychedelic substances including ketamine, LSD, mescaline, N,N-Dimethyltryptamine (DMT), N-Methyl-3,4, methylenedioxyamphetamine (MDMA), psilocin, and psilocybin. 

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

The psychedelics-assisted therapy for PTSD clinical trial, which was managed by Numinus and sponsored by  the Multidisciplinary Association for Psychedelic Studies (MAPS), is the first of its kind in Canada.

MAPS is the leading developer of MDMA-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 MDMA-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 drug administration. The treatment follows MAPS’ protocol of three sessions of MDMA 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 Ayahuasca and San Pedro (football fans might recognize Ayahuasca, 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 psychedelic 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, cannabis use, schizophrenia, end-of-life, and traumatic brain injury. In May, CRR 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:

image5 Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health CrisisPayton 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.
image6 Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health CrisisMichael 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.
image1 Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health CrisisJohn 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 psychedelics, along with Kevin O’Leary and Bruce Linton.


Regulatory Changes Happening Fast – Just like what happened with cannabis in its infancy, psychedelics 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 psychedelic market that are mainly conducting research at this point, Numinus is generating revenues through its clinical network.

Capture Alternative Treatment Providers Emerging as Key Agents in Combating National Mental Health Crisis
Find Out Why Numinus Wellness Could Be One of the Top Hallucinogenic Stocks of 2023. Click Here to download the Corporate Presentation.


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