Last month, we issued an update on Numinus Wellness Inc. (TSXV: NUMI) and felt the need to provide an update on the business after it reported a major milestone.
Numinus announced that they have harvested the first legal flush of psilocybe mushrooms in Canada by a public company, out of their lab unit at Numinus Bioscience, which also holds its Health Canada-issued Controlled Drugs and Substances Dealer’s License.
Following this development, Numinus can progress with the research and development of optimized cultivation and extraction techniques, standardized testing methods, exploration of product formulations and take initial steps in building a sequenced Psilocybe library. We believe that the business has reached a major inflection point and we will monitor how the management team can advance the opportunity from here.
Numinus’ research and analytical activities are conducted through Numinus Bioscience at its 7,000 square foot state-of-the-art out licensed laboratory. The objectives are focused on various psychedelic substances and developing analytical methods and formulations for the evolving psychedelics space.
Numinus’ laboratory activities are complemented by a clinical research and development team and a clinical service model under Numinus R&D, that is collectively focused on creating an ecosystem of health solutions that are centered on developing and supporting evidence-based, accessible use of psychedelic-assisted psychotherapies. We are favorable on the structure of the business and believe that it is well positioned to record strong growth.
One of the key pillars of the Numinus story is its subsidiary, Numinus Bioscience, which is executing on a strategy to be at the forefront of analytical testing for psychedelic substances. Numinus Bioscience is positioned as a center of excellence for psychedelic product research and development, and as an ancillary for psychedelic therapy clinical trials.
Numinus Bioscience also provides high-throughput B2B contract services for cannabis analytics and testing. This leveraging of the cannabis industry will provide the cash flow that is necessary to facilitate Numinus’ ongoing innovation and entry into the future psychedelic psychotherapy service delivery marketplace. We are favorable on the company’s plan to reinvest the cannabis revenue into the business to advance its psychedelic initiatives and this is a trend that we are bullish on.
Numinus recently issued an amendment application to its Health Canada-issued Controlled Drugs and Substances license. If the company is granted an amended license, it will allow for the sale of psilocybe mushroom fruiting bodies, extraction for clinical research protocols, and for the development of standardized testing for additional psychedelic substances.
The current license allows for testing, import and export, storage and distribution of MDMA, Psilocybin, Psilocin, DMT, and Mescaline as well as the undertaking of novel mycological research initiatives. We are favorable on how the amended license could support the growth of the business and are favorable on this opportunity.
Another important announcement from Numinus is related to the appointment of Sharan Sidhu, regulatory expert and policy advisor for restrictive high growth industries, as Science Officer and General Manager. She has been a key strategist for research roadmaps, core initiatives, the development of intellectual property, and the development of compliance requirements including LIMS, GLP/GMP, GACP, and ISO Standards.
We believe that Numinus is executing at a high level and consider it to be an under-appreciated opportunity. From additions to the science team to the granting of key licenses from Health Canada, we are favorable on how the business has advanced and believe that it has substantial potential catalysts for growth.
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