Company announces decision after 'unauthorized disclosure.'
Numinus Wellness Inc. said April 15 it is considering divesting or discontinuing its Canadian clinical operations as the company looks to capitalize on rapidly advancing clinical trials in the United States.
The mental health care company focused on psychedelic-assisted therapies said it made the announcement following an “unauthorized disclosure in an online newspaper, which has come to its attention.”
After conducting a strategic review process, the company, based in Vancouver, Canada, decided to focus on growth opportunities in the United States.
“We believe this decision will support our goal of profitability from our remaining operations and our focus on the significant opportunities available in the U.S. with MDMA at the new drug application stage with the FDA and several novel drug therapies at late clinical trial stages, we expect that the U.S. will be first to introduce breakthrough therapies in patient care,” said Payton Nyquvest, Numinus founder and CEO. “It’s important to note that our U.S. operations generated 88% of our revenue in fiscal 2023, with our U.S. wellness clinics having an optimized business model with full-time practitioners and near-term profitable EBITDA.”
As part of the reorganization, the company will shift to a resource-efficient, capital-light model to continue to support its Canadian stakeholders. This is consistent with our ongoing efforts to maximize shareholder returns based on our current financial and management resources.
Numinus has entered into a non-binding letter of intent with a Canadian Centre for Psychedelic Healing (CCPH) as part of the reorganization plan. CCPH currently operates seven clinics across Canada under the Field Trip brand, each of which offer psychedelic assisted therapy.
Th company also said it will introduce a pilot membership program allowing therapists and health care professionals in Canada to retain access to the latest Numinus therapeutic protocols, including ketamine and psychedelic-assisted therapies.
The reorganization plan is pending further review and receipt of the relevant approvals of stakeholders, the Toronto Stock Exchange and other third parties.