With psychedelic drugs showing promise with mental health issues, investors have just begun to push into a space that could be worth up to $100 billion, according to Tania Gonsalves, analyst for Canaccord Genuity Capital Markets, as quoted by Psychedlic Spotlight. She added, “the companies that will emerge as the winners "will have deep pockets, patentable products and a well-thought-out reimbursement strategy." Helping, more cities are just beginning to decriminalize psychedelics, like psilocybin. For example, Denver, Oakland, and Santa Cruz have legalized the use of psilocybin. Oregon also became the first state to legalize psilocybin in a therapeutic setting. With excitement growing with psychedelics, some of the top companies to watch include Numinus Wellness Inc. (TSXV:NUMI), COMPASS Pathways (NASDAQ:CMPS), Mind Medicine Inc. (NEO:MMED)(OTC:MMEDF), Mydecine Innovations Group Inc. (CSE:MYCO)(OTC:MYCOF), and New Wave Holdings Corp. (CSE:SPOR)(OTC:TRMND).
Numinus Wellness Inc. (TSXV:NUMI) BREAKING NEWS: Numinus Wellness Inc., a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), is pleased to announce the acquisition of Montreal-based Mindspace Psychology Services Inc (DBA Mindspace Wellbeing), a leader and pioneer in psychedelic programming. The agreement brings together the capabilities of two leading Canadian organizations to develop and scale delivery of evidence-based psychedelic-assisted psychotherapy to provide the highest quality patient outcomes.
“Adding Mindspace to the Numinus platform will provide strong synergies for both companies,” said Dr. Devon Christie, Medical Director at Numinus and a MAPS-trained therapist for the delivery of MDMA-assisted psychotherapy. “The companies have similar values and complementary strengths, which make this a strong corporate and cultural fit. We are also proud to grow our presence nationally through this announcement.”
“Joining the Numinus team is a natural choice,” said Dr. Joe Flanders, Founder and Managing Partner of Mindspace. “It’s an excellent opportunity for us to work closely with a partner that shares our vision and values. We are impressed by the depth and rigor of Numinus’ clinical team and their authentic commitment to finding meaningful, accessible, and sustainable solutions to the mental health challenges we collectively face”.
“We’re very excited to be bringing the Mindspace brand under the Numinus umbrella,” said Payton Nyquvest, CEO of Numinus. “The combination furthers our stated mission and delivers on our prospectus. This is a first and major step forward in our plan for global expansion of revenue-generating clinics and virtual therapy with the objective of health and wellness for all. Today’s announcement sets a positive trajectory for making psychedelic-assisted psychotherapy more accessible to those in need.”
The acquisition not only adds a Montreal presence to Numinus’ existing Vancouver location — with three established locations and extensive virtual services — but also brings the insight and expertise gleaned from a decade of successful client-facing clinic management. The family of clinics generated an average of 25 percent year-over-year growth over the past five years, including $1.7M in revenue generation over the past twelve months that is anticipated to grow with the newly launched ketamine-assisted therapy program. Mindspace will operate under the ‘Mindspace by Numinus’ brand under the continued leadership of founder Dr. Flanders. The Corporate Wellbeing practice of Mindspace is not included within this agreement and will continue offering its services under another brand soon to be announced.
Other related developments from around the markets include:
COMPASS Pathways (NASDAQ:CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health reported its financial results for the third quarter of 2020 and gave an update on recent progress across its business. George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “This has been a significant quarter, with an IPO that gives us the funds needed to advance our mission and transform mental health care. Recent hires for the company build further important expertise within our strong leadership team, including in data science and digital health, which will be core to the future of mental health care. We remain fully focused on execution of our phase IIb trial investigating our COMP360 psilocybin therapy for treatment-resistant depression and, with scientific partners in our recently established Drug Discovery Center, are also evaluating the potential of early stage compounds to address mental health challenges.”
Mind Medicine Inc. (NEO:MMED)(OTC:MMEDF) is pleased to announce that it has closed its previously announced bought deal short form prospectus offering, including the exercise in full of the underwriter’s over-allotment option. In connection with the Offering, the Company issued 18,170,000 units of the Company at a price per Unit of CAD $1.90 for gross proceeds of CAD $34,523,000. The Offering was conducted by Canaccord Genuity Corp., as lead underwriter, and Eight Capital.
Mydecine Innovations Group Inc. (CSE:MYCO)(OTC:MYCOF), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced therapeutic medicine for mainstream use, announced that it has completed its first commercial harvest of 20 kilograms of psilocybin mushrooms at its research and cultivation facility in Jamaica. The Company is now preparing to export the harvest to its Canadian cGMP Facility which has a Health Canada schedule 1 Dealer’s License attached to it, allowing for legal import. “We are pleased to announce the completion of our first commercial harvest of natural psilocybin mushrooms,” said Joshua Bartch, CEO and Chairman of Mydecine. “There is more research needed on these compounds in order to better understand the entourage effect experienced by patients which has shown dramatically effective results compared to single-molecule synthetic psilocybin in preliminary studies. As the industry grows, the need for naturally occurring psilocybin and access to large quantities of these molecules will be paramount and we are excited to be the first to advance this movement at scale.”
New Wave Holdings Corp. (CSE:SPOR)(OTC:TRMND), an investment issuer that provides capital and support services, announced it has entered into a joint venture with The University of West Indies, Mona, Jamaica to conduct drug discovery and highlight knowledge of medicinal plants in Jamaica. The purpose of this joint venture/partnership is to develop techniques using local microclimate conditions and local research and commercial advantages to explore various natural products and patent opportunities and to conduct drug discovery and highlight knowledge of medicinal plants in Jamaica.
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