Numinus Wellness Announces Strategic Shift in Canadian Operations

LOS ANGELES- Numinus Wellness Inc. , has completed its strategic review and announced plans to reshape its Canadian clinical operations. This reorganization, referred to as the “Canadian Reorganization,” aims to refocus the company’s efforts on expanding its more profitable U.S. operations.

The strategic review, assisted by Stifel Nicolaus Canada Inc., has led to the decision to explore divesting or discontinuing certain Canadian clinical operations. Numinus is shifting towards a resource-efficient, capital-light model that continues to support Canadian mental health professionals without direct operational involvement.

Payton Nyquvest, Founder and CEO of Numinus, emphasized the strategic pivot towards the U.S. market, citing significant revenue contributions and advanced drug therapies nearing approval stages. In fiscal 2023, U.S. operations accounted for 88% of the company’s revenue, with wellness clinics operating under a fully optimized business model.

As part of the Canadian Reorganization, Numinus has signed a non-binding letter of intent with the Canadian Centre for Psychedelic Healing, which operates under the “Field Trip” brand, to potentially transfer some Canadian operations. This move is aimed at concentrating efforts on the U.S. market, where Numinus sees greater potential for breakthrough therapies in patient care.

Additionally, to maintain support for Canadian healthcare professionals, Numinus is launching a pilot membership program under its Numinus Network initiative. This program will provide access to the company’s latest therapeutic protocols and foster a community among practitioners of psychedelic-assisted therapies.

The company will provide further updates on the reorganization and expects to discuss these developments at its upcoming annual general meeting of shareholders on May 31, 2024.