Pharmaceutical

  • Ended the year with strong cash position of $59.2 million
  • Revenues grew 81% year-over-year to $0.5 million for Q4 2021
  • Revenues grew 72% year-over-year to $1.5 million for FY 2021
  • Gross profit of $31,818 for Q4 2021
  • Completed the acquisition of the Neurology Centre of Toronto in September 2021
  • Two clinical trials about to launch: Phase 1 study for proprietary psilocybe extract and Phase 3 open label extension study partnership with MAPS for MDMA for PTSD
  • Recently received conditional approval to graduate to the TSX (from the TSX Venture)

All financial results are reported in Canadian dollars unless otherwise stated.

Numinus Wellness Inc. ("Numinus" or the "Company") (TSXV: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its fiscal fourth quarter and full year results for the periods ended August 31, 2021 .

"During the fourth quarter we were focused on building the team, infrastructure, technologies and protocols that will allow us to scale our business over the next several years," said Payton Nyquvest , Founder and CEO. "We welcomed several new key executives, began our laboratory expansion, and filed a patent for a proprietary rapid production process for psilocybe."

Mr. Nyquvest continued: "Since the quarter ended, we have started to see the benefits of these transformative initiatives, with the expansion of our Ketamine-Assisted Psychotherapy offering, the acquisition of the Neurology Centre of Toronto , the finalization of our Phase 1 clinical trial protocols for our proprietary psilocybe extract, a partnership with MAPS to conduct the Phase 3 extension study of MDMA for PTSD, and the development of new proprietary toxicity and potency testing tools for psilocybin."

Fourth Quarter Financial Highlights:

  • Cash balance of $59.2 million as of August 31, 2021
  • Revenues grew 81.1% year-over-year to $0.5 million in Q4 2021, due primarily to the acquisition of Mindspace.
  • Gross profit of $31,818 in Q4 2021, compared to gross loss of $158,222 in Q4 2020
  • Loss was $7.8 million for Q4 2021, which included a $1.6 million non-cash goodwill impairment charge related to the acquisition of Mindspace 1 .

__________

1 The impairment is primarily related to the exclusion of future revenues derived from psychedelic-assisted psychotherapies as these services are currently unregulated. As a result of IFRS standards, the Company must recognize there is uncertainty of realization of such revenues, and the impact on expected revenue growth and profitability to related services, relative to management's forecasts.

Fiscal 2021 Financial Highlights:

  • Revenues grew 71.8 % year-over-year to $1.5 million in fiscal 2021, due primarily to the acquisition of Mindspace.
  • Gross loss of $81,538 , compared to gross profit of $88,047 in fiscal 2020
  • Loss was $18.8 million for fiscal 2021, which included a $1.6 million non-cash goodwill impairment charge related to the acquisition of Mindspace¹, compared to a loss of $9.6 million in fiscal 2020.

Operational Highlights During and Subsequent to Fourth Quarter 2021:

Numinus Bioscience – Research and Laboratory

  • Q4 2021 revenue of $90,593 , a decrease of 66.7% from Q4 2020. This is primarily due to the Company ceasing cannabis related activities during the year to dedicate resources towards advancing psychedelic-centered service offerings – including psychedelic analytical testing and contract laboratory services, to align with the Company's strategy and overall objectives.
  • In June 2021 , the Company filed a provisional patent application with the United States Patent and Trademark Office for a proprietary rapid production process for psilocybe and other psychoactive fungi species. This process dramatically increases the production of therapeutics for use in psychedelic-assisted psychotherapy and leads to standardized psychedelic extracts that are reproducible, scalable, cost-effective and commercially viable.
  • In July 2021 , Numinus received Health Canada approval for the MAPS-sponsored, single-arm, open-label safety and feasibility study evaluating MDMA-assisted therapy for PTSD.
  • During the quarter, Numinus began the 7,500 ft. expansion of its psychedelics research facility, including the building of an additional laboratory. An application for federal licensing for the additional lab was submitted in September 2021 . The new space (adjacent to Numinus' existing laboratory) will be dedicated to the following services:
    • Bioanalytical testing,
    • Bioassay and in-vitro studies,
    • Research & development and formulation studies for several psychedelic compounds, including ketamine and LSD, and,
    • Small batch manufacturing.

Subsequent to Q4 2021:

  • On October 24, 2021 , Numinus announced it finalized the study design and protocol for a Phase 1 clinical trial on a naturally derived Psilocybin extract. This major milestone advances Numinus' investigation of its first proprietary psychedelic product, which was developed using a patent-pending technology.
  • On November 10, 2021 , the Company announced it will host the Montreal and Vancouver sites of the MAPPUSX study, which will continue to study the safety and efficacy of MDMA in treating severe PTSD, titled "A multi-site open-label extension study of MDMA-assisted psychotherapy for PTSD."
  • On November 29, 2021 , the Company announced that Numinus Bioscience developed proprietary psychedelic drug tests with new toxicity and potency scans. These new analytical tests will accelerate Numinus' research and development capabilities and generate new revenue streams through third-party client product testing.

Numinus Health and Mindspace – Wellness Clinics

  • Q4 2021 revenue of $400,306 , a 100% increase compared to nil during the same period last year when Numinus' only clinic at the time was closed due to COVID-19.
  • As at August 31, 2021 , Numinus Health had four wellness clinics across Canada (one in Vancouver and three in Montreal ) that had a total of 16 treatment rooms.
  • During Q4 2021, 650 individual clients received a total of 2,671 therapy appointments through Numinus Health clinics (including one-on-one and group therapy sessions). In the three months following (during fiscal Q1 2022) the total number of client appointments at these same clinics grew by 42% to 3,792 (including one-on-one and group therapy sessions, and Ketamine-assisted psychotherapy).

Subsequent to Q4 2021:

  • On September 23, 2021 , Numinus completed the acquisition of the Neurology Centre of Toronto ("NCT") for $1.0 million , allowing for the planned expansion of NCT into a comprehensive neurologic care center specialized in psychedelic neurology.
  • On November 10, 2021 , the Company announced that it had secured two additional clinic locations in Vancouver and Montreal that will primarily be used for clinical research studies in the near-term. The locations are already fully compliant with Health Canada regulations and can be seamlessly converted to client facing wellness clinics in the future.
  • As of December 9, 2021 , Numinus has five wellness clinics offering services to clients (one in Vancouver , one in Toronto , and three in Montreal ) that have a total of 21 treatment rooms. In addition, the company has two dedicated research clinics where psychedelic studies are being conducted (one in Vancouver and one in Montreal ).

Corporate Updates

  • During Q4 2021, Numinus expanded its management team with new executive appointments in Marketing, Clinic Operations, Human Resources and Investor Relations.

Subsequent to Q4 2021:

  • On November 22, 2021 , the Company changed its OTC ticker symbol to "NUMIF" (from "LKYSF") to better align with its Canadian ticker symbol.
  • On November 25, 2021 , Numinus received conditional approval to graduate to the TSX (from the TSXV), with the first day of trading scheduled for approximately December 16, 2021 .

Key Performance Metrics:









For the quarter ended
August 31,


For the year ended
August 31,


2021

2020


2021

2020

Numinus Bioscience¹ revenue

90,593

272,023


479,502

791,504

Numinus Health revenue


11,852

(993)²


63,008

89,674

Mindspace revenue

388,454

-


971,160

-

Total revenue

$490,899

$271,030


$1,513,670

$881,178

Cost of revenue

(459,081)

(429,252)


(1,595,208)

(793,131)

Gross profit (loss)

$31,818

($158,222)


($81,538)

88,047

Total expenses

($7,643,606)

($3,041,299)


($18,503,774)

($7,365,258)

Loss before other items

($7,611,788)

($3,199,521)


($18,585,312)

($7,277,211)

Other items

(171,124)

(101,047)


(188,633)

(2,331,237)

Loss before income tax

($7,782,912)

($3,300,568)


($18,773,945)

($9,608,448)

Income tax recovery/ (expense)

-

7,937


-

7,884

Loss and comprehensive loss

($7,782,912)

($3,292,631)


($18,773,945)

($9,600,564)

Basic & diluted loss per share

($0.04)

($0.03)


($0.11)

($0.15)

1 Numinus Bioscience consists of revenues generated through Numinus' laboratory and research activities.

2 During Q4 2020, Numinus' only wellness clinic (at that time) was closed due to COVID-19. Negative revenue was recorded as a result of adjustments made during the quarter.

Numinus' condensed consolidated annual financial statements for the period ended August 31, 2021 and related management's discussion and analysis are available on Numinus' Investor Relations website at www.investors.numinus.com and under the Company's profile on SEDAR at www.sedar.com .  These documents were prepared in accordance with IFRS and with TSX-V disclosure timeline requirements.

Conference Call and Webcast Details

Interested parties are invited to participate in the Company's Q4 and 2021 results conference call and webcast. On the call Numinus executives will review the Company's performance and recent initiatives, and answer questions from analysts.

Date:

Thursday, December 9, 2021

Time:

5:30 p.m. (EST)

Dial-In:

1 (833) 989-2968 (Toll-free North America), 1 (236) 714-4028 (International)

Code:

5255006

Webcast:

https://event.on24.com/wcc/r/3506991/5B53106F5B6F898C2A8E46D1C03BF708

The webcast will also be archived on the Events and Presentations page of Numinus' Investor Relations website: https://www.investors.numinus.com/events-and-presentations

About Numinus
Numinus Wellness (TSX-V: NUMI) 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 clinic care - is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Learn more at www.numinus.com and follow us on LinkedIn , Facebook , Twitter , and Instagram .

Forward-looking statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are "forward-looking statements". Forward-looking statements can be identified by the use of words such as "expects", "does not expect", "is expected", "believes", "intends", "anticipates", "does not anticipate", "believes" or variations of these words, expressions or statements, that certain actions, events or results "may", "could", "would", "might" or "will be" taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company's facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company's limited operating and profitability track record; dependence on management; the Company's need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company's efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

View original content to download multimedia: https://www.prnewswire.com/news-releases/numinus-wellness-inc-reports-q4-and-year-end-2021-results-301441826.html

SOURCE Numinus Wellness Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2021/09/c1779.html

News Provided by Canada Newswire via QuoteMedia

The Greenrose Holding Company Reports First Quarter 2022 Results

The Greenrose Holding Company Reports First Quarter 2022 Results

  • Focus on Optimizing Inventory in Connecticut and Production Capacity in Arizona
  • Improving Positioning for Early-Stage Recreational Market Opportunities
  • Provides Revised Guidance for the Full Year Ended December 31, 2022

The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) ("Greenrose" or the "Company"), a multi-state grower and producer of cannabis brands and products, is reporting financial and operating results for the first quarter ended March 31, 2022 .

First Quarter 2022 Financial Summary (Non-GAAP)

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
36 of the Best Ideas Companies to Present at the Spring into Action - Best Ideas Investor Conference on May 16th - 20th, 2022

36 of the Best Ideas Companies to Present at the Spring into Action - Best Ideas Investor Conference on May 16th - 20th, 2022

The Spring into Action- Best Ideas Virtual Investor Conference will take place on May 16th - 20th, 2022, where 36 SmallCap, MicroCap and NanoCap public companies will be presenting via virtual webcast to a global investor audience

The Spring into Action: VIRTUAL begins on Monday, May 16th, 2022, with a Biotech Discovery Day. Company presentations begin at 1:30 PM Eastern Time. Presentations will be webcast on Monday, Tuesday and Wednesday (May 16th, 17th and 18th) with 1x1 Meetings being held on Thursday and Friday (May 19th and 20th).

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

TerrAscend Launches First-Ever Concentrates in New Jersey

Liquid Live Resin Vape Cartridges and Live Resin Crumble Now Available Exclusively at New Jersey Apothecarium Dispensaries

 TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced the first-ever launch of cannabis concentrates in the state of New Jersey . Kind Tree Liquid Live Resin Vape Cartridges and Kind Tree Live Resin Crumble are available exclusively at The Apothecarium Maplewood and Phillipsburg locations. The company also commenced sales of adult-use cannabis-infused edibles under its Valhalla brand.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Adastra Holdings Announces New Director

Adastra Holdings Announces New Director

Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic testing, and analytical testing, is pleased to announce the appointment of Smoke Wallin to the Company's board of directors.

Adastra Holdings brand ticker (CNW Group/Adastra Holdings Ltd.)

"We are extremely honoured and privileged to welcome Mr. Wallin to Adastra's board of directors," said Michael Forbes , CEO of Adastra. "Mr. Wallin is an accomplished leader and international business builder in the CPG, cannabis, health and wellness, food and beverage, distribution, hospitality and technology industries. Mr. Wallin is a seasoned executive and serial entrepreneur who has a wealth of knowledge in the cannabis industry. I am confident that he will be an important contributor to our Company's long term success."

Mr. Wallin added, "I'm excited to support Michael and the team at Adastra as they build on an already impressive set of production assets in the Canadian cannabis market, with an eye toward additional capabilities in some super innovative forward looking therapeutics including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD. I believe in their strategy and the team's ability to execute their growth plan profitably, something quite rare in this rapidly growing market."

Mr. Wallin is a highly accomplished CEO, entrepreneur, leader, board member and philanthropist with more than 25 years of success across the consumer products, beverage, cannabis, distribution and technology industries. He is a partner and Managing Director for STS Capital Partners; has frequently served as CEO for new and existing businesses; has been directly involved in $1.7 billion in mergers and acquisitions and financings; and has acquired, created, or sold 50+ brands and companies. He has been recognized with the Ernst & Young Entrepreneur of The Year award, and the Vanderbilt Business "Distinguished Alumni Award." He was also named one of the 100 most influential leaders in the cannabis industry by High Times Magazine. Smoke earned an MBA from Vanderbilt University and a B.S. degree in Agricultural Economics from Cornell University's Dyson School of Applied Economics at the Cornell SC Johnson College of Business.

About Adastra Holdings Ltd.

Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.

Forward-Looking Information

This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information in this news release includes statements with respect to: (i) the Company's long-term success; (ii) the Company building on production assets in the Canadian cannabis market and additional therapeutic areas including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD; and (iii) the Company's execution of its growth plan. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the cannabis extraction sector in general; (iii) changes in regulations surrounding cannabis as a controlled substance; and (iv) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

SOURCE Adastra Holdings Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/16/c7339.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Cresco Labs Announces the Expiration of the HSR Act Waiting Period for the Proposed Acquisition of Columbia Care

Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) ("Cresco Labs" or the "Company") and Columbia Care Inc. (NEO:CCHW) (CSE:CCHW) (OTCQX:CCHWF) (FSE:3LP) ("Columbia Care"), today announced the expiration of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act") in connection with Cresco Labs' previously announced proposed acquisition of Columbia Care (the "Transaction").

"Completion of the HSR milestone is a major step towards closing the acquisition of Columbia Care. We've been concurrently working on our divestiture process and working with our state regulators to align with our previously disclosed estimated closing timeline of year-end," said Charles Bachtell, CEO of Cresco Labs. "With this acquisition, we will be able to leverage our best selling cannabis portfolio 1 across the most exciting footprint in cannabis and further develop our leading positions with exposure to all ten of the largest projected revenue states in 2025, according to BDSA."

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×