Cannabis News

NCT's treatment of neurological disorders combined with Numinus' leadership in psychedelic-assisted therapy will offer opportunity to treat a range of chronic neurological conditions and common concurrent mental health challenges

Numinus Wellness Inc. ("Numinus" or the "Company") (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, is pleased to announce that the Company has agreed to acquire the Neurology Centre of Toronto ("NCT") pursuant to a purchase agreement dated July 2, 2021 . Numinus and NCT founder Dr. Evan Lewis plan to expand NCT into a comprehensive clinical neurology treatment centre with a unique specialization in the application of psychedelics in the field of neurology.

Numinus Wellness Inc. (CNW Group/Numinus Wellness Inc.)

Numinus will pay $300,000 in cash and $200,000 in Numinus shares upon closing and future performance-based payments totaling up to $500,000 in Numinus shares to complete the transaction. The transaction is subject to a number of conditions, including the approval of the TSX Venture Exchange. As of the date hereof, Numinus and NCT management have completed their due diligence. The Company anticipates that the acquisition of NCT will be completed by the end of August 2021 .

Transaction Highlights:

  • Numinus to acquire a fully operational neurology centre with 13 doctors, 8 allied health staff, nurse practitioners and physician assistants. Gross revenues for the centre grew more than 25% to approximately $1 million for the year ended December 31, 2020 , while net revenue grew 25% to $454,000 for the same period.
  • NCT offers experience managing patients with common neurological conditions and associated chronic psychological disorders for whom there is potential to benefit from psychedelic-assisted psychotherapy.
  • NCT's expertise in clinical neurology and associated mental health disorders will be integrated with Numinus' leadership in psychedelic-assisted psychotherapy to establish the field of psychedelic neurology, to develop strategies and treatments for those with select neurological and concurrent disorders.
  • NCT and Numinus plan to establish the first centre for excellence in psychedelic neurology, comprising highly specialized neurology experts with an understanding of how psychedelics can safely and positively impact patients with neurologic illnesses and associated mental health challenges.
  • Numinus to leverage and grow NCT's information technology-based virtual rapid access care model to streamline and scale pathways for patients to access psychedelic-assisted psychotherapies.
  • Dr. Lewis, recognized for advancing the use of medical cannabis to treat complex neurologic disorders, will join Numinus as VP, Psychedelic Neurology Services upon completion of the acquisition.

"Our collaboration with Numinus represents an important evolution in patient care for individuals suffering from common neurological illnesses and challenges that are often associated with chronic mental health conditions," said Dr. Lewis, a neurologist and clinical neurophysiologist who founded NCT in 2017. "While today's treatments help many patients, a significant number continue to suffer and, we believe, may be helped by psychedelic-assisted psychotherapy."

Currently, therapies for common neurological disorders such as concussion, migraine and cluster headache, neuropathic pain syndromes and chronic epilepsy have limitations, especially when these disorders are associated with chronic psychological challenges. The need to develop novel therapies that address both medical and psychological components of neurological diseases may be substantial and the potential impact could be significant.

Numinus and NCT are coming together to explore and develop applications of psychedelic-assisted therapies to reduce patient suffering and enable greater opportunities for healing. Current research shows that psychedelic medications such as psilocybin and MDMA open new pathways in the brain that, in conjunction with professional therapy, can treat a host of mental health disorders.

"This acquisition represents an exciting opportunity for NCT and Numinus to combine medical, clinical and academic expertise to help create a new discipline and ultimately a centre for excellence in psychedelic neurology," said Dr. Evan Wood , Chief Medical Officer, Numinus. "In doing so, this collaborative discipline could potentially make a transformative difference for many patients."

In addition, NCT has developed a virtual rapid access model for patient intake and evaluation that is efficient, team-based and readily modifiable to support specialized programs across various disciplines. The rapid access model is cost-effective, supports and streamlines patient care, reduces wait lists, addresses some barriers to care, and has scale potential. NCT and Numinus will explore how this innovative model can support the development and delivery of efficient, patient-centered psychedelic-assisted psychotherapy.

"I continue to be humbled by the quality of people joining Numinus and acting with us on our ambition to help people heal and be well," said Payton Nyquvest , Numinus CEO and Chair. "The acquisition of NCT reflects our thoughtful expansion strategy to add clinics that offer revenue-generating services, accretive assets and innovative leadership that maintains our position at the forefront of client care and psychedelic-assisted therapy."

All of NCT's staff - including medical doctors, nurses, physician assistants, occupational therapists, psychotherapists, physiotherapists, nutritionists and administrative staff - are expected to remain with Numinus post transaction closing.

For more on the acquisition from Numinus CEO Payton Nyquvest , Dr. Evan Wood and Dr. Evan Lewis , please review this short video .

About Dr. Evan Lewis
Dr. Evan Cole Lewis , MD, FRCPC, CSCN EEG Diplomate, is a pediatric neurologist and clinical neurophysiologist with expertise in epilepsy, epilepsy surgery, electroencephalography and virtual medicine. He is considered an innovative leader in the use of cannabinoids for neurological disorders in adults and children.

Dr. Lewis is an Adjunct Assistant Professor at the University of Toronto and a Fellow of the Royal College of Physicians of Canada . He obtained his MD from the University of Ottawa and trained as a pediatric neurologist at the Children's Hospital of Eastern Ontario . He completed fellowships in both clinical neurophysiology and epilepsy at Nicklaus Children's Hospital and Toronto's Hospital for Sick Children. Dr. Lewis was a staff neurologist, clinical neurophysiologist and the Director of the Epilepsy Fellowship Training Program at the Hospital for Sick Children between 2015 and 2016.

On behalf of the board of Numinus Wellness Inc.

Payton Nyquvest
President, Chief Executive Officer and Chair

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 Wellness 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 abuse. 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 numinus.ca , and follow us on Facebook , Twitter , and Instagram .

About NCT
NCT is a multi-disciplinary, community-based neurology clinic centrally located in midtown Toronto . NCT utilizes a model of care that brings together neurologists, neurology-related specialists and allied health practitioners to address the complex conditions that affect patients' health and well-being. Our team assesses a wide range of neurologic conditions and provides specialty care in the areas of epilepsy, concussion, brain injury, multiple sclerosis, headache & migraine and the treatment of neurologic disorders with medical cannabis. NCT strives to deliver comprehensive neurologic care organized around its core values of patient-centred care, collaboration, community, health equity and innovation that focuses on transforming the lives of our patients.

Forward-Looking Statements
This news 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 of future performance, are "forward-looking statements". Forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, municipal, local or other licences and any inability to obtain all necessary governmental approvals, licences and permits to operate and expand the Company's facilities; regulatory or political change such as changes in applicable laws and regulations, including federal and provincial legalization of psychedelic therapies, due to inconsistent public opinion, perception of the medical-use of psychedelics, delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; the Company's limited operating history and lack of historical profits; reliance on management; the Company's requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, customers and suppliers; the development and implementation of medical protocols and treatment standard operating procedures for the use of psychedelic therapies; the Company's goals to develop and implement partnerships with research organizations and other key players in the integrative mental health industry; the Company's ability to successfully withstand the economic impact of COVID-19; the medical benefits, safety, efficacy, dosing and social acceptance of psychedelics; the approval and/or success of compassionate access clinical trials; the cultivation and harvest of Psilocybe mushrooms; and the availability of trained personnel and medical professionals. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to 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 has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

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 release.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/numinus-wellness-to-acquire-neurology-centre-of-toronto-plans-to-create-centre-for-psychedelic-neurology-301325744.html

SOURCE Numinus Wellness Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2021/06/c3634.html

News Provided by Canada Newswire via QuoteMedia

VIDEO — HEXO CEO: Aggressive Pursuit of Clean Balance Sheet Has Reset Company

VIDEO — HEXO CEO: Aggressive Pursuit of Clean Balance Sheet Has Reset Company

It’s been a seriously difficult period for Canadian cannabis operators over the past few years, with volatility prevailing as the status quo for companies in the market.

Charlie Bowman, president and CEO of HEXO (NASDAQ:HEXO,TSX:HEXO), understands that, and that’s why his first order of business after taking the helm at the company was to clean up its finances. He sees a better path ahead for HEXO now that it has restructured its assets and had its debt purchased by a fellow Canadian producer.

Bowman spoke at length with the Investing News Network (INN) about the downturn in Canadian cannabis stocks, HEXO’s NASDAQ listing status and its partnership with Tilray Brands (NASDAQ:TLRY,TSX:TLRY).

Keep reading...Show less
Avicanna Reports Q2 2022 Financial Statement

Avicanna Reports Q2 2022 Financial Statement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

Avicanna Inc. (" Avicanna " or the " Company ") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce the filing of its interim financial statements for the three-month period ending June 30, 2022 (" Q2 2022 ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Limited-Edition Pumpkin Spice CBD Wellness Gummies Arrive Just in Time for Fall As Martha Stewart CBD Expands Portfolio

New, classic fall flavor joins brand's best-selling lineup of CBD products

Today, Martha Stewart CBD unveiled the latest flavor in its CBD portfolio Pumpkin Spice CBD Wellness Gummies. Inspired by the most recognized flavor of the fall, these new gummies tap into the spirit of the season and are the perfect addition to consumers' favorite fall activities. These limited-edition gummies continue the expansion of the Martha Stewart CBD gummies lineup, which features some of the brands most popular items and flavors, including the Tropical Medley CBD Wellness Gummies™ and Harvest Medley CBD Wellness Gummies™.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
The Greenrose Holding Company Postpones Second Quarter 2022 Conference Call, Originally Scheduled for August 15, 2022 at 5:00 p.m. ET

The Greenrose Holding Company Postpones Second Quarter 2022 Conference Call, Originally Scheduled for August 15, 2022 at 5:00 p.m. ET

The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) ("Greenrose" or the "Company"), a multi-state grower and producer of cannabis brands and products announced that it will be postponing its scheduled conference call on Monday, August 15, 2022, at 5:00 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2022.

Greenrose is committed to reporting its second quarter 2022 financial results and providing an update on timing for the rescheduled conference call as soon as practicable. The Company expects to issue revised call details once confirmed.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Centurion Reports Results of AGSM

Centurion Minerals Ltd. (TSXV: CTN) ("Centurion", or the "Company") reports that shareholders approved all proposed management resolutions at its Annual General and Special Meeting ("AGSM") held August 12, 2022. Below are the approved resolutions:

  1. The number of Directors for the Company was set at four;
  2. The four members elected to the Board of Directors include: David G. Tafel, Jeremy Wright, Kenneth A. Cawkell, and Joseph Del Campo;
  3. Manning Elliot LLP, Chartered Accountants, was reappointed as auditor of the Company;
  4. The Company's New Long Term Incentive Plan was ratified;
  5. The Plan of Arrangement under section 288 of the Business Corporations Act (British Columbia) involving the Company and SpinCo. (The purpose of the Arrangement is to restructure the Company by creating SpinCo, which will become a reporting issuer in the Provinces of British Columbia and Alberta upon completion of the Arrangement. SpinCo will hold the Company's Cannabis Assets, as more fully set forth in the Management Circular. Centurion will retain its remaining assets and working capital and continue as a mineral exploration company.)

ABOUT CENTURION
Centurion Minerals Ltd. is a Canadian-based company with a focus on mineral asset development in the Americas. The Company's lead investment is its interest in the Ana Sofia Agri-Gypsum Fertilizer Project, and it is also reviewing additional prospective, precious mineral exploration projects.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Cannabis Weekly Round-Up: Earnings Season Continues with Trulieve, TerrAscend and Others

Cannabis Weekly Round-Up: Earnings Season Continues with Trulieve, TerrAscend and Others

A variety of cannabis companies shared their financial results this past trading week, offering investors a chance to inspect the health of the market.

Meanwhile, an international cannabis firm reported a new supply agreement covering key markets in Europe.

Keep reading to find out more cannabis highlights from the past five days.

Keep reading...Show less

Latest Press Releases

Related News

×