Alberta Becomes the First Province to Regulate Psychoactives for Therapeutic Purposes
Vancouver, BC
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November 30, 2022 07:30 AM Pacific Standard Time
The modern psychoactive renaissance is continuing to gain momentum, with Alberta becoming the latest region to propose regulatory changes regarding the substances.
On October 5, Government officials declared that Alberta will be the first province in Canada to regulate psychoactives for the treatment of psychiatric disorders.
Although doctors and researchers are allowed to apply to Health Canada for permission to use psychoactives in clinical research or grant patients special access for therapeutic use, they are still illegal in Canada.
According to Alberta's new laws, medical professionals must submit an application to the province for a license before administering psychoactives to patients with mental illnesses.
Alberta's new laws governing the therapeutic use of psychoactives are expected to take effect on January 16, 2023.
At a time when the mental health crisis is getting worse and more people are turning to alternative treatment providers for assistance, these regulatory changes are timely. According to John Hopkins Medicine, over 6.7 million people in Canada experience mental illnesses, compared to 26% of Americans age 18 and older who experience a diagnosable mental disorder each year.
Psilocybin has recently attracted renewed interest as a potential treatment for conditions like anxiety, addiction, and depression. And these recent changes to the law demonstrate the legitimacy of psychoactive-assisted therapy within the health care system.
Companies in the market stand to gain as psychoactives become more accepted, especially those that provide high-quality goods and integrated mental health care treatment options at clinics.
The development and provision of cutting-edge mental health care and access to secure, scientifically supported psychoactive-assisted therapies are the main priorities of Numinus Wellness Inc. (TSX:NUMI) (OTCQX:NUMIF), a leading provider of integrated mental healthcare.
The range of mental health services Numinus offers and its network of wellness centers across Canada and the US have kept growing.
One of the reasons behind Numinus’ ongoing growth is its growth-focused strategy. Over the last couple of years, the company has made several sizable acquisitions that have directly contributed to its bottom line. In 2021, Numinus added Neurology Centre of Toronto and Mindspace to the company, both of which are responsible for the notable uptick in revenue in the past year. Then in June 2022, the company completed the acquisition of Novamind, along with its network of wellness clinics, bringing its total network to 12 wellness clinics, four research facilities and a dedicated psychoactives research lab.
On November 29, Numinus announced its Q4 and full year results, revealing a 643% increase in fourth quarter revenue thanks to the acquisition of Novamind. The company reported C$4.2 million in revenue for Q4, $3.7 million of which came from its wellness clinic network. Numinus also grew its gross margin to 31.5% in the fourth quarter, generating $1.3 million in gross profit and ended the quarter with a $33 million cash position.
“Fiscal 2022 was a pivotal year for Numinus, as we entered the US market with the transformational acquisition of Novamind, expanded our Ketamine-assisted Therapy offering across Canada, launched a formal practitioner training program, and unveiled a global rebranding of our company. Combined, these efforts have provided a solid platform for our continued, measured growth – with scalable infrastructure and systems, and a growing pipeline of practitioners choosing Numinus for their psychedelics-assisted therapy training,” said Payton Nyquvest, Founder and CEO of Numinus. “With our strong wellness clinic network and a growing clinical research division, Numinus is one of the best positioned companies in the sector – supported by diversified revenue streams, growing brand awareness, and a recognized pathway to profitability.”
Commenting on the quarter, Nyquvest continued: “Our fiscal fourth quarter was the first to demonstrate the real power of our larger, cross-border platform following the acquisition of Novamind on June 10, 2022 – and the impacts are evident in our performance. Compared to the previous quarter, fourth quarter revenues grew 464% to $4.2 million, gross margin improved by 710 basis points from 6.5% to 31.5%, and gross profit grew 628% to $1.3 million. We’re excited about the momentum building across our business and the regulatory reform underway across the US and Canada, and will continue to evaluate complementary growth opportunities that will enhance our client experience and further support margin expansion.”
During Q4 2022, Numinus completed over 17,000 client appointments, which represents a 202% increase in clinic appointments compared to over 5,600 appointments in Q3 2022, mostly due to the acquisition of Novamind at the beginning of the quarter.
Numinus acquired Novamind in June 2022, along with its network of wellness clinics. This brings its total network to 13 wellness clinics, four research facilities and a dedicated psychoactives research lab.
And this is just the beginning of what this company plans to achieve.
To learn more about Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) and how it is pioneering the integration of psychoactive-assisted therapies into standard clinical practice, click this link or visit the company’s website
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