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Numinus To Expand State-Of-The-Art Psychedelics Research Laboratory

Ryan Allway

March 9th, 2021

Psychedelics

Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a global leader in supporting and expanding the safe, accessible and evidence-based use of psychedelic-assisted psychotherapies (PAP), is pleased to announce plans to significantly expand its psychedelics research laboratory by late 2021.

A 7,500 square-foot expansion will be developed and housed in an existing Numinus-leased building adjacent to the current lab. The expansion announcement comes days after Numinus received amendments to its federal licence under Canada’s Controlled Drugs and Substances Act to allow the possession, production, assembly, sale, export and/or delivery of a variety of psychedelics including Ketamine, LSD, Mescaline, N,N-Dimethyltryptamine (DMT), N-Methyl-3,4, methylenedioxyamphetamine (MDMA), Psilocin and Psilocybin.1

“Our investment in an expanded lab marks a key milestone for Numinus and provides the necessary foundation for therapeutics development and research infrastructure to advance psychedelic-assisted psychotherapy in Canada and around the world,” said Sharan Sidhu, Science Officer and General Manager for Numinus Bioscience, the Company’s laboratory division and a pioneer in psychedelic research and development.

Added Sidhu: “When complete, the facility will enhance our IP and partnerships strategy, generate more revenue through analytics testing for psychedelics and other contract services, and increase our supply of consistent, safe and effective psychedelics for clinical use and trials undertaken by academic, not-for-profit and for-profit entities.”

The current lab is conducting innovative work in areas such as Psilocybe mushroom cultivation and extraction, formulation studies and a genotypically verified spore bank and tissue culture library. The expanded facility will accelerate this work and add several psychedelic substances and capabilities to contract lab services, increase capacity for high-throughput psychedelics testing and enhance research and development activities in a wide array of psychedelics.

While Numinus Bioscience develops infrastructure, systems and processes at the expansion site, contract and research work will continue uninterrupted at the Company’s current Health Canada-licensed laboratory facility.

Lab to receive $1.2 million in new equipment

The current laboratory facility recently took possession of next-generation analytical equipment including the Orbitrap Exploris 120 Mass Spectrometer, a state-of-the-art high-resolution mass spectrometry instrument that supports research to optimize the cultivation, harvest and extraction of Psilocybe mushrooms and implement discovery of unknowns and interactions in several psychedelic botanicals in addition to mushrooms. The lab expects to soon receive additional instrumentation, representing a total investment of $1.2 million, to support innovation and development of intellectual property related to Psilocybe mushrooms and standardized test methods for a range of psychedelics.

1Please see Regulatory approvals place Numinus lab at the forefront of global psychedelics research, March 4, 2021.

Note
The safety and efficacy of psychedelic-assisted psychotherapy is currently under investigation. It has not yet been approved by Health Canada or the U.S. FDA, does not work for everyone, and carries risks even in therapeutic settings. These statements are no guarantee of future Health Canada or FDA approval or availability of psychedelic-assisted psychotherapy. These statements necessarily involve known and unknown risks and uncertainties, which may cause actual outcomes to differ materially from projections.

About Numinus
Numinus Wellness Inc. (TSXV:NUMI) is a health care and research company creating psychedelic-centred solutions to treat mental illness, substance abuse and trauma.

Numinus Health delivers treatments through clinics and virtual services, with clinics in Vancouver and Montreal.

Numinus R&D develops clinical and therapeutic protocols to use in treatments, in collaboration with research partners and regulators.

Numinus Bioscience develops formulations and methods for a safe supply, using Health Canada licences, scientific expertise and cutting-edge technology.

Learn more at numinus.ca, and follow us on Facebook, Twitter, and Instagram.

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, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic 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; and 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.

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About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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