NEW YORK, June 4, 2020 /PRNewswire/ — Psychedelic products for medical purposes, specifically for psychiatric conditions, are becoming rapidly more prevalent. For example, data published in the Proceedings of the National Academy of Sciences shows that under the influence of psilocybin, one of such compounds often found in various types of mushrooms, the brain creates a feedback loop of neuron activity and neurotransmitter release (the chemical messengers that neurons use to communicate). According to the study, this provides an understanding of why psilocybin is showing considerable promise as a therapeutic intervention for neuropsychiatric disorders including depression, anxiety, and addiction. According to Vogue, Dr. Robin Carhart-Harris, Head of the Centre for Psychedelic Research at Imperial College, London, explained that “despite record breaking increases in prescription rates of psychiatric medications, this is not impacting on rates of mental illness – indeed these are going up instead of down – so clearly something is very wrong… My strong hope is that the development of psychedelic therapy will have a revolutionary impact on mental health care, bringing the ‘care’ component back and transforming societies and systems as a result.” Numinus Wellness Inc. (TSX-V: NUMI) (OTC: LKYSD), Aurora Cannabis Inc. (NYSE: ACB), Tilray, Inc. (NASDAQ: TLRY), Aphria Inc. (NYSE: APHA) (TSX: APHA), Innovative Industrial Properties, Inc. (NYSE: IIPR)
The similarities between the potentially upcoming psychedelic industry and the cannabis industry are numerous and clear. Following the passage of numerous legislations in recent years, the North American cannabis industry is positioned to witness growth in its consumers. In particular, the U.S. is anticipated to dominate the global cannabis market because of its early adoption while Canada is expected to trail behind, even though it is the second nation to ever completely legalize cannabis. Currently, the medical cannabis segment accounts for the majority of the overall industry, largely because of the growing adoption of alternative treatments. In fact, mdical researchers have highlighted that cannabis can be effectively used to treat ailments such as cancer, epilepsy, Alzheimer’s, Parkinson’s, and chronic pain.
Numinus Wellness Inc. (TSX-V: NUMI) (OTC: LKYSD) announced last week, “its near-term goals to advance our mission to address the universal desire to heal.
For 2020, the company plans to upgrade its lab and processing facilities (for both cannabis and psychedelic substances), seek additional licences related to psychedelic substances and cannabis products, identify and build out a second wellness centre and develop psychedelic therapy protocols.
Numinus believes the societal costs of mental illness, addictions, trauma and unmet human potential are much too high. New approaches and new ways of thinking are required to supplement existing options, including the application of psychedelic assisted therapies when approved by regulators.
“We are not a concept. We are a growth story,” says Numinus CEO Payton Nyquvest. “That means executing on our business plan and advancing each piece of our value chain — one we have in place today.”
Numinus Bioscience, through its wholly-owned subsidiary Salvation Botanicals, has a 7,000 square foot laboratory located in Nanaimo, B.C. and is licensed by Health Canada to test, sell, distribute, and eventually conduct research on psychedelic substances, as well as test and analyze cannabis products. Numinus Wellness is dedicated to therapies that enhance and supplement existing options for people wanting lasting physical, mental and emotional health — with psychedelic treatments at its core when approved for therapeutic and research use. Numinus R&D is creating partnerships with leading research groups to advance practice and understanding in the space. Company plans for 2020 include:
- Upgrade existing laboratory and processing facilities including systems, instruments and the building to obtain GMP compliance to facilitate R&D and clinical studies
- Amend dealer’s license under Health Canada’s Controlled Substances Act to include import/export, packaging and R&D
- Identify and build out a purpose-built facility to complement our existing wellness centre. Psychedelic assisted therapies will not be available at the existing centre and will only be available at our purpose-built facility through research or clinical trials once approved by regulators and governing bodies — a process Numinus is helping to support
- Explore potential acquisition of additional existing wellness facilities in North America
- Establish partnerships to advance Psychedelic Therapy Protocol development, under the direction of Numinus Chief Medical Officer, Dr. Evan Wood
- Pursue American and European securities listings to provide investment opportunities for international markets and engage appropriate investor relations groups to support this process
“We are building a solid team to deliver on our business plan,” Nyquvest says. “And, revenue from our existing cannabis testing operations provides us a foundation for growth – differentiating us from others in the psychedelics space. This offering will be strengthened by a standard processing/extraction licence from Health Canada which the Company hopes to be granted in Q4 2020.”
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Aurora Cannabis Inc. (NYSE: ACB) announced on February 3rd, 2020 its Aurora River production facility, located in Bradford, Ontario, has received European Union Good Manufacturing Practice certification. EU GMP certification is granted to companies whose production facilities demonstrate a high degree of quality and consistency in their manufacturing procedures and is a requirement for the export of medical cannabis products into most European markets. “Aurora is leading the development of medical markets across Europe and around the world,” said Terry Booth, CEO of Aurora. “The EU GMP certification of our River facility further validates our strategy focused on purpose-built facilities, designed and constructed exclusively for the production of high-quality, pharmaceutical grade cannabis. I congratulate our team on successfully working with regulators and licensing bodies to ensure Aurora’s facilities and products are in accordance with local and international standards that will allow for greater access to the highest quality medical cannabis products to patients who need them.”
Tilray, Inc. (NASDAQ: TLRY) announced earlier this year its entry into a strategic agreement with Canndoc Ltd., a wholly-owned subsidiary of InterCure Ltd., through its wholly-owned subsidiary Tilray Portugal Unipessoal Lda., to export a wholesale shipment of up to 2.5 tons of medical cannabis from Portugal to Israel. “The cooperation between Canndoc, an Israeli cannabis pioneer and Tilray, a global cannabis pioneer, is a significant breakthrough for both Canndoc and the entire Israeli market,” said Ehud Barak, former Israeli Prime Minister and Chairman of the Canndoc Board of Directors. “This enables the two companies to offer a broad product range for Israeli patients and patients worldwide in the near future. This is an important milestone for Canndoc’s growth strategy.”
Aphria Inc. (NYSE: APHA) (TSX: APHA) announced last year it has received a cultivation licence from Health Canada for Aphria Diamond, the Company’s second Leamington, Ontario cannabis greenhouse facility, bringing an additional 1,300,000 square feet of production space with an annual growing capacity of 140,000kg. Combined with the Company’s Aphria One facility and its subsidiary Broken Coast Cannabis, the Company now has more than 2,400,000 square feet of cultivation space capable of reaching a total annualized production capacity of 255,000kg. “We are extremely pleased to receive the licence for our long-awaited Aphria Diamond facility, which more than doubles our Canadian production capacity,” said Irwin D. Simon. “Reaching industry-leading production levels coinciding with the expansion into new categories and new opportunities for cannabis in Canada and around the world is a transformative moment for Aphria Inc.”
Innovative Industrial Properties, Inc. (NYSE: IIPR), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced recently that it closed on the acquisition of a property in Michigan, which comprises approximately 115,000 square feet of industrial space in the aggregate. The purchase price for the property was $5.0 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a wholly owned subsidiary of Cresco Labs Inc. (Cresco), which intends to operate the property as a regulated cannabis cultivation and processing facility upon completion of redevelopment.
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