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Numinus Congratulates MAPS on Phase 3 Clinical Trial Demonstrating Significant Benefits of MDMA-Assisted Therapy for Severe PTSD

Numinus and Multidisciplinary Association for Psychedelic Studies collaboration will conduct follow-on Compassionate Access trial in real-world setting in Vancouver, Canada

VANCOUVER (May 10, 2021) – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today congratulates the Multidisciplinary Association for Psychedelic Studies (MAPS) and the MAPP1 trial study team for their announcement of results from the Phase 3 randomized clinical trial of MDMA-assisted therapy for the treatment of severe post-traumatic stress disorder (PTSD).

The trial involved 90 participants with chronic PTSD. It demonstrated that 88% of participants who received three controlled and supervised MDMA-assisted therapy sessions experienced a clinically significant reduction in symptoms, with 67% no longer qualifying for PTSD diagnosis in comparison to 32% of participants randomized to placebo. Study participants had PTSD diagnoses from a range of causes, including combat-related events, accidents, abuse, sexual harm and developmental trauma.

The results, published in the peer-reviewed medical journal Nature Medicine, presented no serious safety concerns, and confirmed earlier findings from MAPS’ six completed Phase 2 clinical trials that demonstrated clear safety and efficacy of MDMA-assisted therapy.

“These Phase 3 results confirm the substantial efficacy and safety of MDMA-assisted therapy for PTSD under the MAPS protocol,” said Payton Nyquvest, Chief Executive Officer of Numinus. “We hope this evidence encourages health regulators to urgently consider policy changes that broaden safe and evidence-based access not only to MDMA but other psychedelic-assisted therapies for mental health care.”

Phase 3 is the final phase of research required by regulators, such as Health Canada and the U.S. Food and Drug Administration (FDA), before deciding whether or not to approve MDMA as a legal prescription treatment for PTSD.

Bringing clinical results into a real-world context

Numinus and MAPS Public Benefit Corporation (PBC), a wholly-owned benefit subsidiary of MAPS, announced in December 2020 their collaboration on a compassionate access trial to deliver MDMA-assisted psychotherapy for PTSD for individuals with treatment-resistant PTSD who are unable to access MDMA-assisted therapy through a Phase 3 trial. Key milestones have since been announced, including the finalization of treatment protocols, training of trial therapists and appointment of lead investigators. The trial is currently in pre-implementation phase and will move into implementation in summer 2021.

“Our compassionate access trial seeks to provide additional safety data to Health Canada that we expect will add to this impressive Phase 3 data to support eventual approval of MDMA-assisted psychotherapy for Canadians with PTSD,” said Dr. Devon Christie, Medical and Therapeutics Services Director of Numinus and Principal Investigator of the compassionate access trial by Numinus and MAPS. “The results highlight the importance of continued efforts such as those by Numinus to bring these treatments to the mainstream.”

Millions are affected globally by PTSD. Canada showed the highest incidence of PTSD in a large-scale study of 24 countries that indicated 1 in 11 Canadians will suffer from PTSD in their lifetime.¹ Current mental health treatments often present limited benefits, poor uptake and negative side effects while requiring chronic medication utilization. Psychedelic-assisted therapy is becoming more mainstream and increasingly accepted by US and Canadian regulators, and has been validated by academic and industry research. MDMA-assisted therapies for PTSD increasingly demonstrate efficacy, including one study showing higher safety and greater effectiveness compared to two common antidepressants² and another study showing both substantial clinical impact and potential cost-savings of millions of dollars per year.³

Media, please note video content: Dr. Devon Christie provides her thoughts on the critical importance of the MAPS Phase 3 trial results:

and further information on the upcoming Phase 2 compassionate access trial undertaken by Numinus and MAPS PBC in Canada:

1. Post‐Traumatic Stress Disorder in Canada. CNS Neuroscience & therapeutics. 13 Aug 2008.

2. Breakthrough for Trauma Treatment: Safety and Efficacy of MDMA-Assisted Psychotherapy Compared to Paroxetine and Sertraline. Frontiers in Psychiatry. 12 Sep 2019.

3. The cost-effectiveness of MDMA-assisted psychotherapy for the treatment of chronic, treatment-resistant PTSD. PLOS ONE. 14 Oct 2020.

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About Numinus

Numinus Wellness (TSX-V: NUMI) empowers 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.

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.

For further information:

May Lee

Communications Manager

Numinus

may@numinus.ca

For media inquiries:

Catherine Snider

Kaiser & Partners

catherine.snider@kaiserpartners.com

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Numinus Congratulates MAPS on Phase 3 Clinical Trial of MDMA for severe PTSD

1 in 11 Canadians will suffer from PTSD in their lifetime. We urgently need new approaches to mental health care – and now we’re getting closer. Numinus and Dr. Devon Christie, Our Medical & Therapeutic Services Director, congratulate the Multidisciplinary Association for Psychedelic Studies (MAPS) and the MAPP1 trial study team for the strong results from the Phase 3 randomized clinical trial of MDMA-assisted therapy for the treatment of severe post-traumatic stress disorder (PTSD).

The trial involved 90 participants with chronic PTSD. It demonstrated that 88% of participants who received three controlled and supervised MDMA-assisted therapy sessions experienced a clinically significant reduction in symptoms, with 67% no longer qualifying for PTSD diagnosis in comparison to 32% of participants randomized to placebo. Study participants had PTSD diagnoses from a range of causes, including combat-related events, accidents, abuse, sexual harm and developmental trauma.

With these results, researchers and regulators alike now have more data on treatment safety and efficacy. Dr. Christie explains why this groundbreaking study holds such promise for people suffering from PTSD.

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Numinus builds on strong MAPS Phase 3 trial results through Compassionate Access Trial of MDMA for PTSD

Yesterday, MAPS announced significant, positive results for their Phase 3 clinical trial of MDMA-assisted therapy for PTSD – a major contribution to a growing body of evidence supporting this treatment. At Numinus, we’re excited to add to this knowledge through our collaboration with MAPS PBC on our compassionate access trial of MDMA for PTSD, starting in summer 2021. Through this trial, we will be able to deliver MDMA-assisted psychotherapy for PTSD to individuals with treatment-resistant PTSD who are unable to access MDMA-assisted therapy through a Phase 3 trial. Key milestones have since been announced, including the finalization of treatment protocols, training of trial therapists and appointment of lead investigators.

“Our compassionate access trial seeks to provide additional safety data to Health Canada that we expect will add to this impressive Phase 3 data to support eventual approval of MDMA-assisted psychotherapy for Canadians with PTSD,” said Dr. Devon Christie, Medical and Therapeutics Services Director of Numinus and Principal Investigator of the compassionate access trial by Numinus and MAPS. “The results highlight the importance of continued efforts such as those by Numinus to bring these treatments to the mainstream.”

Dr. Christie, explains further in this short video.

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Numinus Wellness Q2 2021 Results Highlighted by $17.25 Million Financing, Mindspace Wellbeing Acquisition and Clinical Trial Collaboration with MAPS PBC

Events subsequent to quarter end include $40.25 million financing and Phase 1 clinical trial

VANCOUVER, BC, April 29, 2021 – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its second quarter financial results for the three months ended February 28, 2021.

In the second quarter, Numinus raised significant funds and advanced its compassionate access trial portfolio, acquisition strategy and innovation agenda while creating a strong foundation for long-term, sustainable growth across all lines of business.

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

Q2 2021 Highlights:

  • Achieved cash balance of $28.5 million as at February 28, 2021
  • Completed $17.25 million bought deal public financing and exercised more than $14.5 million in warrants and options
  • Realized net loss of $4.2 million compared to $2.1 million in Q2 2020
  • Reported revenue of $231,507 compared to $259,489 in Q2 2020
  • Completed acquisition of Montreal-based Mindspace Wellbeing
  • Signed lab services agreement with Optimi Health to advance R&D
  • Announced collaboration with Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS PBC) and key advancements for the compassionate access trial for MDMA-assisted therapy for post-traumatic stress disorder
  • Completed the first legal extraction of Psilocybe mushrooms by a Canadian public company
  • Obtained the Orbitrap Exploris 120 mass spectrometer instrument to accelerate R&D

Highlights Subsequent to Quarter End:

  • Completed $40.25 million bought deal public financing
  • Raised $1.48 million due to the exercise of warrants and options
  • Achieved several milestones for the compassionate access trial with Syreon Corporation for Psilocybin-Research Intervention with Motivational Enhancement (PRIME) for substance use disorders
  • Received Health Canada license amendment to allow for the possession, production, assembly, sale, export, and delivery for a wide variety of psychedelics including ketamine, LSD, mescaline, DMT, and MDMA
  • Announced a 7,500-square-foot expansion of Numinus Bioscience’s research laboratory
  • Continued research activities related to psilocybin extraction of Psilocybe mushrooms as part of the Company’s research program
  • Announced Phase 1 clinical trial of natural psilocybin mushroom extraction prepared at Company lab in partnership with KGK Science

Commentary and Outlook

“Q2 was a landmark quarter for Numinus, and we were pleased to close the period with a strong cash position, stable balance sheet and robust pipeline of announcements across all lines of our business,” said Payton Nyquvest, President, CEO, and Chair, Numinus. “In addition, we were pleased to welcome Mindspace Wellbeing, its exceptional leadership team and more than 30 therapists into our family of clinics.”

“As of today, we are well set up for the balance of the fiscal year with $65 million in cash, a strategy for future M&A, leadership in lab licensing, world-class clinical trial partnerships and a uniquely integrated approach to psychedelic production, research and clinic care. Our focus remains on investments in our growth initiatives, and we are confident that we will continue advancing our leadership position in the implementation of evidence-based, psychedelic-assisted therapy,” added Mr. Nyquvest. “I want to thank our team, partners and shareholders for helping us achieve these important milestones less than one year after our public markets debut, and for supporting our mission to empower people to heal and be well.”

Numinus continues to generate revenue in its first operational year as a public company and is actively investing capital to further its growth initiatives. The Company expanded its psychedelic testing capabilities and services at its Numinus Bioscience laboratory, and has undertaken renovations at its Vancouver clinic to offer a wider variety of therapy options and prepare for psychedelic-assisted therapy delivery and compassionate access trials later in 2021. In addition, the Company started generating revenue from the closing of the Mindspace acquisition in Q2.

With the capital raised in Q2 and subsequently in Q3, Numinus has a strong cash position that will be invested to support lab initiatives, Vancouver clinic renovations and new hires, including positions in business development, M&A, marketing and communications, and mental health and psychedelic-assisted therapy services.

Selected Financial Results for Q2 2021

For the three months ended For the six months ended
February 28, 

2021

 February 29, 

2020

 February 28, 

2021

 February 29, 

2020
Revenue $231,507 $259,489 $460,695 $393,904
Cost of revenue (291,231) (155,031) (558,554) (223,229)
Gross profit (59,724) 104,458 (97,859) 170,675
Expenses (4,170,659) (2,135,273) (6,080,588) (3,092,750)
Loss before other items (4,230,383) (2,030,815) (6,178,447) (2,922,075)
Other items (7,489) (37,133) 11,838 (50,884)
Loss before income taxes (4,237,872) (2,067,948) (6,166,609) (2,972,959)
Income tax – – – (6,240)
Loss and comprehensive loss for the period $(4,237,872) $(2,067,948) $(6,166,609) $(2,979,199)
For the six months ended
February 28, 

2021

 February 29, 

2020
Cash used in operating activities $(6,212,845) $(526,861)
Cash generated by (used in) investing activities (71,847) 53,552
Cash generated by financing activities 33,238,449 584,803
Change in cash during the period 26,953,757 111,494
Cash, beginning of period 1,627,329 89,987
Cash, end of period $28,581,086 $201,481

Numinus’ condensed consolidated interim financial statements for the period ended February 28, 2021 and related management’s discussion and analysis are available on Numinus’ website at numinus.ca and under the Company’s profile on SEDAR at www.sedar.com.

About Numinus

Numinus Wellness (TSX-V: NUMI) empowers 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 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 numinus.ca, 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” or “does not anticipate”, or “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would” or “be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause 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 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.

For further information:

John Fong, Chief Financial Officer and Corporate Secretary, Numinus Wellness Inc., ir@numinus.ca

For media inquiries: Maggie Hall, Kaiser & Partners, maggie.hall@kaiserpartners.com

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Numinus Announces Listing of Warrants and Change of Trading Symbol for Previously Listed Warrants

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia, April 26, 2021, 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 TSX Venture Exchange (“TSXV”) has accepted for listing the 16,100,000 common share purchase warrants (the “Warrants”) issued pursuant to the Company’s previously announced prospectus offering that closed on March 19, 2021.

The Warrants will be listed for trading on the TSXV under the symbol “NUMI.WT.C” effective at market open on Tuesday, April 27, 2021.

Each Warrant entitles the holder thereof to acquire one common share of the Company at an exercise price of $1.75 until March 19, 2023. The Warrants were issued pursuant to, and are governed by, the terms of a warrant indenture dated March 19, 2021 (the “Warrant Indenture”) between the Company and Odyssey Trust Company. A copy of the Warrant Indenture is available under the Company’s SEDAR profile at www.sedar.com.

In addition, the Company announces that the trading symbol for its previously listed common share purchase warrants trading under the symbol “NUMI.WS” will change to “NUMI.WT.B” effective at market open on Monday, April 26, 2021.

About Numinus

Numinus Wellness (TSX-V; NUMI) empowers 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, supply, 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.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws, including but not limited to statements relating to the use of proceeds from the Offering. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).

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.

ON BEHALF OF THE BOARD OF NUMINUS WELLNESS INC.

Payton Nyquvest

President, Chief Executive Officer and Chair

For further information: May Lee, Communications Manager, media@numinus.ca

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Numinus Announces Phase 1 Clinical Trial of Natural Psilocybin Mushroom Extraction Prepared at Company Lab

Clinical trial will evaluate safety and psychoactive properties of natural Psilocybin product extracted and formulated at 7,000-square-foot laboratory in British Columbia, Canada

VANCOUVER (April 26, 2021) – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, announced today that it has formed a partnership with KGK Science, a leading contract research organization with expertise in natural products, to undertake a new Psilocybin extraction clinical trial.

The Phase 1 trial will enroll 14 human volunteers and assess the safety and psychoactive properties of a Psilocybe mushroom product extracted and formulated at the Numinus Bioscience lab in British Columbia, Canada. Successful completion of the landmark trial would result in safety and efficacy data for a natural Psilocybin product which could subsequently be used for further research and government-approved special access or compassionate access programs.

In addition, the trial would support Canada’s leadership in the safe production of a key psychedelic that has shown promise in treating mental health conditions including depression, end of life anxiety and substance use disorders, when used in conjunction with a standardized psychotherapy program under clinical supervision.

“This Phase 1 trial supports our mandate to improve access to safe, evidence-based psychedelic-assisted therapies in Canada and around the world,” said Payton Nyquvest, CEO, Numinus. “Through this trial, we expect to demonstrate that Numinus is well ahead in the development of natural Psilocybin therapeutics that are safe for humans and can be used to support our sector’s growth through sales to other research organizations, the creation of new intellectual property, and the ability to conduct our own Phase 2 and Phase 3 clinical trials, if we choose to do so.”

“We’re thrilled to help lead ground-breaking clinical work using Psilocybin,” said Najla Guthrie, President & CEO, KGK Science. “Our team’s expertise in the area of natural health products makes us uniquely positioned to contribute to the burgeoning psychedelics industry.”

Numinus is less than three years old, but already has a history of innovation in psychedelics. Numinus completed the first legal extraction of Psilocybe mushrooms in Canada by a public company for research and development purposes, and completed the cultivation and harvest of the first legal flush of Psilocybe mushrooms.

“We believe there are several likely advantages to naturally occurring Psilocybin therapeutics that will make them attractive for researchers and consumers alike,” said Sharan Sidhu, Science Officer and General Manager at Numinus Bioscience. “We are confident that this trial will document that natural Psilocybin extractions meet health regulator requirements for safety, efficacy and quality, and ultimately enable the establishment of better access to this medicine.”

“We are excited to see Health Canada grant legal exemptions for certain patients to use Psilocybin alongside psychotherapy in situations when other treatments have failed, and to consider revisions to its Special Access Programme that could allow Canadian patients access to psychedelic medications when other drugs have been unsuccessful,” added Dr. Evan Wood, Chief Medical Officer, Numinus. “As research interest and the potential for increased compassionate access to Psilocybin grows, it is imperative that patients have access to safe, pharmaceutical-grade supply that offers consistent psychoactive properties at scale. With this trial, we are taking the first steps towards that goal.”

Currently, Numinus is also partnering with Syreon Corporation, a global contract research organization, to undertake a single-arm, open-label compassionate access trial that will assess the efficacy and safety of Psilocybin-assisted motivational enhancement therapy using a synthetic Psilocybin product. The study will contribute to a growing body of research to inform larger randomized controlled trials for these indications. The study will take place in Vancouver and will enroll 30 individuals with opioid, stimulant and/or alcohol use disorders.

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About Numinus

Numinus Wellness (TSX-V; NUMI) empowers 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 KGK
As a global Contract Research Organization (CRO), KGK Science performs a productive and pioneering role in the realm of scientific study. For over two decades, it has offered well-designed, customized solutions to each of its clients, consolidating its scientific, clinical, commercial, and regulatory abilities into one full-service package. Equipped with state-of-the-art technologies, novel research techniques, and a seasoned team of thought leaders, KGK remains at the forefront of its industry. And, by seamlessly matching its experience with its drive for innovation, this CRO is able to respond effectively to expanding trade and consumer demands.

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 of psychedelics, 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.

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.

For further information:
May Lee
Communications Manager
Numinus
may@numinus.ca

For media inquiries:
Catherine Snider
Kaiser & Partners
catherine.snider@kaiserpartners.com

Posted on

Numinus Announces Closing of $40-Million Bought Deal Financing

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, BC, March 19, 2021 /CNW/ – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a company creating an ecosystem of health solutions centered around the safe, evidence-based and accessible use of psychedelic-assisted psychotherapies, is pleased to announce that it has closed a bought deal financing of 28,000,000 units (the “Units”) of the Company at a price of $1.25 per Unit for total gross proceeds of $35 million (the “Offering”). The Offering was conducted by Eight Capital and Canaccord Genuity Corp. (together, the “Underwriters”). The Underwriters also exercised their over-allotment option in full to purchase an additional 4,200,000 Units for additional gross proceeds of $5.25 million. Including the proceeds from the exercise of the over-allotment option, the total gross proceeds of the Offering are $40.25 million with an aggregate of 32,200,000 Units issued.

Each Unit consists of one common share and one-half of one common share purchase warrant of the Company (each whole warrant a “Warrant”). Each Warrant is exercisable to acquire one common share of the Company for a period of 24 months from closing of the Offering at an exercise price of $1.75 per Warrant.

The Offering was completed pursuant to the Company’s base shelf prospectus dated March 12, 2021. The terms of the Offering were described in a prospectus supplement filed on March 16, 2021 with securities regulators in each of the provinces and territories of Canada, other than Québec. The Units were also offered and sold in the United States to certain purchasers, who are, or are purchasing for the account or benefit of, one or more U.S. persons or persons in the United States, each of whom qualifies as a “qualified institutional buyer” as defined in Rule 144A under the United States Securities Act of 1933, as amended (the “1933 Act”).

With the close of the Offering, Numinus now has $65 million on hand and is well capitalized to act on revenue-generating growth initiatives including the Numinus Bioscience lab expansion, clinic acquisitions and purpose-built flagship facilities.

“I want to thank our investors for their overwhelming confidence in our vision of bringing forward safe and evidence-based approaches to mental health challenges, including through the delivery of psychedelic-assisted psychotherapies,” said Payton Nyquvest, Chair, President and CEO, Numinus. “Millions of people struggle with depression, anxiety, trauma, pain and substance use, and are seeking novel approaches that are intended to cure rather than manage symptoms. Our financing puts us in a strong position to drive much needed innovation in mental healthcare and provides the necessary resources to create new ways to support healing and wellness.”

The Offering’s net proceeds are expected to be used to acquire and build local community clinics and flagship facilities offering a wide variety of amenities including psychotherapy, health and wellness services and, when regulated, psychedelic-assisted psychotherapy. The remaining net proceeds will be used for general working capital purposes.

While Numinus is building this footprint, the Company anticipates partnering with leading academic, corporate and non-profit groups on clinical and compassionate access trials; continuing to innovate in psychedelic-assisted psychotherapy training, protocols and policies; developing its intellectual property; and investing in research, sales and marketing at the Numinus Biosciences lab.

The lab, located in British Columbia, Canada, recently received new amendments under Canada’s Controlled Drugs and Substances Act that enhance the Company’s ability to lead psychedelics research and support the global psychedelics sector.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable state securities laws. “United States” and “U.S. person” are as defined in Regulation S under the 1933 Act.

ON BEHALF OF THE BOARD OF NUMINUS WELLNESS INC.

Payton Nyquvest

President, Chief Executive Officer and Chair

About Numinus

Numinus Wellness Inc. (TSXV: NUMI) is a mental health and wellness company creating an ecosystem of solutions centred around safe, evidence-based, accessible psychedelic-assisted psychotherapy to help people heal and be well.

Numinus Health is dedicated to delivering innovative treatments to address physical, mental, and emotional health, through clinics and virtual services.

Numinus R&D is conducting implementation science and leveraging partnerships to beta-test and refine optimal models of psychedelic-assisted psychotherapy delivery, setting the stage for approved routine use in mental health and wellness care.

Numinus Bioscience is focused on developing testing methods and effective formulas for the evolving psychedelics space. Health Canada licences, scientific expertise, and new technologies facilitate ongoing innovation, and high-throughput contract services generate established revenue.

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 integrative mental health industry, including the use of psychedelic-assisted therapies, 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. 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. SOURCE Numinus Wellness Inc.

For media inquiries and further information:
May Lee, Communications Manager, Numinus, may@numinus.ca.

Posted on

Numinus Wellness Inc. Announces $30 Million Bought Deal Public Offering

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, BC, March 15, 2021 /CNW/ – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies, is pleased to announce that it has entered into an agreement with Eight Capital and Canaccord Genuity Corp. (the “Underwriters”). The Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a prospectus supplement to the Company’s short form base shelf prospectus dated March 12, 2021, an aggregate of 24,000,000 units (the “Units”) at a price of $1.25 per Unit (the “Offering Price”) for aggregate gross proceeds to the Company of $30 million (the “Offering”).

Each Unit shall consist of one common share (each a “Common Share”) and one-half of one common share purchase warrant of the Company (each a “Warrant”). Each Warrant shall be exercisable to acquire one common share of the Company for a period of 24 months from closing of the Offering at an exercise price of $1.75 per Warrant.

The Company has granted the Underwriters an option (the “Over-Allotment Option”) to purchase up to an additional 3,600,000 Units at the Offering Price per Unit, exercisable at any time, for a period of 30 days after and including the Closing Date (as defined herein), which would result in additional proceeds of up to $4.5 million. The Over-Allotment Option is exercisable to acquire Units, Common Shares and/or Warrants (or any combination thereof) at the discretion of the Underwriters.

The Units will be offered by way of a prospectus supplement to the Company’s short form base shelf prospectus to be filed in all provinces and territories of Canada except Quebec. The Units may also be offered in the United States on a private placement basis pursuant to applicable exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”) and applicable state securities laws, and in other offshore jurisdictions provided that no prospectus filing or comparable obligation arises. The Offering is expected to close on March 18, 2021 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange (“TSXV”) and the applicable securities regulatory authorities.

The Company will use best efforts to obtain the necessary approvals to list the Common Shares, Warrants, and the Common Shares issuable upon exercise of the Warrants on the TSXV.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable state securities laws.

Numinus intends to use the proceeds of the Offering for working capital and general corporate purposes.

ON BEHALF OF THE BOARD OF NUMINUS WELLNESS INC.

Payton Nyquvest

President, Chief Executive Officer and Chair

About Numinus

Numinus Wellness Inc. (TSXV: NUMI) is a mental health and wellness company creating an ecosystem of solutions centred around safe, evidence-based, accessible psychedelic-assisted psychotherapy to help people heal and be well.

Numinus Health is dedicated to delivering innovative treatments to address physical, mental, and emotional health, through clinics and virtual services.

Numinus R&D is conducting implementation science and leveraging partnerships to beta-test and refine optimal models of psychedelic-assisted psychotherapy delivery, setting the stage for approved routine use in mental health and wellness care.

Numinus Bioscience is focused on developing testing methods and effective formulas for the evolving psychedelics space. Health Canada licences, scientific expertise, and new technologies facilitate ongoing innovation, and high-throughput contract services generate established revenue.

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 integrative mental health industry, including the use of psychedelic-assisted therapies, 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. 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. SOURCE Numinus Wellness Inc.

For media inquiries and further information:
May Lee, Communications Manager, Numinus, may@numinus.ca.

Posted on

Numinus Wellness Inc. Announces Upsized Bought Deal Public Offering to $35 Million

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) — Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies, is pleased to announce that it has entered into a revised agreement with Eight Capital and Canaccord Genuity Corp. (the “Underwriters”). The Underwriters have now agreed to purchase, on a bought deal basis pursuant to the filing of a prospectus supplement to the Company’s short form base shelf prospectus dated March 12, 2021, an aggregate of 28,000,000 units (the “Units”) at a price of $1.25 per Unit (the “Offering Price”) for aggregate gross proceeds to the Company of $35 million (the “Offering”).

Each Unit shall consist of one common share (each a “Common Share”) and one-half of one common share purchase warrant of the Company (each a “Warrant”). Each Warrant shall be exercisable to acquire one common share of the Company for a period of 24 months from closing of the Offering at an exercise price of $1.75 per Warrant.

The Company has granted the Underwriters an option (the “Over-Allotment Option”) to purchase up to an additional 4,200,000 Units at the Offering Price per Unit, exercisable at any time, for a period of 30 days after and including the Closing Date (as defined herein), which would result in additional proceeds of up to $5.25 million. The Over-Allotment Option is exercisable to acquire Units, Common Shares and/or Warrants (or any combination thereof) at the discretion of the Underwriters.

The Units will be offered by way of a prospectus supplement to the Company’s short form base shelf prospectus to be filed in all provinces and territories of Canada except Quebec. The Units may also be offered in the United States on a private placement basis pursuant to applicable exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “1933 Act”) and applicable state securities laws, and in other offshore jurisdictions provided that no prospectus filing or comparable obligation arises. The Offering is expected to close on March 18, 2021 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange (“TSXV”) and the applicable securities regulatory authorities.

The Company will use best efforts to obtain the necessary approvals to list the Common Shares, Warrants, and the Common Shares issuable upon exercise of the Warrants on the TSXV.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable state securities laws.

Numinus intends to use the proceeds of the Offering for working capital and general corporate purposes.

ON BEHALF OF THE BOARD OF NUMINUS WELLNESS INC.
Payton Nyquvest
President, Chief Executive Officer and Chair

About Numinus
Numinus Wellness Inc. (TSXV: NUMI) is a mental health and wellness company creating an ecosystem of solutions centred around safe, evidence-based, accessible psychedelic-assisted psychotherapy to help people heal and be well.

Numinus Health is dedicated to delivering innovative treatments to address physical, mental, and emotional health, through clinics and virtual services.

Numinus R&D is conducting implementation science and leveraging partnerships to beta-test and refine optimal models of psychedelic-assisted psychotherapy delivery, setting the stage for approved routine use in mental health and wellness care.

Numinus Bioscience is focused on developing testing methods and effective formulas for the evolving psychedelics space. Health Canada licences, scientific expertise, and new technologies facilitate ongoing innovation, and high-throughput contract services generate established revenue.

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 integrative mental health industry, including the use of psychedelic-assisted therapies, 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. 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. SOURCE Numinus Wellness Inc.

For media inquiries and further information:
May Lee, Communications Manager, Numinus, may@numinus.ca 

Posted on

Numinus to expand state-of-the-art psychedelics research laboratory

Numinus Bioscience adds research space, enhances contract services, accelerates IP development and increases psychedelic supply capacity

VANCOUVER (March 9, 2021) – 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.*

“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.

*Please see news release Regulator 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.

For further information:

May Lee

Communications Manager

Numinus

may@numinus.ca

For media inquiries:

Catherine Snider

Kaiser & Partners

catherine.snider@kaiserpartners.com