Numinus Wellness (TSX: NUMI) has walked away from a plan to add artificial intelligence assets to its portfolio. The firm indicated quietly this morning that it has terminated a letter of intent to acquire MedBright AI Investments (CSE: MBAI).

The transaction, originally announced on June 20, was set to see Numinus acquire the AI-focused company in an effort to “AI-enable mental health clinics” across the United States. The acquisition was also to involve a name change for Numinus, whom was to change their name to Numinus Intelligence.

READ: Numinus Wellness To Acquire MedBright AI In Bid To Add Artificial Intelligence To Portfolio

The acquisition was set to also add cash and securities worth over $5.0 million to Numinus’ balance sheet, while at the time of announcement a transition team was said to have been already formed to cut costs, preserve cash, and increase revenue.

Numinus Wellness last traded at $0.035 on the TSX.

Information for this briefing was found via Numinus Wellness. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.