Numinus Wellness (TSXV: NUMI) has expansion on its mind. The company this morning announced that it plans to expand its psychedelics research lab by the end of 2021.
The expansion, slated to be 7,500 square feet in size, is expected to take place in an existing building that is being leased by the company. The expansion is to be “developed and housed” in the building adjacent to the current lab.
The expansion is part of the firms IP and partnerships strategy, which will reportedly enable higher revenue generation through analytical testing for psychedelics and other services, while increasing the supply of psychedelics for clinical use and trials. The expansion is also expected to add several psychedelic substances and capabilities to current contract lab services, increase capacity for testing, and enhance the firms current R&D program.
Numinus has also reportedly spent $1.2 million on new equipment for the current facility to enhance current research to optimize the cultivation, harvest and extraction of psilocybe mushrooms, as well as to “implement discovery of unknowns and interactions in several psychedelic botanicals.”
An estimated cost of the expansion was not provided by the company.
Numinus Wellness last traded at $1.33 on the TSX Venture.
Information for this briefing was found via Sedar and 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.
