Numinus Wellness (TSXV: NUMI) this morning had a significant update, announcing that it has received approval from Health Canada to enable the firm to conduct research to standardize the extraction of psilocybin from mushrooms. The approval is stated by the firm to be the first of its kind in Canada.
Under the new license, Numinus will be able to produce naturally sourced psilocybin extract for research purposes. The production is intended to support psychedelic assisted therapy and research at a lower cost than currently produced synthetic variants. The company will also be able to develop and license its own IP as a result.
Numinus will now focus on developing an extraction method to allow for “consistent dosing and application of naturally produced psilocybin.” The company intends to enter supply agreements within the space once these methods of extraction are developed.
A timeline was not provided for such agreements.
Numinus Wellness last traded at $0.60 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.
