Numinus Wellness Inc. continues to expand its leadership in the field of psychedelic-assisted psychotherapy with the acquisition of Neurology Centre of Toronto (NCT), announced by both companies today, and expected to be complete by the end of August.
Numinus (TSXV: NUMI), which has been on our radar as one of 27 publicly-traded psychedelic stocks investors have their eyes on, will pay $300,000 in cash and $200,000 in Numinus shares upon closing and future performance-based payments totaling up to $500,000 in Numinus shares to complete the transaction.
NCT, founded in 2017, is a facility that offers comprehensive and timely neurologic care that is organized around the needs of patients and their families. Autism, concussions, chronic headaches, epilepsy and seizures, developmental delay, and cognitive behavioral therapy are among the neurological disorders treated by the team of 13 doctors, 8 allied health staff, nurse practitioners and physician assistants, all of whom are expected to remain with Numinus after the transaction.
Numinus and NCT founder Dr. Evan Lewis plan to expand NCT into a comprehensive clinical neurology treatment center, the first of its kind with a specialization in the application of psychedelics in the field of neurology. Dr. Lewis, a neurologist and clinical neurophysiologist recognized for advancing the use of medical cannabis to treat complex neurologic disorders, will join Numinus as VP, Psychedelic Neurology Services upon completion of the acquisition.
“Our collaboration with Numinus represents an important evolution in patient care for individuals suffering from common neurological illnesses and challenges that are often associated with chronic mental health conditions,” said Dr. Lewis. “While today’s treatments help many patients, a significant number continue to suffer and, we believe, may be helped by psychedelic-assisted psychotherapy.”
“This acquisition represents an exciting opportunity for NCT and Numinus to combine medical, clinical and academic expertise to help create a new discipline and ultimately a centre for excellence in psychedelic neurology,” said Dr. Evan Wood, Chief Medical Officer, Numinus. “In doing so, this collaborative discipline could potentially make a transformative difference for many patients.”
Research continuously shows that psychedelics such as psilocybin and MDMA open new pathways in the brain that, in conjunction with professional therapy, can treat a host of mental health disorders. Numinus did not specify which psychedelics they would be utilizing at the center, but last March the British Columbia-based company received federal permissions under Canada’s Controlled Drugs and Substances Act to legally possess, produce, sell, distribute, and export psychedelic substances, including ketamine, LSD, mescaline, N,N-Dimethyltryptamine (DMT), N-Methyl-3,4, methylenedioxyamphetamine (MDMA), Psilocin and Psilocybin.
