Numinus Wellness Inc. (TSXV: NUMI) CEO Payton Nyquvest joined TDR’s Shadd Dales to talk about his company’s post-raise plans, opportunities pertaining to Canada’s expanding Special Access Program, and more. Numinus is a global leader in developing safe, accessible and evidence-based use of psychedelic-assisted psychotherapies.
As Payton puts it, Numinus’ recent $40 million bought deal offering gives it enough latitude in which to execute its aggressive growth plan for 2021. With new amendments received under Canada’s Controlled Drugs and Substances Act, it dramatically expands the work Numinus can do with an growing menu of psychedelics, including, for the first time, ketamine and lysergic acid diethylamide (LSD).
Along with the recent expansion of Numinus’ psychedelics research laboratory by late 2021, the extra capital gives them the optionality to properly scale out as Canada’s Special Access Program inevitably expands.
Beyond the recent acquisition of Mindspace Psychology Services—which adds three revenue-generating physical locations in Montreal—Numinus is collaborating with MAPS to ensure the proper protocol and clinician standards are developed in order to build the foundation for future growth. This encompassing “implementation science” approach involves critical backend development such as the training of practitioners, the utilization of their protocol, setting up access to controlled substances and more.
As Payton Nyquvest explains it, opening up indiscriminate amounts of physical locations makes little sense if you don’t have the proper infrastructure in place to support expansion:
“The biggest bottleneck in this space is trained practitioners. You see this sort of space with how many clinics are you opening and stuff like that and that’s great. You know, we can go and open a hundred clinics tomorrow, but if don’t have the people to actually carry out the treatment, it’s a huge waste of resources and a big burn rate to tack-on.”
Full interview is embedded for your listening convenience.