September 29, 2022, ST. PETERSBURG, FL – Water Tower Research ( has published an Initiation of Coverage Report on Numinus Wellness, Inc. titled, “An End-to-End Mental Health Service Company”. The report can be accessed here.

Established in 2019, Canada-based Numinus Wellness (TSX:NUMI/OTCQX:NUMIF) is an integrated mental health company offering a wide range of mental health treatment. Its operations also embrace the entire psychedelic ecosystem from psychedelic production, the discovery and development of proprietary psychedelic-based therapeutic products utilizing its own research capabilities, partnerships, and capacity as a contract research organization (CRO) service provider, and a network of thirteen client-facing wellness clinics in North America that offer a wide range of psychiatric services and treatment modalities, including psychedelic-assisted therapies for patients with a variety of mental disorders.

Numinus began its journey in the psychedelic space in 2019 under the inspiration of Numinus CEO Payton Nyquvest, born out of a lifelong interest in health, wellness, and personal development, which was triggered by his own mental health and chronic autoimmune issues in his earlier years. Stewarded by an accomplished leadership team comprising highly experienced medical and business professionals, the company has expanded rapidly over the past three years largely through acquisition, with the recently completed acquisition of Novamind being transformative for Numinus both strategically and financially.

The acquisition gives Numinus a first and meaningful footprint in the US and quintuples the company’s run-rate revenue base to approaching C$16 million annualized, making it one of the largest revenue generators in the psychedelic space. Numinus has established a robust platform from which to continue to expand its clinic network across North America where the regulatory barriers to psychedelics for therapeutic purposes are slowly being dismantled.

Numinus’ end-to-end service capabilities with current and growing revenue streams giving it a path to profitability that we think is achievable within three years, offer a unique and relatively low-risk way to gain exposure to the emergent psychedelic space.

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