Numinus (TSX.V: NUMI) has become the first psychedelics company in Canada to legally complete a harvest of magic mushrooms since the 1970s.
The healthcare company, which is based in Vancouver, focuses on product development and research. The company harvested its first psilocybin mushrooms last week at its licensed facility in Nanaimo, where it also manages a testing and research laboratory. The company received a license from Health Canada to cultivate and extract magic mushrooms in June and is currently developing solutions and formulations to be used in the rapidly growing psychedelic therapy space.
The license, which was issued under the Controlled Drugs and Substances Act, permits the firm to store, import and distribute mescaline, DMT, psilocin, psilocybin and MDMA. The firm went public on the TSX Venture Exchange in May, which made it among the first psychedelic companies to do so in North America.
Payton Nyquvest, the company’s CEO, says this first harvest is a pivotal step in the growing movement in Canada that supports psychedelic substance research as it may benefit individuals who suffer from substance abuse, mental illness, end of life anxiety and more.
He continued that, as a collective, the recent decision by Health Canada to grant exemptions for psychedelic use to four terminally ill patients is a huge step forward. This, he says, will help Numinus execute its goal of providing therapies as well as access to individuals who need it. He also noted that obtaining a license went more smoothly than he’d thought, despite the challenges the company faced.
The firm’s COO, Michael Tan, said that the harvested mushrooms will be used to develop nonsynthetic mushroom extracts. The company’s aspiration is to create a biological-based psilocybin product that will be utilized in clinical trials, as most research currently conducted uses synthetic psilocybin.
Tan and Nyquvest both said that the firm’s final goal is to make psilocybin-assisted therapy available to all. Their hope is that every individual who needs psychedelic-assisted therapy will benefit from it. Tan explained that because the company was working with controlled substances in a relatively new industry that’s developing in an uncertain regulatory environment, it was important to both the firm and the success of the entire space that every participant in the industry goes after their interests in an ethical and responsible way.
Dennis McKenna, an ethno pharmacologist and a member of the company’s general advisory council, says that natural mushroom extracts will probably be more affordable, in comparison to synthetic psilocybin, which ensures accessibility, thus making it beneficial to many.
CYBIN Corp. is one psychedelics company you should watch. The firm focuses on developing pharmaceutical as well as functional wellness products from psychedelics.
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