Colorado Has Just Legalized The Use of Magic Mushrooms
Vancouver, BC
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November 23, 2022 06:30 AM Pacific Standard Time
Psychoactive medicine has come a long way in the last couple of years and is not slowing down anytime soon. Gone are the days when hallucinogens conjured up images of tie-dye T-shirts and peace signs. The psychoactive renaissance taking place right now is fueled by governments, science, celebrities and big-time investors.
The worsening mental health and substance-abuse crises and the clear benefits of psychoactive-assisted therapy to combat these issues are becoming too big to ignore, creating an unstoppable shift in the way society views psychoactives.
Colorado, a pioneer in the recreational MJ space, just became the second state to decriminalize and legalize the use of psychoactives for recreational purposes.
Voters passed a ballot initiative during the mid-term election to make it legal for adults to purchase and use psychoactives.
Colorado’s bill is creating a domino effect. Right now there are at least 20 different US states and cities working towards decriminalizing the substances. And things could soon reach the federal level. In July, Joe Biden said that he expects regulators to approve psychoactives within the next two years to treat PTSD and depression.
Canada is also making strides in legalization. In October, Alberta made history by becoming the first province to regulate psychoactives for the treatment of mental health conditions. The Province’s new regulatory framework is due to take effect January 2023.
These changes in regulations come at a time when the national mental health crisis is worsening and in turn, more people are seeking help from alternative treatment providers. According to John Hopkins Medicine, 26% of Americans age 18 and over suffer from a diagnosable mental disorder in a given year, while over 6.7 million people in Canada struggle with mental health issues or illnesses.
As psychoactives gain more acceptance, companies within the market stand to benefit, particularly those offering high-quality products and integrated mental health care treatment options at clinics.
Leading integrated mental healthcare company Numinus Wellness Inc. (TSX:NUMI) (OTCQX:NUMIF) is focused on the development and delivery of innovative mental health care and access to safe, evidence-based psychoactive-assisted therapies.
Numinus has continued to expand its mental health service offerings as well as its network of wellness clinics across Canada and the US.
Numinus has already experienced noteworthy revenue growth in Q3 2022, growing nearly 32% year-over-year (YoY), which was primarily driven by the acquisitions of the Neurology Centre of Toronto and Mindspace. The company also saw its gross margin grow by 24.4% in Q3, compared to -2.8% YoY. And with the acquisition of Novamind, which closed in June 2022, Numinus is now one of the highest revenue-producing mental healthcare companies providing psychoactive-assisted therapies, with over $12 million of combined proforma annual revenues.
The company will be releasing its fourth quarter 2022 results on November 29 and according to Numinus founder and CEO Payton Nyquvest, Q4 will be “the first quarter demonstrating the power of its larger, cross-border platform."
Numinus Wellness also recently launched its Ketamine for Chronic and Serious Medical Illness Program. This new program will first be implemented in Numinus clinics in Utah, British Columbia, and Quebec. The company plans to expand the program to other clinics in the coming months.
Numinus' program will include psychoactive-assisted therapy along with additional community support to alleviate patients' physical, emotional, mental, and spiritual suffering and care from healthcare professionals who specialize in severe and chronic medical illnesses.
As Oregon and Colorado have now legalized psychoactives, the Biden administration is working to get psilocybin federally approved within the next two years as clinical evidence of their effectiveness in treating mental health disorders grows.
It’s only a matter of time and Numinus is ready for expansion. For more information on Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) and how the company is leading the integration of psychoactive-assisted therapies into mainstream clinical practice, please visit this link.
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