Colorado Has Just Legalized The Use Of Magic Mushrooms| MENAFN.COM

Thursday, 08 December 2022 04:50 GMT

Colorado Has Just Legalized The Use Of Magic Mushrooms


(MENAFN- News Direct)

Vancouver, BC | November 23, 2022 06:30 AM Pacific Standard Time




-figcaption

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 .


Disclaimer


1) The author of the Article, or members of the author's immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.


2) The Article was issued on behalf of and sponsored by, Numinus Wellness Inc. Market Jar Media Inc. has or expects to receive from Numinus Wellness Inc.'s Digital Marketing Agency of Record (Native Ads Inc.) one hundred nine thousand four hundred and forty USD for 23 days (16 business days).


3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.


4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here . This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on pressreach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on pressreach.com.


5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.


6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively,“forward-looking statements”), which reflect management's expectations regarding Numinus Wellness Inc.'s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as“predicts”,“projects”,“targets”,“plans”,“expects”,“does not expect”,“budget”,“scheduled”,“estimates”,“forecasts”,“anticipate” or“does not anticipate”,“believe”,“intend” and similar expressions or statements that certain actions, events or results“may”,“could”,“would”,“might” or“will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Numinus Wellness Inc.'s industry; (b) market opportunity; (c) Numinus Wellness Inc.'s business plans and strategies; (d) services that Numinus Wellness Inc. intends to offer; (e) Numinus Wellness Inc.'s milestone projections and targets; (f) Numinus Wellness Inc.'s expectations regarding receipt of approval for regulatory applications; (g) Numinus Wellness Inc.'s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Numinus Wellness Inc.'s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Numinus Wellness Inc.'s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Numinus Wellness Inc.'s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Numinus Wellness Inc.'s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Numinus Wellness Inc.'s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Numinus Wellness Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Numinus Wellness Inc.'s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Numinus Wellness Inc.'s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Numinus Wellness Inc.'s business operations (e) Numinus Wellness Inc. may be unable to implement its growth strategy; and (f) increased competition.


Except as required by law, Numinus Wellness Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Numinus Wellness Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Numinus Wellness Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.


7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Numinus Wellness Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Numinus Wellness Inc. or such entities and are not necessarily indicative of future performance of Numinus Wellness Inc. or such entities.


MENAFN24112022005728012573ID1105226392


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.