Canadian psychedelic company Numinus Wellness has completed its previously announced acquisition of psychedelic wellness company Novamind for CAD 26.2 million (USD 20.7 million). 

In connection with the acquisition, Numinus has issued around 43.5 million common shares to Novamind shareholders and restricted share unit (RSU) holders. Novamind’s warrant holders, with 19 million outstanding warrants, will be eligible to acquire up to 16 million shares on a ratio of 0.84:1. 

Post-acquisition, Numinus will operate 13 psychedelic-assisted wellness clinics including eight acquired from Novamind (which will be rebranded to Numinus later this year), four clinical research facilities, and a dedicated psychedelics research laboratory. Numinus also appointed Novamind employees Reid Robison and Paul Thielking as its chief clinical officer and chief science officer, respectively. 

Numinus intends to leverage Novamind’s geographical presence and investor base in the US to expand its market and attract investments from US corporations. It also indicated the potential of the combined entity to generate revenues of CAD 11.9 million (~USD 9.2 million) (on a proforma basis) annually.