Canadian psychedelic company Numinus Wellness has agreed to sell its five wellness clinics in Utah to Stella, an interventional psychiatry practice, for USD 3.5 million.

Under the terms of the agreement, Numinus will receive ~USD 2.1 million upfront, ~USD 0.8 million in monthly installments through 2025, and up to USD 0.7 million in deferred compensation. Following the sale, Numinus will transition to an asset-light business model, focusing on developing technology-driven solutions. The companies will also collaborate on a data-sharing initiative to create a clinic management platform that aims to streamline operations and support insurance reimbursement processes.

Stella specializes in treating PTSD, anxiety, and depression through biological modalities. The company currently operates 12 mental health clinics and will take over Numinus' Utah facilities, which offer ketamine therapy and Spravato treatments.

Analyst QuickTake: This deal represents a strategic shift for Numinus as it navigates ongoing financial pressures. The company recently sought a temporary Management Cease Trade Order to address delays in finalizing its audited financial statements.