Rising High: Numinus Wellness to sell five Utah clinics for $3.53M

In this week’s “Rising High,” The Fly’s recurring series focused on cannabis and psychedelic stock news, The Fly looks back on a clinic sale, efficacy data and a product collaboration.

NUMINUS TO SELL FIVE UTAH CLINICS FOR $3.53M: Numinus Wellness (NUMIF) announced Friday it has executed a definitive agreement with Stella, an interventional psychiatry practice focused on treating PTSD, anxiety and depression with biological modalities, for the sale of the company’s five Wellness Clinics in Utah for $3.53M. The transaction is expected to close on or before November 30.

“This transaction marks an exciting new chapter in Numinus’ strategy to reshape behavioral health care,” said Payton Nyquvest, CEO. “Leveraging our deep expertise in patient care, where we served about 50,000 unique individuals, over 200,000 appointments, and about 250,000 insurance-reimbursed claims, we’re now accelerating our mission by focusing on cutting-edge technology solutions. Through our partnership with Stella, we gain unprecedented access to operational data that will enable us to develop a SaaS solution to redefine how clinics operate, from improving patient outcomes to optimizing efficiencies and reimbursement processes. With Cedar Clinical Research continuing to lead the field in clinical trial research and our practitioner training programs offering world-class instruction, Numinus is positioned to support mental health providers worldwide. Together, we’re building a future where innovative technology and compassionate care combine to transform mental health on a global scale.”

CYBIN REPORTS PHASE 2 CYB003 DATA: Cybin (CYBN) announced Monday 12-month efficacy data from its Phase 2 study of CYB003, a proprietary deuterated psilocin program in development for the potential adjunctive treatment of major depressive disorder. As previously announced, CYB003 received Breakthrough Therapy Designation by the U.S Food and Drug Administration for this indication, which provides an expedited review pathway.

“We are highly encouraged that our approach to treating MDD patients with two 16 mg doses of CYB003, three weeks apart, has demonstrated consistent, robust and sustained treatment benefits through to the 12-month follow up. The trajectory of effect is truly remarkable. We previously reported response and remission rates of 75% at four months. By the 12-month mark, response rates improved to 100% while 71% of participants were still in remission. These findings validate our dosing regimen and confirm that CYB003’s effects are highly durable and offer sustained relief,” said Amir Inamdar, CMO. “At 12 months, the mean change from baseline in MADRS total score was nearly 23 points for patients who received two 16 mg doses. With such unprecedented response and remission rates and effects that are durable with two doses of CYB003, we have the potential to address a significant unmet need and deliver a truly transformative treatment for patients with MDD.”

Eight participants completed the 12-month follow-up of which seven received two doses of 16 mg and one received a single dose of 16 mg. Mean change from baseline in MADRS was ~23 points after two doses of 16 mg. Mean baseline MADRS was 32 points across the 12 mg and 16 mg dosing arms. 100% of participants receiving two doses of 16 mg were responders. 71% of participants receiving two doses of 16 mg were in remission. The two participants in the 16 mg dosing arm that were responders but not remitters had MADRS scores of 11; remission is defined as MADRS total score ≤10. Thirteen participants completed the 12-month follow-up of which ten received two doses of 12 mg and three received a single dose of 12 mg. Mean change from baseline in MADRS was ~18 points after two doses of 12 mg. 60% of participants receiving two doses of 12 mg were responders. 50% of participants receiving two doses of 12 mg were in remission. CYB003 has demonstrated an excellent safety profile. No new adverse events were reported in the 12-month follow up, including no reports of suicidality.

CANNABIST COMPANY PARTNERS WITH VEDA WARRIOR: The Cannabist Company (CBSTF) announced Wednesday the launch of its partnership with Veda Warrior, a New Jersey-based minority woman-owned Ayurvedic wellness brand on a mission to make cannabis wellness more accessible. The initial launch in the New Jersey market includes three cannabis-infused cooking essentials, ghee butter, olive oil, and coconut oil, to be followed by cannabis-infused edibles and topicals incorporating Ayurvedic herb blends. The collaboration combines Veda Warrior’s holistic solutions with The Cannabist Company’s premium cannabis oil and infusion process. The three cannabis-infused cooking essentials will be available at the company’s two Cannabist locations, as well as across its wholesale network. The second phase of the partnership launch will feature nine uniquely formulated effects-based products, five infused edibles and four infused topicals.

“This partnership with Veda Warrior opens a new and exciting path for us, tapping into the ancient roots of cannabis and its Ayurvedic heritage, while embracing the modern momentum towards cannabis acceptance. As the industry continues to evolve with federal changes and as the stigma fades, we are excited to bring these holistic solutions to the market, bridging 5,000 years of herbal practice with today’s cannabis industry” said Catie Dunn, Director, Commercial Partnerships. “Connecting with amazing partners like the Veda Warrior team is also a fantastic opportunity for us to further our commitment to bringing high quality, unique, and sought-after products to the market and to increase utilization of our exceptional facilities in New Jersey.”

ATAI LIFE SCIENCES PRICE TARGET LOWERED: H.C. Wainwright lowered the firm’s price target on Atai Life Sciences (ATAI) on Monday (CMPS), a company in which Atai’s equity ownership has declined to 10.1%, as well as removal of GRX-917.

VERANO PRICE TARGET LOWERED: Seaport Research lowered the firm’s price target on Verano Holdings (VRNOF) on Monday to $9 from $10.50 and kept a Buy rating on the shares. The firm believes the company’s strong brand portfolio and leading margins keeps the stock as a top MSO play, the analyst said.

CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Acreage (ACRHF), Ascend Wellness (AAWH), Aurora Cannabis (ACB), Avant Brands (AVTBF), Ayr Wellness (AYRWF), Cannara Biotech (LOVFF), Canopy Growth (CGC), Cansortium (CNTMF), Chicago Atlantic (REFI), Clearmind (CMND), Clever Leaves (CLVR), CordovaCann (LVRLF), Cresco Labs (CRLBF), Cronos Group (CRON), Curaleaf (CURLF), CV Sciences (CVSI), Entourage Health (ETRGF), Enveric Biosciences (ENVB), Flora Growth (FLGC), Trees Corporation (CANN), Greenlane (GNLN), Green Thumb (GTBIF), GrowGeneration (GRWG), Hemp (HEMP), High Tide (HITI), IGC Pharma (IGC), IM Cannabis (IMCC), Innovative Industrial Properties (IIPR), InterCure (INCR), Ispire Technology (ISPR), Lowell Farms (LOWLF), Lucy Scientific Discovery (LSDI), MediPharm Labs (MEDIF), MindMed (MNMD), NewLake Capital (NLCP), Optimi Health (OPTHF), Organigram (OGI), PharmAla (MDXXF), Planet 13 (PLNH), Psyence Biomedical (PBM), Red White & Bloom (RWBYF), Relmada Therapeutics (RLMD), Reunion Neuroscience (REUN), RIV Capital (CNPOF), Safe Harbor (SHFS), SNDL (SNDL), Skye Bioscience (SKYE), Stem Holdings (STMH), TerrAscend (TRSSF), Tilray (TLRY), Trulieve (TCNNF), Tryp Therapeutics (TRYPF), Village Farms (VFF), Vireo Health (VREOF) and 4Front Ventures (FFNTF).