Numinus Wellness Divests of Holdings in Alto Neuroscience Inc.

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated September 25, 2023 to its short form base shelf prospectus dated June 27, 2023.

VANCOUVER, BC, Feb. 1, 2024 /PRNewswire/ - Numinus Wellness Inc. ("Numinus" or the "Company") (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing traditional and innovative behavioral health treatments with a focus on safe, evidence-based psychedelic-assisted therapies, announces today that it has entered into an agreement to divest its holdings in Alto Neuroscience Inc. ("Alto"), a clinical-stage biopharmaceutical company. The Alto investment was included in the Company's acquisition of Novamind Inc. on June 10, 2022. Alto has recently announced the terms for its IPO and listing on the New York Stock Exchange.

"We are happy to announce this divestiture as we continue to focus on our core business and drive shareholder value creation more broadly,"  said Payton Nyquvest, Numinus Founder and CEO. "As our core strategy is to build the critical infrastructure that addresses the growing need for effective mental health treatments, the proceeds from the sale of this non-core asset will provide additional financial liquidity and flexibility.  Our continued focus on driving growth and optimizing operations will enable us to apply these funds efficiently while the management team remains focused on achieving profitability with our continuing operations."

About Numinus Wellness 
Numinus Wellness Inc. (TSX: NUMI) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model – including psychedelic research and clinic care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Learn more at www.numinus.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.

Forward-Looking Statements 

Statements and other information contained in this press release about anticipated future events constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event "may", "will", "should", "could" or "might" occur or other similar expressions. Forward-looking statements are subject to risks and uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements, including but not limited to potential delays in closing of the sale, if at all; the ability to deploy net proceeds from this or any future divestitures in the manner and timeframe we anticipate, if at all; and other economic, business, competitive and/or regulatory factors affecting our business generally including the risks set forth in the Company's annual information form dated November 29, 2023, and available on SEDAR+ at www.sedarplus.com. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.

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SOURCE Numinus Wellness Inc.