Numinus Wellness (NUMI.V) entered into a lab services agreement with Optimi Health to develop a functional mushroom brand for the health and wellness sector earlier this week, according to a press release.

Under the agreement, Optimi will use Numinus’s labs, equipment, services and expertise to develop products for the nascent psychedelic industry. Optimi has applied to Health Canada for an exemption giving them the ability to conduct activities involving psychedelic compounds and will take on research and development products with Numinus related to psilocybe mushrooms.

“We’re excited to partner with Optimi and its highly experienced and passionate team to advance psychedelic initiatives and develop safe and effective products. Demand for natural products that optimize mental health and performance continues to grow, and we see great potential in psilocybin-producing mushroom products to provide these benefits. We look forward to working with Optimi to advance development in this rapidly expanding marketplace,” said Payton Nyquvest, CEO, founder and chairman for Numinus.

NUMI is up $0.05 today as they rebound from a disastrous December dip that saw their shares lose half their value—descending from above $2 to the $1.07 range—and now they’re trading at $1.31.

Optimi will pay an initial retainer for services on a project-by-project basis as each project is likely to be a stand-alone defined by a statement of work, and while certain projects may build on previous projects, there may end up being several products going on at the same time.

—Joseph Morton