Diamond Equity Research Initiates Coverage on Optimi Health Corp. (NASDAQ: OPTH) (CSE: OPTI) (FSE: 8BN)
New York, May 27, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research LLC, an equity research firm with a focus on small capitalization public companies has initiated coverage of Optimi Health Corp. (NASDAQ: OPTH) (CSE: OPTI) (FSE: 8BN). The research summary below is from a report commissioned by Optimi Health Corp. and produced by Diamond Equity Research.The in-depth 40-page initiation report includes detailed information on Optimi Health’s business model, services, industry overview, financials, management profile, and risks.
The full research report is available below.
Optimi Health Initiation of Coverage
Highlights from the report include:
- Optimi Is One of the Few Fully Licensed, Commercial-Stage Psychedelic Manufacturers: Optimi holds a Health Canada Drug Establishment Licence (DEL), GMP certification, a Dealer’s Licence, and a Class A Precursor Licence, enabling legal manufacture, possession, and export of MDMA and psilocybin. This places the company among a very limited global cohort capable of supplying pharmaceutical-grade psychedelics for prescription use. Most listed peers remain pre-commercial despite materially higher market capitalizations. Importantly, Optimi’s licences authorize both finished-dose products and APIs, providing flexibility across clinical supply, prescription sales, and future DMF-linked regulatory filings.
- High-Margin, Fixed-Cost GMP Infrastructure Creates Operating Leverage Potential: We model approximately 75% long-term gross margins, driven by in-house GMP manufacturing, limited variable costs, and protocol-defined dosing. With annual capacity of approximately 1 million MDMA capsules and 1 million psilocybin capsules, current utilization remains below 1%, implying meaningful margin expansion as patient volumes scale without incremental capex. Management estimates EBITDA breakeven at approximately 1,000 patients per month. At steady-state utilization, this infrastructure supports an illustrative revenue ceiling of C$45–55 million annually, based on current per-patient pricing assumptions.
- Large, Underpenetrated Addressable Market with Low Required Share for Profitability: Optimi targets approximately 1.1 million PTSD and 546,000 TRD patients in Australia, and 12 million PTSD and 7–9 million TRD patients in the U.S. We note that just 1–2% penetration could generate multi-million-dollar revenues, underlining that EBITDA positivity does not require mass adoption. Episodic dosing translates epidemiology directly into capsule demand. This dynamic allows Optimi to potentially scale economically even within conservative regulatory-access and physician-adoption assumptions.
- Asset-Light Clinical Strategy Reduces Binary Drug Development Risk: Optimi doesn’t sponsor clinical trials, instead supplying GMP-grade MDMA and psilocybin to clinical trials in Canada and Israel. This approach avoids late-stage R&D burn while allowing Optimi to leverage third-party clinical validation for regulatory engagement, Drug Master File (DMF) submissions, and future NDA pathways. Investment risk therefore appears weighted toward execution rather than binary trial outcomes. As a result, capital requirements are materially lower than those of late-stage drug developers facing multi-hundred-million-dollar programs.
- Australia Provides a Live, Reimbursed Reference Market with Demonstrated Repeat Demand: Australia’s rescheduling of MDMA and psilocybin to Schedule 8 has enabled prescription-based commercialization under the Authorised Prescriber Scheme. Optimi has delivered >6,000 cumulative doses, representing sufficient product supply for 500 patients depending on treatment protocols and dosing requirements, with MDMA shipments scaling from 160 doses (Sep 2024) to 1,000-dose repeat orders through Feb 2026. Importantly, according to publicly reported data obtained through a Freedom of Information request to the Therapeutic Goods Administration (TGA), no serious adverse events (SAEs) had been reported under Australia’s MDMA-assisted therapy Authorised Prescriber Scheme as of December 2025, supporting the emerging safety profile within regulated clinical settings. Inclusion in insurance-backed programs (e.g., Medibank) and Department of Veterans’ Affairs funding provides early payer validation. In February 2026, Optimi initiated treatment of TRD patients using its 5 mg natural psilocybin capsules under the Authorised Prescriber pathway, marking early clinical rollout beyond sponsor-led trials. The milestone reflects expanding adoption across authorised clinics, with product dispensed via a licensed Australian pharmacy partner and administered under nationally regulated protocols.
- U.S. Represents High-Impact Medium-Term Optionality: While MDMA and psilocybin remain Schedule I federally, Optimi has already obtained an FDA Establishment Identifier (FEI), positioning it for regulatory engagement. State-level legislative momentum, FDA draft psychedelic guidance, and institutional pathways (notably the U.S. Department of Veterans Affairs) can potentially mirror Australia’s rescheduling-led evolution. In our view, the U.S. represents high-impact optionality rather than a base-case assumption, reflecting regulatory uncertainty and timing variability. Institution-led adoption, particularly within veteran healthcare systems, could enable concentrated early demand following regulatory normalization.
- Valuation: Optimi’s valuation reflects a potential inflection as the company shifts from low-margin nutraceuticals to regulated, high-margin pharmaceutical sales, supported by an operational, vertically integrated, GMP manufacturing platform. This shift seeks to materially improve revenue quality and embed significant operating leverage, allowing potentially incremental patient volumes to translate disproportionately into EBITDA as patient throughput scales. Favorable regulatory developments in Australia provide a proven commercialization pathway, while ongoing rescheduling initiatives for MDMA and psilocybin create longer-term optionality as additional markets open, positioning Optimi to supply new jurisdictions with compliance-ready capacity. We value Optimi using a discounted cash flow (DCF) methodology, modeling Australia as the primary revenue driver and Canada as a supporting market, with revenues and cash flows built on patient volumes, conservative pricing, and a normalized 75% gross margin. The DCF applies a WACC of 10.9% and a 2.0% terminal growth rate, yielding an illustrative valuation of C$15.00 per share, and excludes potential optionality from multi-jurisdiction expansion beyond our base assumptions. Given Optimi’s current early-stage financial profile and growth trajectory, the valuation carries a higher-risk, execution-dependent profile, and investors should monitor commercialization progress closely.
About Optimi Health Corp.
Optimi Health Corp. is a Canadian GMP-certified pharmaceutical manufacturer specializing in the regulated production and international export of MDMA and psilocybin for prescription-based mental health therapies.
About Diamond Equity Research
Diamond Equity Research is an equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.
For more information, visit https://www.diamondequityresearch.com.
Disclosures:
Diamond Equity Research LLC (“DER”) is being compensated by Optimi Health Corp. (the “Company”) for producing research materials regarding the Company and its securities, which is intended to subsidize the costs associated with the preparation of the report and the ongoing monitoring of the security; however, the views expressed in the report reflect those of Diamond Equity Research. Diamond Equity Research LLC (“DER”) is being compensated by Optimi Health Corp. (the “Company”) for producing research materials regarding the Company and its securities, which is intended to subsidize the costs associated with the preparation of the report and the ongoing monitoring of the security; however, the views expressed in the report reflect those of Diamond Equity Research. As of 05/27/26 the issuer has paid us US$25,000 for our annual company sponsored research services, which commenced 01/12/26 and is billed semiannually upfront, consisting of US$25,000 paid for the first six-month period and US$25,000 to be paid for the second six-month period starting 07/12/26, due upfront in each period for respective research services as part of a US$50,000 annual research term fee. Additional compensation may be received in future years if the engagement is renewed. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 05/27/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences.This report is based on information we consider reliable, including the subject of the report.This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Optimi Health Corp.,which may not be comprehensive. Please review initiation report attached for full disclosures.
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