Levitee Labs - CEO, Pouya Farmand. - The Market Herald Canada
CEO, Pouya Farmand.
Source: Levitee Labs.
  • Levitee Labs (LVT) has signed definitive agreements to acquire five clinics, three pharmacies and a telemedicine company in Alberta
  • The company paid C$5.5 million for its targets, which have combined trailing twelve-month revenues of $7.5 million with over $1 million in EBITDA
  • The company intends the acquisitions to serve as an initial platform to implement psychedelic therapies
  • Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies
  • Levitee Labs (LVT) is down by 5.45 per cent and is currently trading at $0.52 per share

Levitee Labs (LVT) has signed definitive agreements to acquire five clinics, three pharmacies and a telemedicine company in Alberta.

Levitee will acquire ACT Medical Centres’ five addiction and pain management clinics for C$350,000 in cash. ACT has hosted more than 35,000 patient visits in the past 12 months.

It will acquire three pharmacies specializing in filling prescriptions for patients with substance abuse disorders, mental health conditions and chronic pain for $3,685,262 in cash.

Levitee will also acquire BlockMD, which operates a telemedicine platform for addiction patients, for $1,475,000 in common shares. Over the last 12 months, BlockMD has conducted over 20,000 remote patient visits.

The company’s targets have combined trailing twelve-month revenues of $7.5 million with over $1 million in EBITDA.

Levitee intends the acquisitions to serve as an initial platform to implement psychedelic therapies for mental health, pain and addiction patients.

The companies expect the transactions to close in the coming weeks.

Pouya Farmand, Levitee’s CEO, commented,

“The agreements we have entered today are integral to our growth strategy and goal of building a platform that will set a new standard for substance abuse and mental health treatment in Canada. Through these acquisitions, we expect Levitee will become the largest non-government provider of addiction treatment services in Alberta.”

Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.

Levitee Labs (LVT) is down by 5.45 per cent and is currently trading at $0.52 per share as of 10:07 am ET.

via https://themarketherald.ca/levitee-labs-signs-definitive-agreements-to-acquire-clinics-pharmacies-and-a-telemedicine-company-in-alberta-2021-07-23/