There’s about to be a new addition to the psychedelic medicine industry. Tomorrow, July 21, Levitee Labs will begin trading on the CSE under the ticker symbol “LVT”.
Actually, at the moment, Levitee is more of a functional mushroom company focused on the development and sale of high potency mushroom extract nutraceuticals and supplies and equipment for mushroom cultivation.
Levitee currently operates two divisions: Sporeo Supply, which manufactures proprietary, premium mushroom cultivation feedstock at its state-of-the-art facility in British Columbia; and MONK-E Nutraceuticals, which produces a line of adaptogenic mushroom-based nutraceutical supplements with a core focus on mushroom extracts.
From Pouya Farmand, Chief Executive Officer of Levitee-
“We are early in a truly exciting period in healthcare where psychedelics and mushroom-based therapies and supplements represent an opportunity to provide meaningful benefits to millions of people in need where conventional medicines have collectively failed in the areas of mental health, chronic pain, and substance abuse.”
The company is focused on acquisitions to spur its early growth, planning to be the first psychedelic firm with significant revenue out of the gates. Levitee has several letters of intent and hopes to complete four acquisitions that will expand its portfolio of assets, covering everything from treatment clinics to specialized pharmacies to more revenue-generating brands.
“We are cementing cornerstones of our diversified growth strategy that will distinguish us as a market leader in multiple verticals and we look forward to sharing more developments respecting our roll-up strategy and activities with shareholders.”
The company also seems well-capitalized, closing an oversubscribed non-brokered private placement in February 2021, which raised gross proceeds of CDN$10,570,000. To date, the Company has raised in excess of CDN$12 million.
The full press release can be found here.
Stay tuned to Microdose for our upcoming interview with Levitee Labs CEO Pouya Farmand.