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6 May, 2021
Levitee Labs is gearing up for IPO as world’s first psychedelic company with significant revenue and cashflow
The company is working swiftly to establish itself as a leader in the integrated wellness and psychedelic medicine market
Levitee Labs Inc. is an emerging multidisciplinary integrated wellness company transforming the traditional landscape of mental health, pain management, and addiction treatments through the inclusion of evidence-based alternative medicines and psychedelic therapy. The company is looking to list on the Canadian Stock Exchange and has reserved the ticker CSE:LVT.
The Vancouver, British-Columbia-based company is leveraging a vertically integrated M&A model, keeping it on track to be the first psychedelic company to enter the market with significant revenue and cashflow. Through integrations within its M&A model, Levitee is establishing a platform that will bridge traditional mental health, pain management, and addiction treatments with psychedelic applications.
The profitable integrated wellness platform will improve access to and quality of value-based patient care. It will also serve as a platform for psychedelic medicine research and psychedelic medicine compounding in a sustainable and scalable manner.
Levitee has also established an internally developed portfolio of assets that complement its acquisition regimen. These include Sporeo Supply and MONKE Nutraceuticals.
Sporeo Supply manufactures the first commercial-grade offering of spawn and substrate. The wholly-owned subsidiary addresses the overwhelmingly fragmented mushroom cultivation market through its spawn and substrate sterilization facility. Undergoing rapid development in Canada, the Sporeo facility utilizes commercial-scale, cutting-edge machinery that decreases the risk of product contamination while maximizing efficiency.
Having been designed by experts in EU-GMP protocols, as well as top-tier professional engineers, Sporeo is quickly establishing itself as the gold standard of mushroom cultivation feedstock. This feedstock is the basis for the cultivation of mushrooms, both psychedelic and functional.
These efforts will undoubtedly set the stage for standardized manufacturing practices for future psilocybin mushroom production. Sporeo already has key partnerships in place, including a master distribution agreement and strategic alliance with My Green Planet. My Green Planet’s distribution channels are global and it has a reach into over 7,000 agricultural-focused sales locations.
Meanwhile, MONKE Nutraceuticals specializes in the development and distribution of premium functional mushroom supplements to help consumers thrive by elevating their mind and body. The product line is set to have a strong footprint in the functional mushroom and nutraceutical product markets thanks to being formulated with the highest grade ingredients and testing integrity possible.
It has also received its Health Canada product licenses, meaning the wholly-owned subsidiary is able to engage sales of its manufactured products in Canada and medicinal indications of the product ingredients are proven.
Levitee Labs is targeting continued revenue growth throughout 2021 via the completion of continuous strategic acquisitions and increased market penetration of its own internally developed assets.
In an update on April 8, 2021, Levitee Labs revealed that its M&A team has been tremendously successful in structuring transactions that will define the future of the company. Its acquisition pipeline is deep with a focus on pain & addiction clinics, specialized pharmacies, regulated telehealth, therapeutic psychedelic compound accessibility, and novel nutraceuticals.
The strategy continues to be focused on assembling a profitable platform of integrated wellness assets with the objective of optimization and interoperability. All these acquisitions are nearing final stages and are highly anticipated transactions that will establish Levitee Labs as a leader in the integrated wellness and psychedelic medicine industries.
In addition to its new MONKE Nutraceutical direct-to-consumer product line, the company is establishing a greater supply chain for wholesale nutraceutical and superfood offerings.
Levitee Labs also shared in the April statement that, looking at its earnings potential, the company expects its 2021 estimated revenue to climb to about $26 million.
On the financing front, in February 2021, Levitee Labs’ go-public round saw overwhelming interest with a demand of approximately 3.5 times its original offering of $8,000,000. The raise was completed with the issuance of 21,140,000 subscription receipts of the company at a price of $0.50 per subscription receipt, generating aggregate gross proceeds of $10,570,000.
Due to unprecedented demand for the previous financing, the company brought in strategic investors into a special warrant financing at the price of $0.50 per special warrant. This generated $1,230,000 of working capital.
Flush with this working capital, the company has said it is in a strong position to execute on its strategic initiative of revolutionizing the mental health, pain management, and addiction landscape by blending traditional medicine with the new frontier of evidence-based health solutions for better outcomes.
In the April 8 statement, Levitee Labs CEO Pouya Farmand stated: “[Levitee Labs] continues to push towards its mission of transforming the traditional landscape of mental health, pain management, and addiction treatments.”
The CEO added: “The mission we’re deeply rooted in is empowering the human will to thrive and shift from simply managing symptoms to healing oneself.”
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