Levitee Labs reports revenue growth, supported by ACT acquisition and organic growth

5 October, 2021

Levitee Labs reports revenue growth, supported by ACT acquisition and organic growth

The company said its core focus is to generate revenue by taking advantage of opportunistic acquisitions, increasing margins, and further developing its portfolio of assets through organic growth and other significant growth opportunities that are available in the market

Levitee Labs -

The Vancouver-based company reported revenue of $893,863 for August, a month after it acquired ACT Medical Centres

Levitee Labs (CSE:LVT) Inc. has told investors that it grew revenue by 10% in August after buying ACT Medical Centres and as its Earth Circle Organics unit increased sales.

The Vancouver-based company reported revenue of $893,863 for August, a month after it acquired ACT. Earth Circle Organics, Levitee’s direct-to-consumer and wholesaler of supplements and superfoods products, increased sales by 14.5% to $347,902, up from $303,731 in July.

The company attributed the growth to the scaling it achieved in the direct-to-consumer business and introducing a multidisciplinary component to its healthcare assets, incorporating novel mental health and treatment modalities.

READ: Levitee Labs inks agreements to acquire series of clinical and telemedicine assets in Alberta

 

“We are focused on continuing to scale our business with both organic growth initiatives as well as pursuing further acquisitions in the health and wellness space,” founder and CEO Pouya Farmand said in a statement. “Our team is working hard on integrating our current assets and pushing to realize both operational cost savings in addition to top-line growth.”

Levitee said it plans to focus on continued growth in recurring revenues and will look to further build on its aggressive expansion plans for the upcoming twelve months.

“The core focus of the company is to generate revenue by taking advantage of opportunistic acquisitions, increasing margins, and further developing its portfolio of assets through organic growth and other significant growth opportunities that are available in the market,” Farmand added.

Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, the company aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.

The company’s current portfolio of assets includes MONKE Nutraceuticals, a company specialized in developing and distributing premium functional mushroom supplements sold via online portals; ACT Medical Centres, a group of five operating pain and addiction treatment clinics in Alberta; Block MD, the first telemedicine company in Alberta to receive provincial approval for telemedicine prescriptions in the addiction treatment space; three pharmacies operating in Alberta specialized in filling prescriptions for patients with substance abuse disorders, mental health conditions, and chronic pain; and Earth Circle Organics, a direct-to-consumer and wholesaler of supplements and superfood products with 180-plus SKUs in its product lineup across three brands.

Contact the author at stephen.gunnion@proactiveinvestors.com

Read more: Levitee Labs Publishes First Revenue Figures for August 2021

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