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26 July, 2021
Mushroom Company Levitee Labs To Go Public With An Aggressive M&A Strategy Into Psychedelics
Levitee Labs, a Canadian company in the mushroom space, began listing its stock on the Canadian Securities Exchange on Wednesday under the symbol LVT.
The company, currently focused on the production and sale of functional mushrooms and nutraceutical products, has announced an aggressive M&A strategy that could quickly propel the company into the psychedelics space.
To date, Levitee has raised over CA$12 million ($9.4 million) through private offerings. The company currently manages two divisions: Sporeo Supply, a subsidiary that produces feedstock for mushroom cultivation and Monk-E Nutraceuticals, which produces a line of non-psychedelic mushroom-based supplements.
Recently, the company signed various letters of intent to acquire new assets that could fit the strategy of a company in the booming psychedelics space.
Possible acquisitions include ACT Medical Inc., a group of six addiction clinics and three specialized pharmacies treating over 20,000 addiction and pain management patients annually and 1253135 BC Ltd., a late-stage applicant for a Controlled Drugs and Substances Act license from Health Canada.
Other target acquisitions could also fuel the company’s dietary supplement business. These are Earth Circle Organics Inc., an online direct-to-consumer and wholesale supplements brand and Bodie Phytoceuticals Ltd., a functional mushroom-based tea.
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