- The pharmacy will be used as an initial base for the production and distribution of pharmaceutical products for Levitee Labs, which will include pain and depression management products such as ketamine.
Levitee Labs Inc. (CSE: LVT), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, has signed a letter of intent to acquire 51% of the issued and outstanding shares in a compounding pharmacy in Calgary, Alberta, Canada.
This pharmacy will be used as an initial base for the production and distribution of pharmaceutical products for Levitee Labs, which will include pain and depression management products such as ketamine. Levitee plans to expand operations by introducing a research laboratory for the development and production of various formulations in this space. The current owner and operator of the pharmacy will join Levitee Labs and assist with operations across Levitee’s Alberta portfolio, which includes 5 addiction focused clinics, and 3 specialized pharmacies.
As stipulated in the agreement, Levitee will pay $306,000 in cash for 51% of the issued and outstanding shares in the pharmacy, equating to approximately 3.5x TTM EBITDA. This LOI is non-binding and remains subject to the drafting of definitive agreements, approval from Levitee Labs’ board, and regulatory body approvals.
“This will be an important acquisition for Levitee Labs as we direct our research and development efforts into psychedelic medicines for depression, addiction and pain management, including ketamine compounding, which will offer our patients various solutions for their chronic comorbidities,” “Our continued expansion across Western Canada reaffirms our commitment to mental healthcare delivery through the integration of psychedelic medicines and therapies into a medical home care model”.
Fady Hannah-Shmouni, MD FRCPC, Chief Medical and Scientific Officer, and President of Clinics and Pharmacies at Levitee Labs
Levitee expects to fund this acquisition using its current cash reserves.
About Levitee Labs
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, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies into a medical home care model. The company’s current portfolio of assets includes: Levitee Clinics and Levitee Pharmacies, which includes a group of five operating addiction and pain treatment clinics in Alberta, Canada; Block MD, the first technology company in Alberta, Canada to receive provincial approval for electronic-prescriptions in the addiction treatment space; three pharmacies operating in Alberta, Canada specialized in filling prescriptions for patients with substance use disorders, mental health conditions, and chronic pain; MONKE Nutraceuticals, a company specialized in developing and distributing premium functional mushroom supplements sold via online portals; and Earth Circle Organics, a direct-to-consumer and wholesaler of supplements and superfood products with 180+ SKUs in its product lineup across three brands. Further information about Levitee Labs is available on its website at leviteelabs.com.