Field Trip Health & Wellness Ltd announced it is closing five of its psychedelic wellness clinics across the US and Canada in an effort to reduce its expenses.
The Toronto-based firm said it was closing Field Trip Health Centres located in Chicago, Washington DC, Seattle, San Diego and Fredericton.
The anticipated last day of operation for each of these locations will be on or around April 15, 2023, Field Trip said in a statement.
The decision came following a strategic review by an independent committee of the board of directors, which is still ongoing.
Field Trip told shareholders that its board is still reviewing the company’s operations and considering further cost reductions, restructuring, the potential sublease or closure of clinic locations and settlement of lease obligations.
As stated in its regulatory filing accompanying its latest quarterly results, Field Trip said that it “(had) not yet achieved profitable operations” as well as a deficit of $48.7 million since its inception and $17.87 million worth of negative operating cash flows for the nine months leading up to the end of 2022.
The company wrote that it “expects to incur further losses in the development of its business, all of which creates a material uncertainty that may cast significant doubt about the company’s ability to continue as a going concern.”
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas