Irwin Naturals Inc. (CSE:IWIN) said it closed the acquisition of Keta Media LLC, doing business as Ketamine Media, Canada's foremost advertising company dedicated to raising awareness about the clinical use of ketamine.
The agreement with Ketamine Media was initially announced on September 29, 2022.
The acquisition, which was completed on March 17, 2023, represents two significant milestones in Irwin Naturals' growth strategy for its Emergence clinics in the mental health industry.
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Firstly, the acquisition is anticipated to have a positive impact on the company's annualized EBITDA (earnings before interest, taxes, depreciation and amortization). Secondly, the addition of this premier marketing agency showcases Irwin Naturals' capacity to attract top-tier talent as it aims to establish the world's largest network of psychedelic mental health clinics.
This acquisition empowers Irwin Naturals to broaden its presence in the burgeoning ketamine therapy market and offer a diverse array of innovative marketing solutions to support the company's products and services. Through this acquisition, Irwin Naturals plans to expedite the establishment of new potential clinic locations and harness Ketamine Media's expertise to enhance utilization rates at its existing and future Emergence clinics.
In a statement, Klee Irwin, founder and chief executive officer of Irwin Naturals, expressed his enthusiasm, stating: "We are delighted to welcome the Ketamine Media team to the Irwin Naturals family. We believe that acquiring Ketamine Media will propel us to new heights in the ketamine therapy market as we collaborate to deliver cutting-edge marketing solutions for our clients."
Chris Walden, chief executive officer of Ketamine Media, added: "We are committed to maintaining the high level of service our clients have come to expect. This deal provides us with growth capital, allowing Ketamine Media to rapidly expand our advisory services, significantly benefiting all our clients. We aim to foster greater collaboration within this emerging sector among local market providers.
“In our discussions with Irwin Naturals, we discovered shared values and goals, including a mutual commitment to helping our existing clients achieve the outcomes that initially led them to partner with Ketamine Media. We have full confidence in Irwin Naturals' strategic vision to become a leading international brand of psychedelic mental health clinics."
The total consideration at closing will be paid in cash, including the assumption of certain debts of Ketamine Media.
Irwin Naturals has been a household name and best-in-class nutraceutical company since 1994. It is leveraging its brand into both the cannabis and psychedelic sectors. Irwin Naturals has operated profitably for over 27 years.
The company's growing portfolio of products is available in more than 100,000 retail doors across North America, where 80% of households know the Irwin Naturals brand.
In 2018, Irwin Naturals first leveraged its brand to expand into the cannabis industry by launching hemp-based cannabidiol products into the mass market. The company is now leveraging its famous halo of brand trust to become, perhaps, the first household name brand to offer tetrahydrocannabinol-based products. Its rapidly growing national chain of psychedelic mental health clinics is called Irwin Naturals Emergence.
Contact the author at jon.hopkins@proactiveinvestors.com