Levitee Labs (CSE:LVT) Inc said effective July 27, 2021 it will have acquired all issued and outstanding shares of telemedicine company BlockMD Ltd.
Based in Alberta, BlockMD is the leading telemedicine platform used by patients with substance use disorders to access doctor services across the province.
In 2020, the telemedicine firm was distinguished as the first company to receive authorization from the province of Alberta for telemedicine prescriptions. In the last 12 months, BlockMD has conducted over 20,000 virtual patient visits, making it a national “market leader in addiction telemedicine services.”
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"We are extremely excited to close the acquisition of this critical piece of infrastructure that advances our strategy as a comprehensive provider of addiction treatment solutions," Pouya Farmand, CEO of Levitee Labs said in the statement.
"This acquisition is synergistic with other more traditional healthcare assets we are targeting, and will help position us as a top care provider to individuals, regardless of their physical location."
Part of Levitee Labs’ strategy in asserting itself as a leader in the integrative wellness space is through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets.
As such the company is committed to transforming mental health and addiction treatments through the integration of psychedelic medicines and therapies.
“The COVID-19 pandemic was a game changer for encouraging and familiarizing patients and doctors with remote healthcare technologies," added Ken Osborne, Head of M&A at Levitee. "Going forward, telemedicine will continue to grow more essential in the healthcare ecosystem, and we plan to push the envelope of what is possible at the intersection of technology, healthcare, and alternative medicines."
The newly acquired BlockMD platform will be integrated into future clinic and pharmacy acquisitions, facilitating expansion into new geographies and markets where addiction and mental health treatment is currently lacking or unavailable.
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