Levitee Labs (CSE:LVT) Inc announced a series of deals worth nearly C$5.5 million that sees the wellness company boost its treatment capacity with clinical and telehealth assets.
The Vancouver-based company said it will purchase the material operating assets of five addiction clinics in Alberta, known as the ACT Medical Centres Inc, for $350,000 in cash.
Levitee said that the clinics have hosted more than 35,000 patient visits over the past year.
READ: Levitee Labs to start trading on Canadian Securities Exchange on July 21
As well, the company inked a share purchase agreement to acquire three Alberta-based pharmacies that specialize in filing prescriptions for patients with substance abuse disorders, mental health conditions and chronic pain. The deal is worth nearly C$3.7 million, according to a release.
Finally, the company agreed to acquire BlockMD Ltd, a leading telemedicine platform for patients struggling with addiction to connect with doctors and order prescriptions.
According to Levitee, BlockMD has conducted over 20,000 patient visits remotely over the last 12 months.
The BlockMD transaction is worth C$1.475 million, payable in Levitee shares.
Levitee told investors that the acquisitions will serve as a platform for the company to implement psychedelic therapies like ketamine treatment for the patient groups. The company is also hoping to include psilocybin- and ibogaine-based treatments once legally allowed to do so.
“The agreements we have entered today are integral to our growth strategy and goal of building a platform that will set a new standard for substance abuse and mental health treatment in Canada,” Levitee CEO Pouya Farmand said in a statement.
“Through these acquisitions, we expect Levitee will become the largest non-government provider of addiction treatment services in Alberta.”
Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.
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