Levitee Labs Inc said it had completed the acquisition of three specialized Alberta pharmacies for a total of around C$3.63 million in cash.
Each of the acquired companies operates a pharmacy in the province, which specializes in filling prescriptions for people with substance use disorders, mental health conditions and chronic pain.
READ: Levitee Labs says it has acquired all outstanding shares of telemedicine company BlockMD
Together these companies had revenues of around C$3million over the past 12 months, with C$800,000 in earnings before interest tax, depreciation and amortization (EBITDA).
"Purchasing these pharmacies was part and parcel to our strategy to be a vertically integrated company focused on substance abuse and chronic conditions," Pouya Farmand, CEO of Levitee said in a statement.
"In addition to this transaction, we’ve now closed on the acquisitions of BlockMD, a telemedicine company focused on addiction, and the operating assets of ACT Medical Centres, which operates five addiction clinics in Alberta that collectively conducted over 35,000 visits in the last year.
"Adding three specialized pharmacies gives us a commanding position to serve Albertans in need, from curating treatment programs on-site or remotely to filling prescriptions and delivering them directly to patients’ homes."
Earlier today, Levitee reported it had now concluded the acquisition of the majority of the operating assets of ACT Medical Centres Inc, which include the five addiction treatment clinics across the province of Alberta, for C$35,000 in cash.
"These assets give us a great start in building our platform for addiction treatment services, with over 20,000 individual patient records and a name brand in the Alberta market," noted Ken Osborne, head of M&A at Levitee.
"We are currently evaluating additional accretive opportunities to grow our footprint across Canada."
Carrie Wylie, executive director at ACT Medical, added: "Over the past 5 years, ACT Medical has become a leader for the provision of evidence-based treatment programs for people suffering from addictions and chronic pain in Alberta."
Levitee also announced the acquisition of a 5,400 square foot building in Grande Prairie, Alberta, which it intends to use to host business operations that are complementary to the company’s mental health and addiction services which are also currently operating in the building.
Wellness group Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.
Contact the author at giles@proactiveinvestors.com