Levitee Labs (CSE:LVT) Inc says it has ambitious plans to advance its business following its listing on the Canadian Securities Exchange on July 21.
In a statement, the company gave a review of recent achievements and current operations that highlight the momentum propelling it forward:
- On July 14, Levitee launched its Monke premium mushroom supplement blends into the North American market on major e-commerce platforms, including Amazon.
- The company completed the construction of its Sporeo Supply facility, which manufactures and sells sterilized grain and substrate for mushroom cultivation, reducing the current supply backlog for mushroom growing feedstock.
- A master distribution agreement has been signed with My Green Planet, a leading global agricultural supply group, giving Sporeo access to about 7,000 retailers across North America, Australia, and Europe. The master distribution agreement provides for a combined monthly minimum preorder amount of 150,000 units of sterilized grain and substrate.
- Executed letters of intent for the acquisition of a number of businesses, which include six addiction clinics, three specialized pharmacies, a telemedicine platform, an omnichannel superfood and supplement brand, a functional-mushroom-based tea company.
- A late-stage applicant for a Controlled Drugs and Substances Act license from Health Canada.
- Well-capitalized balance sheet with sufficient working capital to execute on future acquisitions, as well as continuing business initiatives.
READ: Levitee Labs to start trading on Canadian Securities Exchange on July 21
Levitee said these milestones are part of the first phase of the company's model to de-risk and support growth by internally developing and acquiring cash-flowing businesses complementary to the psychedelic industry.
As regulations develop, the next phase of the company's strategy will involve the inclusion of alternative and psychedelic therapies into Levitee's platform of traditional health care assets.
"By acquiring traditional health care assets and subsequently layering in alternative medicines and psychedelic therapies as regulations develop, Levitee will have direct and immediate access to a much broader patient population,” said CEO Pouya Farmand. “We believe that this will serve as a strong platform from which to deploy impactful alternative and psychedelic-based treatment options.”
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