Levitee Labs (CSE:LVT) Inc announced that it recently acquired its first five addiction clinics, three specialized pharmacies, and an Alberta-based pioneering company — BlockMD Ltd — that holds provincial approval to e-prescribe opioid agonist therapy.
The Vancouver-based wellness company said that it has signed a letter of intent to acquire 51% of the issued and outstanding shares in an addiction and compounding pharmacy. BlockMD, the first Alberta company to receive provincial approval, can prescribe substances methadone and buprenorphine after virtual or in-person clinic visits, which are have proven effective for the treatment of heroin, oxycodone, dilaudid, and fentanyl addiction.
The addition of this pharmacy will set the stage for the production and distribution of pharmaceutical products for Levitee Labs (CSE:LVT), which will include addiction, depression, and pain management-related products such as prescribed ketamine.
READ: Levitee Labs announces partnership with Adracare to provide psychedelic digital care for addiction and mental health treatment
The company shared that Levitee Clinics and Levitee Pharmacies conducted over 35,000 patient visits, BlockMD conducted over 20,000 patient visits, and the pharmacies generated approximately $3 million in revenue in the last 12 months. With the acquisitions closed, Levitee Labs (CSE:LVT)’ management has begun the process of optimizing operations to increase revenue and profit margins.
“We are building a modernized platform that will be at the forefront for delivery of these therapies,” said Fady Hannah-Shmouni, chief medical and scientific officer.
With its go-forward strategy as a focus, Levitee Labs (CSE:LVT) is looking to acquire further cashflow generating addiction and pain clinics, pharmacies. The wellness firm is aiming at developing a fully integrated wellness platform for mental healthcare, providing comprehensive multidisciplinary care including psychedelic and alternative medicines.
“We are also proactive regarding what we believe will one day be a standard of care in addiction therapies: psychedelics,” added Hannah-Shmouni. “There is presently a paucity of private platforms for research into psychedelic medicines and issues looming that we are aligning to address, such as provisions for psychedelic-trained therapists, ensuring best practices through structuring, manualizing, monitoring, and delivering quality training.”
The company also entered into an agreement with Adracare Inc, a subsidiary of Well Health technologies, to help provide comprehensive end-to-end practice management tools, including telehealth services to patients.
“The market today is extremely fragmented and under-digitized, which restricts access to care to millions of patients in need,” commented Hannah-Shmouni.
Hannah-Shmouni added: “We intend to rectify these problems by rolling-up addiction-focused businesses and services under the Levitee Clinics and Pharmacies brand, digitizing these assets and creating a medical home care model utilizing Well Health Technologies’ state-of-the-art comprehensive digital platforms to be able to deliver care to individuals most in need in a scalable and efficient manner.”
The company is further planning on adding additional subspecialties to its clinics, helping patients with common medical challenges associated with addiction and mental health conditions, including psychiatry, cardiology, endocrinology, and gastroenterology.
The upcoming medical home care model, Levitee shared, is patient-centered, comprehensive, team-based, coordinated, accessible, and focused on quality and safety. The company is also working to add alternative and psychedelic medicines for opioid addiction.
Levitee also told investors that it has retained the services of Renmark Financial Communications to handle its investor relations activities.
“We choose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public,” noted Pouya Farmand, CEO of Levitee Labs (CSE:LVT).
Contact Ritika at ritika@proactiveinvestors.com