Levitee Labs (CSE:LVT) Inc said it has entered into a strategic partnership via a service agreement with Canntab Therapeutics Limited to contribute towards correcting the opioid crisis in Canada.
Under this partnership, Levitee will inform customers throughout its ecosystem of specialized clinics and pharmacies in Alberta and British Columbia about Canntab products as alternative solutions for pain management, addiction, and other disorders.
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“We share a vision with Canntab to play a meaningful role in flattening the curve of the opioid crisis in Canada by tapering the use of addictive painkillers through the substitution of viable alternatives, which can include cannabinoids like CBD and THC and a combination thereof,” said Noha ElSayed, executive director, Levitee Clinics and Levitee Pharmacies, Alberta Region.
ElSayed added: “Notwithstanding the lack of clinical trials for product-specific uses, cannabinoids have shown great promise to provide patients relief for multiple indications in which we specialize. I am eager for Canntab to begin servicing our pharmacies and clinics throughout Canada, as it will both drive additional revenue and better serve our patients.”
Levitee currently owns five addiction clinics and three specialized pharmacies which have conducted more than 35,000 patient visits in the last 12 months. The partnership is anticipated to enhance patient care and drive additional revenue.
Moreover, the agreement will serve as a foundation for both companies to expand into new verticals in the future, the company said.
“I see this as the start of what can be a long and prosperous relationship between Canntab and Levitee Labs (CSE:LVT),” added Richard Goldstein, chief financial officer of CannTab. “Our hard pill formulations are superior to all other medical CBD and THC delivery systems and designed to produce both immediate and durable relief for acute and chronic pain.”
“I see the potential for our production expertise to be extremely synergistic with Levitee’s compounding capabilities to provide a diverse portfolio of therapeutics, including those in the psychedelics space when regulations allow.”
Levitee is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.
Contact Ritika at ritika@proactiveinvestors.com