Irwin Naturals Inc. (CSE:IWIN) announced that the company has completed the acquisition of Midwest Ketafusion, its first ketamine clinic located in Iowa City, Iowa.
The company said in consideration of the acquisition, 7,500 proportionate voting shares of Irwin Naturals were issued, with each share convertible into 100 subordinate voting shares.
Midwest Ketafusion, a profitable ketamine clinic with a strong track record, will be rebranded as ‘Emergence by Irwin Naturals’, it added.
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"With the completed acquisition of our first ketamine clinic, we have started what we believe will be a very active period of expansion,” said Irwin's CEO, Klee Irwin, in a statement. “Our intention is to leverage our first-mover advantage into the ketamine space as a household brand known by over 100 million North Americans, and create the largest chain of clinics.”
He added: “We want to make this incredibly effective treatment available to everyone who needs it."
Midwest Ketafusion's management team will remain in place following the acquisition, the company said.
Ketafusion shareholders will be eligible for additional consideration based on certain conditions, first of which is if in the first five years after closing, Ketafusion earns an adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of US$1 million during a calendar year in the allotted period, the company will receive Irwin shares having an aggregate value of US$5 million.
Midwest Ketafusion helps patients by providing the most advanced care available in the market. It is an infusion clinic offering intravenous (IV) ketamine for the treatment of depression, PTSD, OCD, anxiety, bipolar disorder, migraines, and multiple chronic pain conditions such as complex regional pain syndrome (CRPS), reflex sympathetic dystrophy (RSD), and fibromyalgia.
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