Irwin Naturals Inc. (CSE:IWIN) said it has entered into a binding agreement to acquire the assets of New England Ketamine PLLC, a healthcare clinic in Salem, New Hampshire.
The company said total consideration will be in a combination of cash and stock, with the maximum payable contingent on a number of milestones related to profitability and operational goals.
"Adding another EBITDA (earnings before interest, taxes, depreciation, and amortization) positive ketamine clinic to our expanding footprint positions us well for accelerated growth of profitability,” CEO Klee Irwin said in a statement. “With over 100 clinics in our M&A pipeline, we are well-positioned to work towards our goal of establishing the nation's largest clinic chain. By leveraging our status as the first household brand, our profitable core business, and our ability to realize economies of scale to reduce patient acquisition costs, we anticipate being able to bring this life-changing treatment to the masses who need it across all of the US and beyond."
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The agreement is subject to certain customary closing conditions and regulatory approvals.
Casey Brachvogel, founder of New England Ketamine, said: "Being part of a company like Irwin Naturals that is known by over 100 million people, has a widely trusted brand and that keeps its promises, is the core reason we agreed to become part of the Emergence family.”
"This puts us in a position to attract a new audience that previously may have been hesitant to commit to treatment with psychedelics. Seeing that these treatments are now offered by a trusted partner with a 28-year track record, is likely to reduce the hurdle for patients to utilize our services and will enable us to accelerate growth," Brachvogel added.
Irwin Naturals has been a household name and best-in-class herbal supplement formulator since 1994. Its growing portfolio of products is available in more than 100,000 retail doors across North America, where nearly 100 million people know the Irwin Naturals brand. It is now leveraging its brand to enter into both the cannabis and psychedelic industries.
Contact the author at jon.hopkins@proactiveinvestors.com