Irwin Naturals Inc. (CSE:IWIN) said it has entered into a binding agreement to acquire the assets of Hobie Fuerstman DO PLC, doing business as Preventive Medicine, a clinic operation based in Colchester, Vermont.
The company noted that this is the eighth ketamine clinic it has added to its growing portfolio, which now covers four states, made up of acquired clinics and clinics under definitive agreements.
“Our roll-up is gathering momentum,” CEO Klee Irwin said in a statement. “Our mission is to make this amazingly effective treatment available and accessible throughout the country and beyond, and we are planning to acquire and build hundreds of clinics in the months and years to come. As we focus on acquiring profitable operations, we continue to add to our bottom line through these highly accretive transactions."
READ: Irwin Naturals expands licensing footprint for branded THC products to Ohio
Preventative owner and director Hobie Fuerstman said the collaboration with Irwin will allow the company to amplify the reach of its integrative healthcare clinic, which means it can help more people without compromising its values.
"We're excited that Irwin Naturals has selected us to be the first Emergence partner in Vermont,” Fuerstman added. “There's a lot of good that can come from merging with a nationally recognized and well-respected brand. Our mission has always and will always be, to provide the highest quality holistic care."
Irwin said the agreement is subject to certain customary closing conditions and regulatory approvals. The total consideration is to be paid in a combination of cash and stock, with the maximum payable contingent on a number of milestones related to profitability and operational goals. Further detail will be provided upon closing, it 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 stephen.gunnion@proactiveinvestors.com