Irwin Naturals Inc has reported that its Irwin Naturals Emergence chain of psychedelic mental-health clinics is set to expand with another site.
The company has struck a binding deal to acquire, in cash and shares, all of the membership interests in Happier You LLC, which operates a ketamine clinic in central Ohio.
Irwin Naturals Emergence has previously acquired ten different clinics across five US states — Florida, Vermont, New Hampshire, Iowa and Georgia.
"We are a first mover in this rapidly expanding sector of mental healthcare. By finding independent, financially sound clinics with exceptional customer care, we're building a national chain that delivers on the quality of care that is embodied by the Irwin Naturals brand," said Klee Irwin, CEO of Irwin Naturals, in a statement.
Tara J. Dillon is the founder of Happier You, which provides IV ketamine-infusion therapy to treat depression, anxiety, bipolar disorder, post-traumatic stress disorder (PTSD) and obsessive-compulsive disorder (OCD).
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"We built our practice out of the belief that it was not just possible, but necessary to ease the suffering of those people who had not been helped by traditional mental-health treatments," Dillon said. "Becoming part of Irwin Naturals Emergence allows us to be part of a chain capable of making life-changing impact on a national scale."
Under the acquisition, the total consideration is to be paid in cash and stock, with the maximum payable contingent on a number of milestones related to profitability and operation goals. Further detail will be provided upon closing, said Irwin.
Irwin Naturals products are available in more than 100,000 stores in North America, according to the company.
Irwin Naturals has been a household name and best-in-class nutraceutical company since 1994. On a mission to heal the world with plant medicine, it is now leveraging its brand in both the cannabis and psychedelics sectors.
Contact the author at giles@proactiveinvestors.com