- Levitee has completed the acquisition of three pharmacies specialized in supporting patients with substance abuse disorders, mental health conditions and chronic pain
- Revenue for the group of pharmacies has increased 25 per cent in the last 12 months
- The pharmacies are synergistic with Levitee’s other Alberta assets including the recently purchased BlockMD telemedicine platform, and 5 ACT Medical clinics
- Levitee Labs Inc. (LVT) is up 9.09 per cent and is trading at C$0.54 at 1:08 pm ET
Levitee Labs Inc. (LVT) has acquired all issued and outstanding shares of 2143327 Alberta Ltd., 2144209 Alberta Ltd., and 2017162 Alberta Ltd. for $3.6M in cash.
Each of the companies operates a pharmacy in Alberta specialized in providing medications to treat people with substance use disorders, mental health conditions and chronic pain.
The pharmacies also offer home delivery to their customers. In the aggregate, the companies had revenues of approximately $3 million over the past 12 months, with $800,000 in EBITDA. The purchase price represents approximately 4.5x EBITDA on a trailing basis.
“Purchasing these pharmacies was part and parcel of our strategy to be a vertically integrated company focused on substance abuse and chronic conditions,” said Pouya Farmand, Chief Executive Officer at Levitee.
“In addition to this transaction, we’ve now closed on the acquisitions of BlockMD, a telemedicine company focused on addiction, and the operating assets of ACT Medical Centres, which operates five addiction clinics in Alberta that collectively conducted over 35 thousand visits in the last year,” added Levitee.
Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.
Levitee Labs Inc. (LVT) is up 9.09 per cent and is trading at C$0.54 at 1:08 pm ET.
