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Levitee Labs - CEO, Pouya Farmand.
CEO, Pouya Farmand.
Source: Levitee Labs.
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  • Levitee Labs (LVT) has signed an LOI to acquire a chain of specialty addiction pharmacies in B.C.
  • The company will pay C$4 million based upon 4.7x trailing 6-month annualized EBITDA
  • It expects to fund the acquisition using current cash reserves
  • Levitee is establishing itself in the integrative wellness space through a focus on psychedelic medicines and therapies
  • Levitee Labs (LVT) is unchanged trading at $0.44 per share

Levitee Labs (LVT) has signed an LOI to acquire a chain of specialty addiction pharmacies in B.C.

The chain operates three locations throughout the lower mainland.

The company will pay C$4 million based upon 4.7x trailing 6-month annualized EBITDA. This includes $2 million in cash and $1.2 million in shares upon closing. The remaining $0.8 million will be paid 12 months after closing and is structured to incentivize a smooth transition in ownership.

It expects to fund the acquisition using current cash reserves.

The LOI is non-binding and remains subject to regulatory approvals and a definitive agreement.

Pouya Farmand, CEO at Levitee Labs, stated,

“We have grown tremendously since closing multiple acquisitions in July that positioned us with a formidable footprint of clinics and pharmacies in Alberta. This is our second-largest acquisition to date and provides us a solid foundation to build upon in British Columbia as we establish the Levitee Labs name as a dominant player in treating patients suffering from addiction and substance use disorder throughout Western Canada. Our M&A team remains active in identifying other opportunities as we continue building momentum and value into the new year.”

Levitee is establishing itself in the integrative wellness space through a focus on psychedelic medicines and therapies.

Levitee Labs (LVT) is unchanged trading at $0.44 per share as of 10:01 am ET.

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