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Levitee Labs Acquires Five Addiction Clinics in Alberta

Ryan Allway

July 29th, 2021

Psychedelics

  • Levitee acquires the majority of the operating assets of ACT Medical Centres Inc.
  • Five acquired addiction clinics have conducted 35,000+ patient visits over last 12 months
  • Clinics will be integrated with Levitee’s growing portfolio of healthcare assets

 

VANCOUVER, BC, July 29, 2021 /CNW/ – Levitee Labs Inc. (CSE: LVT) (the “Company” or “Levitee”), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, today announces the completion of the acquisition of the majority of the operating assets of ACT Medical Centres Inc. (“ACT Medical”) as of July 28, 2021. These assets include 5 addiction treatment clinics across the province of Alberta that have conducted over 35,000 patient visits during the past 12 months.

 

ACT Medical is a community-based organization providing in-depth assessment, customized treatment and counselling to patients suffering from opioid use disorder, chronic pain, and mental health conditions. Each clinic employs a highly educated and specialized team of dedicated physicians, nurses and therapists working in unison with patients to ensure treatment goals are achieved. ACT Medical’s clinics are located throughout the province of Alberta, including Calgary, Medicine Hat, Red Deer, Grande Prairie and Lethbridge.

 

In consideration for the acquisition, Levitee paid $350,000 in cash on the closing date.

 

Pouya Farmand, CEO of Levitee, states: “We are thrilled to have acquired these five addiction clinics, which directly interface with patients that need alternative medicines and therapies the most. Unfortunately, substance abuse and addiction in Canada is far too prevalent, and current service options do very little to improve the health and wellness of these patients.  With innovation and our patient-centric approach, we expect to make a meaningful impact and improve services to the Alberta communities where these clinics are located.”

 

“These assets give us a great start in building our platform for addiction treatment services, with over 20,000 individual patient records and a name brand in the Alberta market,” added Ken Osborne, Head of M&A at Levitee. “We are currently evaluating additional accretive opportunities to grow our footprint across Canada.”

 

Levitee intends to integrate these clinics with its current assets in mental health and addiction treatment, as well as assets that are acquired by Levitee in the future.

 

“Over the past 5 years, ACT Medical has become a leader for the provision of evidence-based treatment programs for people suffering from addictions and chronic pain in Alberta”, said Carrie Wylie, Executive Director, ACT Medical. “We are delighted to join the Levitee team on its journey to become a leader in the area of mental health and wellness nationally.”

 

Levitee is also pleased to announce the acquisition of a 5,400 square foot building in Grande Prairie, Alberta. In the future, Levitee intends to use the building to host business operations that are complementary to the Company’s mental health and addiction services which are also currently operating in the building.

 

About ACT Medical Centres Inc.

ACT Medical provides a bridge to recovery. In the continuum of care, it plays a significant role in preparing individuals for recovery. ACT Medical is a community-based organization focused on treating people with opioid use disorder, chronic pain, and mental health issues. ACT Medical has established Care Teams at each of its locations to serve patients. The Care Teams are comprised of a medical director, physicians, nurses, and medical office assistants (MOA’s). They provide specialized treatment services as well as provide patients access to recovery programs/beds; access to AISH programs; access to case workers; access to other social supports such as housing support, food services, and dental care, and more. Recovery is the focus of ACT Medical’s policies and practices.

 

About Levitee Labs 

Levitee Labs is establishing itself as a leader in the integrative wellness space. 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.

 

Further information about the Company is available on its website at www.leviteelabs.com.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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