Levitee Labs Stock Price, News & Analysis

Levitee Labs has acquired five addiction clinics, three specialized pharmacies, and a tech company focused on treating substance use disorders and chronic pain in Canada. With over 35,000 patient visits, the company aims to enhance care through a comprehensive wellness platform. Levitee's strategy includes further acquisitions and the optimization of digital operations. A partnership with WELL Health will provide advanced telemedicine solutions, and a letter of intent has been signed for a pharmacy in Calgary. The company's holistic approach seeks to integrate psychedelic therapies into its treatment model.

Levitee Labs Inc. (OTCMKTS: LVTTF) has announced a financing agreement for up to $12 million to support business expansion, arranged by RiverFort Global Capital. The initial drawdown of $2.5 million will mature on October 20, 2023, with a 10% interest rate, escalating to 20% for subsequent advances. The agreement includes 25% warrant coverage and allows RiverFort to convert up to 50% of the principal into shares at a fixed price of $0.544. This funding aims to enhance Levitee's growth in the wellness sector, focusing on acquisitions in clinics and mental health.

Levitee Labs has appointed Dr. Mohammed H. Mosli as Chief People Officer for Levitee Clinics and Pharmacies in Alberta. Dr. Mosli brings over a decade of healthcare experience, specializing in addiction and health system innovation. He previously served as a Medical Officer in Canada’s largest integrated health system. His role will focus on enhancing hiring, training, and employee development strategies to support the growth of Levitee's operations across North America. Dr. Mosli is committed to improving health equality and has extensive expertise in multi-disciplinary team leadership.

Levitee Labs signed a letter of intent to acquire 51% of a compounding pharmacy in Calgary for $306,000, valued at approximately 3.5x TTM EBITDA of $180,000. This acquisition aims to bolster Levitee's production and distribution capabilities for pharmaceutical products focused on pain and depression management, including ketamine. The pharmacy’s current owner will assist in integrating operations across Levitee's Alberta clinics and pharmacies. This strategic move is expected to enhance Levitee's position in the integrative wellness space, leveraging its existing healthcare assets.

Levitee Labs achieved August 2021 revenues of $893,863, driven by significant growth across its core divisions. Levitee Clinics & Pharmacies contributed $543,705 in revenue for the same month. Notably, the company recorded a 10% increase in Levitee Pharmacies revenue and a 14.5% rise in Earth Circle Organics sales, attributed to scaling direct-to-consumer operations. CEO Pouya Farmand emphasized plans for continued organic growth and strategic acquisitions, targeting further revenue generation and operational efficiencies.

Levitee Labs has successfully obtained a listing for its common shares on the Frankfurt Stock Exchange (FSE) under the symbol '7H7'. This cross-listing, alongside its existing listings on the CSE and OTC Markets, is expected to enhance shareholder value by increasing market awareness and broadening the investor base in Europe. The FSE is the third-largest organized exchange globally, promising improved trading liquidity and investment opportunities in Germany, Switzerland, and beyond.