- Levitee currently operates two units, Sporeo Supply and Monk-E Nutraceuticals, while aggressively targeting cash flowing wellness assets through accretive M&A
- Multiple letters of intent executed for acquisitions of addiction & pain clinics, pharmacies, an omnichannel superfoods and supplements brand and a late-stage applicant for a Health Canada Dealer’s License
- Over CDN$12 million raised to date through non-brokered private placements
VANCOUVER, British Columbia, July 19, 2021 (GLOBE NEWSWIRE) — Levitee Labs Inc. (the “Company” or “Levitee”) is pleased to announce that it has received final approval from the Canadian Securities Exchange (“CSE”) to list its common shares on the CSE. At the opening of the market on July 21, the common shares of Levitee will begin trading under the ticker symbol “LVT”. Please see https://thecse.com/en/listings/life-sciences/levitee-labs-inc for more information.
Levitee is a functional mushrooms company focused on the development and sale of high potency mushroom extract nutraceuticals and supplies and equipment for mushroom cultivation. The Levitee leadership team is composed of diverse and complementary skillsets, deriving from past successes in entrepreneurship, clinical research, venture capital, M&A, operations, technology and psychedelics.
The Company currently operates two divisions: Sporeo Supply, which manufactures proprietary, premium mushroom cultivation feedstock at its state-of-the-art facility in British Columbia; and MONK-E Nutraceuticals, which produces a line of adaptogenic mushroom-based nutraceutical supplements with a core focus on mushroom extracts. Through multiple executed letters of intent (“LOIs”), Levitee also hopes to soon complete four acquisitions that will expand its portfolio of assets:
- ACT Medical Inc., a group of six (6) addiction clinics and three (3) specialized pharmacies treating over 20,000 addiction and pain management patients annually;
- Earth Circle Organics Inc., an online DTC (direct-to-consumer) and wholesale superfoods and supplements brand primarily operating in the United States;
- BODIE Phytoceuticals Ltd., a functional mushroom-based tea company; and
- 1253135 BC Ltd., a late-stage applicant for a Controlled Drugs and Substances Act (CDSA) license from Health Canada.
The Company is well capitalized to achieve these milestones, following the closing of an oversubscribed non-brokered private placement carried out in February 2021, which raised aggregate gross proceeds of CDN$10,570,000. To date, the Company has raised in excess of CDN$12 million in outside funding.
“We believe the timing could not be better for us to enter the public markets on the CSE, an exchange well recognized for innovators and disruptors,” said Pouya Farmand, Chief Executive Officer of Levitee. “We are early in a truly exciting period in healthcare where psychedelics and mushroom-based therapies and supplements represent an opportunity to provide meaningful benefits to millions of people in need where conventional medicines have collectively failed in the areas of mental health, chronic pain and substance abuse. We are cementing cornerstones of our diversified growth strategy that will distinguish us as a market leader in multiple verticals and we look forward to sharing more developments respecting our roll-up strategy and activities with shareholders.”
About Levitee Labs
Levitee is a functional mushrooms company, focused on the development and sale of high potency mushroom extract nutraceuticals and supplies and equipment for mushroom cultivation. Levitee believes, based on a growing body of research, that mushrooms can be an effective way to enhance wellbeing and potentially treat various kinds of mental and physical health problems. Through a disciplined M&A strategy, Levitee hopes to soon complete four acquisitions that will expand its portfolio of assets in the emerging integrative wellness space. Further information about the Company is available on its website at www.leviteelabs.com.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting Levitee’s business plans and proposed products, Levitee’s anticipated expansion strategy and the execution of the transactions contemplated under the LOIs. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involves known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Levitee to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. These risks and uncertainties include, but are not limited to, those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that any such statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
For further information about Levitee, please contact:
Levitee Media Contact
Levitee Investor and Corporate Communications