Levitee Labs, a Canadian company in the mushroom space, has received approval to begin listing its stock on the Canadian Securities Exchange starting Wednesday under the symbol LVT.
The company, currently focused on the production and sale of functional mushrooms and nutraceutical products, has announced an aggressive M&A strategy that could quickly propel the company into the psychedelics space.
To date, Levitee has raised over CA$12 million ($9.4 million) through private offerings. The company currently manages two divisions: Sporeo Supply, a subsidiary that produces feedstock for mushroom cultivation and Monk-E Nutraceuticals, which produces a line of non-psychedelic mushroom-based supplements.
Recently, the company signed various letters of intent to acquire new assets that could fit the strategy of a company in the booming psychedelics space.
Possible acquisitions include ACT Medical Inc., a group of six addiction clinics and three specialized pharmacies treating over 20,000 addiction and pain management patients annually and 1253135 BC Ltd., a late-stage applicant for a Controlled Drugs and Substances Act license from Health Canada.
Other target acquisitions could also fuel the company’s dietary supplement business. These are Earth Circle Organics Inc., an online direct-to-consumer and wholesale supplements brand and Bodie Phytoceuticals Ltd., a functional mushroom-based tea company.
“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,” said Levitee CEO Pouya Farmand.
“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,” she added.
Photo by Kalineri on Unsplash.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us April 11-12, 2023 at Fontainebleau Miami Beach in sunny Florida.