Levitee Labs

About Levitee Labs

Levitee Labs Inc. operates as a multidisciplinary integrative wellness company, focusing on mental healthcare and addiction treatments through a strategy of acquiring and integrating various healthcare assets. The company was founded on January 23, 2019, by Pouya Farmand, Marc Momeni, and Ken Osborne, and was formerly known as Fibonacci Capital Corp. Pouya Farmand, a co-founder who initially served as CEO, has a background of over 10 years in investment banking and venture capital. In February 2022, Farmand transitioned to the role of founder, with Philip van den Berg, co-founder of Halo Labs Inc. and a former investment analyst at Goldman Sachs, appointed as interim CEO. Later, David Bentil took over as CEO.

The company's business model is centered on a disciplined M&A strategy, acquiring cash-flowing assets to build a vertically integrated wellness platform. Revenue is generated through two main segments: medical services and product sales. A significant portion of its revenue comes from its medical services operations, which include clinics and pharmacies. For the combined months of September and October 2021, the company reported revenues of over $1.5 million. For the trailing twelve months as of June 30, 2022, Levitee reported revenue of $6.16 million. However, the company incurred a net loss of over $11.4 million for the year ended September 30, 2021, and its stock has been suspended from trading on the CSE since February 2023.

Levitee's growth was fueled by a series of acquisitions. In July 2021, the company acquired five addiction and pain management clinics in Alberta, known as ACT Medical Centres, and three specialized pharmacies in the same province for approximately C$4 million in cash. It also acquired BlockMD, a telemedicine platform for addiction patients in Alberta, for roughly C$1.5 million in stock. These acquisitions were intended to serve as a foundation for implementing psychedelic therapies, such as ketamine, once legally permissible. The company further expanded by acquiring Earth Circle Organics, a superfoods and supplements company with brands like Ojio and Earth Shift Products, in August 2021. It also announced its intent to acquire a chain of three specialty addiction pharmacies in British Columbia in November 2021. Internally, Levitee developed Sporeo Supply, a mushroom cultivation feedstock facility, and MONKE Nutraceuticals, a line of adaptogenic mushroom-based supplements.