The emerging wellness company aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.
Levitee Labs Inc., a Canadian-based multidisciplinary integrative wellness company, has been given the green light by the Canadian Securities Exchange (CSE) to list its common shares, which will begin trading Wednesday under the ticker symbol “LVT.” The company is establishing a platform to bridge traditional mental health, addiction, and pain management treatments with psychedelic medicines.
“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,” Levitee’s CEO Pouya Farmand said in the announcement today. “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.”
Levitee Labs has a proven track record with an established portfolio of wellness assets through a series of gradual mergers and acquisitions—Sporeo Supply and MONKE Nutraceuticals.
Sporeo Supply manufactures the first commercial-grade offering of grain spawn and substrate, which is the basis for the cultivation of both functional and psychedelic mushrooms. The subsidiary has already inked a master distribution agreement and strategic alliance with My Green Planet, a company that distributes plant nutrient products to indoor, outdoor, and greenhouse growers.
MONKE Nutraceuticals specializes in the development and distribution of premium functional mushroom supplements to improve health and wellbeing. The subsidiary has already received Health Canada licensure to engage in sales of its products within Canada.
The company announced in April that its earnings potential for 2021 was expected to reach to about $26 million.
“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,” Farmand added.
Today’s announcement follows more psychedelic stock news: Vancouver-based biotechnology company Core One Labs has consolidated its shares in preparation for listing on the NASDAQ, and a third psychedelic exchange-traded fund (ETF) may soon be available to investors, with Advisorshares Plant Medicine ETF to be listed on the NYSE Arca under the symbol PSIL.