Irwin Naturals Inc has completed the acquisition of the assets of New England Ketamine, the company announced.
The company, which is located in Salem, New Hampshire, serves clients in six different states in the Northeast.
This is the third acquisition that Irwin Naturals Emergence has completed in the past five months in an effort to build a national chain of mental health clinics providing psychedelic treatment using ketamine, the company said.
READ: Irwin Naturals plans to expand chain of psychedelic mental health centers into Georgia with acquisition of two clinics from Invictus Clinic
As consideration for the acquisition, the company issued 2,692 proportionate voting shares and 31 subordinate voting shares. The transaction includes an additional contingent consideration based on future milestones related to operational and profitability targets, to be satisfied in shares.
Also on that front, Irwin Naturals Emergence has reached binding agreements to acquire facilities in Georgia and in Vermont.
“We’re executing the plan we laid out earlier this year, putting the full weight of our brand behind these life-changing treatments that have the capacity to fundamentally change the way we care for mental health in this country,” CEO Klee Irwin said in a statement. “We’re doing more than just exploring the opportunities here. We’re adding to what we hope will become the biggest national chain of psychedelic mental-health clinics in the United States.”
As part of this deal, Irwin Naturals Emergence will donate $50,000 to Operation Airway, a Massachusetts-based global surgery program that helps care for children in developing countries who are unable breathe or speak due to airway complications, the comapny said.
“Becoming part of Irwin Naturals Emergence gives us a boost that comes from being part of a truly household brand name,” New England Ketamine founder Casey Brachvogel said. “The trust and equity that Irwin Naturals has built up over the past 28 years will help us bring these treatments to even more people in need.”
Irwin Naturals is a brand name known by more than 100 million people and is recognized in 80 percent of all US households, the company said, citing a survey. Its products are stocked in more than 100,000 storefronts in North America.
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