Irwin Naturals Inc. (CSE:IWIN) revealed that it has completed the acquisition of two ketamine clinics in Georgia through an asset purchase of Invictus Clinics LLC, which will be brought into its fast-growing national chain of psychedelic mental-health facilities.
For the acquisition, Irwin Naturals will make the sellers cash payments, as well issue at least 333,333 subordinate voting shares no later than January 10, 2023. The Los Angeles-based company said the transaction includes an additional contingent sum based on future milestones linked to operational and profitability targets to be satisfied in shares.
The clinics are in Atlanta and Woodstock, in Georgia, operated under the Invictus Clinic name. They offer ketamine-assisted therapy, hydration through IV infusion as well as NAD+, said the firm. They join Irwin Naturals Emergence, a national chain of mental-health facilities.
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In a statement, Irwin Naturals CEO Klee Irwin said: “The vision we laid out for Irwin Naturals Emergence is becoming a reality with each acquisition we announce and execute. We wanted to be a first mover in this new and revolutionary area of healthcare and adding these two clinics is further proof that we are a first mover in this space.”
Meanwhile, Wesley Karcher, who is the co-founder of Invictus, saw the developments as a “huge opportunity” to create a business capable of providing “life-changing treatments to those in need.”
“A central mission at Irwin Naturals Emergence is to expand access and even serve as a bridge, in those instances, where we wait for the insurance industry to catch up to the power of ketamine and other psychedelics in mental healthcare,” said Karcher. “With this partnership, we are aligning our goals and hope to expand our footprint quickly throughout the Southeast and beyond.”
Over several months, Irwin Naturals Emergence has vetted over 600 US-based independent ketamine, to identify profitable clinics that practice the standard of care consistent with the Irwin Naturals brand. The firm has then invited the clinics to join Irwin Naturals Emergence in the national rollup that is now underway.
The acquisition of the two Georgia clinics completes the sale agreement that was announced on June 21 this year. In July, Irwin Naturals Emergence had binding agreements or had completed the acquisitions of 10 ketamine clinics across five states.
“I am delighted at the opportunity for Wesley and myself to partner with Irwin Naturals. From the very first conversation, it was apparent that our values and visions are aligned,” said Brandon Grinage, who is also co-founder and Medical Director at Invictus. “This deal makes apparent our ambitions to raise mental health awareness and bring treatment to millions of Americans in dire need. I am humbled to be joining an organization that is rapidly becoming the tip of the arrow in the ketamine and psychedelic space.”
According to Irwin, a national chain will offer economies-of-scale and drive down operating costs, a savings that can then be passed on to customers by providing sliding-scale discounts and even pro bono treatment for those in need.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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