Levitee Labs releases Monke, signs distribution deal

Levitee Labs Inc. has provided insight into the company’s achievements to date, current operations and strategic initiatives.

Levitee has ambitious plans to advance its business following its recent successful listing on the Canadian Securities Exchange. A review of the company’s recent achievements and current business is as follows:

• On July 14, 2021, Levitee launched its Monke premium mushroom supplement blends into the North American market on major e-commerce platforms, including Amazon.
• The company has completed construction of its Sporeo Supply facility, which manufactures and sells sterilized grain and substrate for mushroom cultivation, reducing the current supply backlog for mushroom growing feedstock.
• A master distribution agreement has been signed with My Green Planet, a leading global agricultural supply group, giving Sporeo access to approximately 7,000 retailers across North America, Australia and Europe. The master distribution agreement provides for a combined monthly minimum preorder amount of 150,000 units of sterilized grain and substrate;
• Levitee has executed letters of intent for the acquisition of a number of businesses, which include:
  • Six addiction clinics;
  • Three specialized pharmacies;
  • A telemedicine platform;
  • An omnichannel superfood and supplement brand;
  • A functional-mushroom-based tea company;
  • A late-stage applicant for a Controlled Drugs and Substances Act (CDSA) licence from Health Canada;
  • The company is progressing through due diligence and negotiation of definitive documentation with respect to each of these transactions
• Levitee has a well-capitalized balance sheet with sufficient working capital to execute on future acquisitions, as well as continuing business initiatives.
• These milestones are part of the first phase of the company’s model to derisk and support growth by internally developing and acquiring cash-flowing business that are complementary to the psychedelic industry. As regulations develop, the next phase of the company’s strategy will involve the inclusion of alternative and psychedelic therapies into Levitee’s platform of traditional health care assets.

“By acquiring traditional health care assets and subsequently layering in alternative medicines and psychedelic therapies as regulations develop, Levitee will have direct and immediate access to a much broader patient population. We believe that this will serve as a strong platform from which to deploy impactful alternative and psychedelic-based treatment options,” stated Pouya Farmand, chief executive officer of Levitee.

About Levitee Labs Inc.

Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A (merger and acquisition) regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.

The company’s current portfolio of assets includes Sporeo Supply and Monke Nutraceuticals. Sporeo manufacturers the first commercial-grade offering of spawn and substrate and has mass distribution agreements in place with leading global distributors. Sporeo is currently developing an e-commerce platform that will be a centralized portal for all mushroom cultivation needs. Monke specializes in the development and distribution of premium functional mushroom supplements. This adaptogenic product line was formulated to enhance consumers’ well-being. Levitee Labs aims to catalyze access to compounds and alternative medicines that enhances the well-being of society.

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