- Levitee Labs achieves August 2021 revenues of $893,863
- Levitee Clinics & Pharmacies achieves August 2021 revenues of $543,705
- Continued growth across core divisions of the company, including Levitee Clinics, Levitee Pharmacies, and Earth Circle Organic
VANCOUVER, British Columbia, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Levitee Labs Inc. (the "Company" or "Levitee Labs”) (CSE: LVT), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, is pleased to publish revenue figures for the month of August 2021. On a consolidated basis, the Company has recorded (unaudited) revenue of $893,863 for the month of August.
Since acquiring ACT Medical Centres in July, Levitee Pharmacies has seen its revenue increase by 10.0% from July to August. Earth Circle Organics, Levitee’s direct-to-consumer and wholesaler of supplements and superfoods products increased sales 14.5% from July to August ($303,731 in July to $347,902 in August). This has been primarily achieved through further scaling the direct-to-consumer business and introducing a multidisciplinary component to Levitee Labs’ healthcare assets, incorporating novel mental health and treatment modalities.
Founder and CEO Pouya Farmand stated, “We are focused on continuing to scale our business with both organic growth initiatives as well as pursuing further acquisitions in the health and wellness space. Our team is working hard on integrating our current assets and pushing to realize both operational cost savings in addition to top line growth.”
Mr. Farmand continued by saying, “The Company is successfully executing on its strategic plan to innovate internally, accelerate organic growth through cross-sales opportunities, and make strategic value acquisitions on an opportunistic basis. We have put a strong emphasis on the continued growth of recurring revenues.”
The Company will look to further build on its aggressive expansion plans for the upcoming twelve months. The core focus of the Company is to generate revenue by taking advantage of opportunistic acquisitions, increasing margins, and further developing its portfolio of assets through organic growth and other significant growth opportunities that are available in the market.
About Levitee Labs Inc.
Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A 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 into a medical home care model. The company’s current portfolio of assets includes: Levitee Clinics & Levitee Pharmacies, which includes ACT Medical Centres, a group of five operating addiction and pain treatment clinics in Alberta, Canada; Block MD, the first technology company in Alberta, Canada to receive provincial approval for electronic-prescriptions in the addiction treatment space; three pharmacies operating in Alberta, Canada specialized in filling prescriptions for patients with substance use disorders, mental health conditions, and chronic pain; MONKE Nutraceuticals, a company specialized in developing and distributing premium functional mushroom supplements sold via online portals; and Earth Circle Organics, a direct-to-consumer and wholesaler of supplements and superfood products with 180+ SKUs in its product lineup across three brands. Further information about Levitee Labs is available on its website at leviteelabs.com.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee Labs anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting Levitee Labs’ business plans and proposed products, and the benefits derived from mushroom-infused products. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. These statements and other forward-looking information are based on assumptions made by Levitee Labs based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release as well as management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. These assumptions may also be based on information obtained from third-party industry analysts and other third-party sources. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Levitee Labs as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: Levitee Labs’ limited history of operations; ability to secure additional financing; negative cash flow from operating activities since inception; regulatory requirements; changes in consumer preferences; supply of raw materials; reliance on a limited number of products; brand awareness; the ability to develop, market and produce new products; dependence on certain key senior managers; reliance on third parties for manufacturing and packaging; potential product liability claims and product recalls; and significant competition. For additional information regarding these risks, please see the risk factors identified and reported in Levitee Labs’ public filings under its SEDAR profile at www.sedar.com. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date of this news release, and Levitee Labs assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws. The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release and accepts no responsibility for the adequacy or accuracy hereof.
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