Levitee Labs Publishes First Combined Revenue Figures for September 2021 and October 2021

Rhea-AI Summary

Levitee Labs reported combined revenues of $1,553,728 for September and October 2021, demonstrating consistent growth in its core divisions: Levitee Clinics (28.1%), Levitee Pharmacies (40.7%), and Earth Circle Organics (31.1%). Earth Circle's sales increased by 7.7% due to enhanced direct-to-consumer strategies. As the largest non-governmental addiction care provider in Alberta, Levitee aims to expand further through mergers and acquisitions and improve its revenue streams. CEO Pouya Farmand emphasized the importance of community impact alongside shareholder value.

Positive

• Total revenue of $1,553,728 for September and October 2021.
• Revenue growth in core divisions: 28.1% from Levitee Clinics, 40.7% from Levitee Pharmacies, and 31.1% from Earth Circle Organics.
• 7.7% sales increase in Earth Circle Organics from September to October.
• Levitee Labs is the largest non-governmental provider of addiction care in Alberta.

Negative

• None.

• Levitee Labs achieves combined September 2021 and October 2021 revenues of $1,553,728
• Consistent revenue growth and acquisitions across core divisions of the company, including Levitee Clinics, Levitee Pharmacies, and Earth Circle Organics

VANCOUVER, British Columbia, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Levitee Labs Inc. (CSE: LVT) (OTC: LVTTF) (FSE: 7H7) (the "Company" or "Levitee Labs”), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, is pleased to publish revenue figures for the month of September 2021 and October 2021. On a consolidated basis, the Company has recorded (unaudited) revenue of $1,553,728 combined for both months.

Levitee Labs has seen consistent growth across all its divisions, with accumulated revenue from September to October broken down into the following subdivisions: 28.1% for Levitee Clinics, 40.7% for Levitee Pharmacies, and 31.1% for Earth Circle Organics and other wellness products. Earth Circle Organics, Levitee’s direct-to-consumer and wholesaler of supplements and superfoods products increased sales 7.7% from September to October. This has been primarily achieved through further scaling the direct-to-consumer business and further optimization of the multidisciplinary aspects of Levitee Labs’ healthcare assets, incorporating novel mental health and treatment modalities.

Founder and CEO Pouya Farmand stated, “Creating a meaningful impact on our communities and building shareholder value are not mutually exclusive. We are proud that Levitee Labs is now the largest non-governmental provider of addiction care in the Province of Alberta, servicing over 35,000 patients annually while building shareholder value for our investors through centralizing accretive acquisitions, technologically enhancing our portfolio of assets, and integrating new treatment modalities for our patients.”

Mr. Farmand continued by saying, “As we march forward with the overall advancement of the Levitee Labs portfolio of wellness assets, we are proud to be generating substantive and consistent recurring revenue and we look to aggressively expand on this positive momentum in the ensuing months.”

The Company will look to maintain its consistent growth trajectory and execute on its aggressive expansion plans for the upcoming twelve months. The goal of the Company remains to generate revenue through strategic M&A, increasing margins, and further developing its portfolio of assets through organic growth pathways.

About Levitee Labs Inc.

Levitee 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 aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies. The Company’s current portfolio of assets includes: Levitee Clinics™, a group of five operating addiction and pain treatment clinics in Alberta; Levitee Pharmacies™, three pharmacies operating in Alberta specialized in filling prescriptions for patients with substance use disorders, mental health conditions, and chronic pain; BlockMD, the first technology company in Alberta to receive provincial approval for electronic-prescriptions in the addiction treatment space; 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 is available on its website at www.leviteelabs.com.

Forward-Looking Statements

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 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’s business plans and proposed products, and the benefits derived from mushroom-infused products; the expected use of proceeds from the Loan; the acquisitive growth potential of Levitee once acquisitions are completed; the expectation that Levitee will continue to execute its accretive acquisition program, and the contribution of such program to Levitee’s future growth potential; the closing of Tranche 1, including the Levitee’s ability to satisfy the Tranche 1 closing conditions; the closing of any future tranches under the Loan, including Levitee’s ability to satisfy the closing conditions for future tranches of the Loan; and Levitee’s objective to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies. 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 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 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’s 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’s 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 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.

For further information about Levitee Labs Inc., please contact:

Media Contact:
media@leviteelabs.com

Investor and Corporate Communications:
ir@leviteelabs.com

FAQ

What were Levitee Labs' revenues for September and October 2021?

Levitee Labs reported combined revenues of $1,553,728 for September and October 2021.

How did Levitee Labs' revenue break down by division in September and October 2021?

Revenue breakdown for Levitee Labs was 28.1% from Levitee Clinics, 40.7% from Levitee Pharmacies, and 31.1% from Earth Circle Organics.

What percentage increase did Earth Circle Organics experience in sales from September to October 2021?

Earth Circle Organics experienced a 7.7% increase in sales from September to October 2021.

What is Levitee Labs' position in the addiction care market in Alberta?

Levitee Labs is the largest non-governmental provider of addiction care in the Province of Alberta, servicing over 35,000 patients annually.

What are Levitee Labs' plans for future growth?

Levitee Labs aims to maintain its growth through strategic mergers and acquisitions and further develop its portfolio of assets.