Mental health has finally gone mainstream.
As the conversation grows louder and acceptance towards the seriousness of the disease spreads like wildfire, it remains evidently apparent that current forms of treatment for severe cases continues to lack effectiveness. It hasn’t been until recently that psychedelic medicine has shed its negative connotation and finds itself immersed in dialogue towards innovative treatment alternatives for individuals who suffer from severe chronic pain, anxiety, depression, and PTSD, amongst others. Scientists around the world have once again begun to explore the unique medical effects of psychedelic compounds to offer pragmatic treatment for those patients faced with little hope of stability.
The health benefits of psychedelic medicine continue to evolve as days pass, thanks largely in part to numerous studies currently performed by several publicly traded companies across a surging sector. As demand continues to escalate, the question remains how such revolutionary treatment can be easily accessible for those who need it most, and the answer seemingly lies within the utilization of modern technology at a time where face to face assessment is increasingly difficult. Just recently announced, Levitee Labs has joined forces with Adracare and its extensive reach in the medical community with ambitions of building a world-class telemedicine and integrated technology platform to further advance its psychedelic medicines and treatments. By joining forces with the billion-dollar Meditech giant that is WELL Health, Levitee Labs has increased its access to potential patients exponentially, and once operational will likely garish remarkable revenues.
When combined with an impressive arsenal of ready to use products and a bulletproof M&A regimen, Levitee Labs and its technological approach to mental health treatment appears destined to vastly advance the psychedelic medicines market, one that will easily overtake the recreational and medicinal marijuana market that once grasped the attention of global investors before going parabolic. History tends to repeat itself in capital markets, yet more so now than ever the notion of psychedelic therapy operating in unison with new and innovative technologies will generate unrivaled sustainability over its counterpart by offering a solution to a long standing mental health and wellbeing issue that has plagued individuals for centuries.
WELL Health Technologies Corp. (WELL.TO) | CAD $6.83 | $1.41 B | is a technology enabled healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering.
Labelled as one of the top performing stocks in Canada in 2020, supporting more than 2.8 million patients through the support of roughly 15,000 doctors across 2800 medical clinics. Impressively enough, WELL technology is one of the largest tech companies in Canada behind only TELUS, and as such have translated this success into staggering 1500% gains for shareholders since 2019. With its software and services department attributing greatly to its success, revenues grew to $5.8 million as of Q4-2020, up 400% from the $1.2 million achieved just a year prior.
Adracare, a WELL Health Technologies company, is a complete, yet simple virtual clinical solution designed for outpatient clinics, from small practices to enterprises. The platform is designed for specialty clinics but optimizes and centers around patient engagement. The company’s mission is to reduce workflow inefficiencies, by providing curated workflows adapted to each specialty practice. By eliminating manual processes, optimizing data access, and integrating with other mission-critical healthcare platforms, Adracare save clinics time and money. It’s suite of tools includes videoconferencing, simple online booking and messaging, in-session charting, and many more features that unify practice management while making healthcare more accessible and convenient.
Levitee Labs Inc. (LVT:CN) | CAD $0.485 | $38.9 M | continues to establish 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 alternative 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.
Through the recent partnership, Levitee Labs strives to leverage Adracare’s technology tools to deliver a state-of-the art digital technology platform for use towards a practical and innovative mental healthcare delivery system. The platform will allow Levitee Labs to expand its psychedelic therapies to numerous Canadian communities, where current shortages of in-person care providers and effective treatment options continues to be a significant concern.
With hundreds of thousands of patients carrying the burden of addiction and mental health on a daily basis, Levitee Labs strives to provide an industry leading wellness platform to provide care to more patients, including one-on-one counseling, group therapy, consultations, and psychedelic treatments. By utilizing Adracare’s telehealth technology, patients will soon have access to a wide range of mental health services without having to leave the comfort of their own homes, which could prove to be a major stepping stone for patients that are hesitant to reach out for help.
Powered by the rapidly increasing acceptance of psychedelic treatments in combination with a strong demand from therapists and patients for new and effective products and treatments, the psychedelic drugs market is projected to amass a $10.75 billion valuation by 2027. The time is now for advancements in mental health treatment and overall wellbeing, and Levitee Labs integrative wellness strategy in combination with Adracare technologies will be well positioned to capitalize on its contributions to creating accessible, transformative clinical medicines, supplements, and therapies. One can even speculate that as the new partnership blossoms into fruition, WELL Health could very well find the acquisition of Levitee Labs irresistible in the near future.
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