Delic Holdings Corp. (CSE:DELC) (OTCQB:DELCF), a company in the psychedelics space, has entered into a binding merger agreement with Ketamine Wellness Centers Arizona LLC, a company operating 10 ketamine infusion treatment clinics across the country.
Ketamine Wellness Centers has locations in Arizona, Colorado, Florida, Illinois, Minnesota, Nevada, Texas and Washington. The company has overseen an aggregate of 60,000 treatments to date.
The clinics will be added to Delic’s assets, which already include two ketamine therapy clinics.
“We have been fortunate to earn the trust of a diverse patient base as the largest chain of clinics in the country and were looking for a partner that could help scale our efforts to reach the greatest number of those who can benefit from psychedelic wellness treatments,” said Kevin Nicholson, CEO of Ketamine Wellness Centers.
Up to now, his company had grown without external capital.
The $10 million transaction will involve $5 million in cash and another $5 million to be paid in Delic shares.
According to the companies, Ketamine Wellness Centers has been operating profitably with 2020 revenues in excess of $3.5 million.
“KWC is the leading and largest network of trusted health clinics operating in our space, and we have architected Delic to scale their efforts and contribute to their position through our existing portfolio of clinics and media properties which can drive patient count and demand,” said Matt Stang, co-founder and CEO of Delic.
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