Irwin Naturals Adds Five Ketamine Facilities Toward Goal To Become World's Largest Mental Health Treatment Chain

With the goal of becoming the world’s largest chain of psychedelic mental health clinics, Irwin Naturals Inc. (OTCQB: IWINF) announced the acquisition of five ketamine treatment clinics in Florida and a partnership contract with two clinics in Mexico.

The acquisition agreement is with Ketamine Health Centers Capital Group, LLC (KHC). Irwin will issue dual-class shares equivalent to 1,066,667 SVS and assume or pay off approximately US$1.6M of debt at closing. It will also pay up to US$2.5M in SVS as earnings-based incentives. KHC will be entitled to receive an additional payment equal to the value of 10 times the contracting entities’ 2022 EBITDA less the value of the closing consideration shares at the time of closing.

According to a press release, KHC’s management team will remain in place after the acquisition and each acquired clinic will be renamed Irwin Naturals Emergence.

“The number of patients treated per month at Ketamine Health Centers makes this acquisition in our national roll-up particularly exciting,” said Klee Irwin, the company’s CEO. “This transaction brings the total of our US-based clinics to six locations.” The first one was Midwest Ketafusion.

KHC’s chief medical officer, Dr. Raul Cruz, said that he was impressed by Irwin’s philosophy of leveraging its existing scale to “drive down patient costs while being profitable at all stages of the expansion,” as well as its procedure of supplementing ketamine with transcranial magnetic stimulation.

Irwin’s acquisition is part of a bigger strategy of a national-level roll-up of ketamine clinics.

Photo: Courtesy of Louis Reed on Unsplash.