Novamind Inc. (Canadian: NM) (OTCQB:NVMDF), a company in the psychedelics space operating several mental health clinics, has signed a definitive agreement to acquire Arizona-based Foundations for Change, a mental health practice specialized in ketamine-assisted psychotherapy.
The transaction will involve a combination of cash, Novamind common shares and assumed debt with the Foundations’ sole stockholder Jeff Edelman and is expected to close in January 2022 subject to several regulatory approvals.
Foundations for Change currently operates one outpatient mental health clinic in Peoria, Arizona with an annual revenue run rate in excess of US$800,000 and owns a second, larger location in Phoenix, which is scheduled to open in early 2022.
The Arizona clinics will be added to Novamind’s Utah-based network of mental health clinics offering several treatments including Ketamine-assisted psychotherapy.
Photo by Colin Lloyd on Unsplash.
