Startup Hormonal Wellness Platform to Buy Ketamine Wellness Centers

Startup online health care provider Peter/PetraMD plans to acquire Ketamine Wellness Centers (KWC), one of the largest ketamine infusion therapy providers in the U.S., for $1.15 million in tranches over 12 months.

If successful, the acquisition would give Peter/PetraMD an entry into the ketamine therapy space.

Cutter Streeby, chief growth officer at Peter/PetraMD, said in a statement that KWC’s infrastructure would help the company reach its goal of offering low-cost and easy-to-use health care through online services. The company plans to keep treating current ketamine patients and grow the business using its expertise.

“We understand telemedicine, and we understand what it is our patients want – they want to feel better, they want to get better, and they want to live better lives. This acquisition would definitely further our mission to provide affordable and equitable access to health care across the nation,” Streeby said.

The deal depends on successful negotiations and a nonrefundable payment of $100,000, plus assumption of the company’s existing debt.

Bryan Henry, the founder of Peter/Petra MD and a former soldier who has benefited from ketamine therapy, added that the deal could give more veterans access to the care they urgently need.

“I saw an incredible opportunity for Peter/PetraMD to truly expand the footprint and the success of ketamine treatment not only in our veteran population, but also at the national level,” Henry said.

The deal comes as a lifeline for KWC, which recently faced collapse under the leadership of Delic Holdings Corp. (CSE: DELC) (OTCQB: DELCF), a Canadian psychedelic wellness platform started by former executives at High Times magazine, including Matt Stang.