The article Irwin Naturals Secures $40 Million Financing was originally published on Microdose.
Following the recent news of its acquisition of Braxia, Irwin Naturals has just announced $40 million in financing, with plans to expand its psychedelic medicine clinics and other operations.
See here for more on Irwin Naturals’ expansion into psychedelics and see the full press release below.
Irwin Naturals Secures $40 Million of Financing for its Current Operations including Psychedelic Mental Health Clinic Rollup, Potential for up to $60 Million
LOS ANGELES, Feb. 02, 2023 (GLOBE NEWSWIRE) — Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) (“Irwin” or the “Company”) announced today that the Company has secured a credit facility as of February 1, 2023 with its existing commercial lender for up to $60 million with $40 million of it currently committed. The rate shall be variable based on the margins of the credit facilities. Half of the facility is in place until August 2024, with a maturity date of February 2028, while half of facility is designed to support day-to-day operations and is in place until February 2028.
This is part of Irwin Naturals’ strategy to accelerate its rollup and be a large player in the world of psychedelic mental health clinics.
Klee Irwin, CEO of Irwin Naturals, said, “Commercial banks are less speculative and more practical than other lenders. Accordingly, low interest line of credit from our commercial bank is a vote of confidence from conservative business thinkers. And this is not just a vote of confidence in our business model. It is an endorsement of management’s ability to execute and continue leading within the mental health care sector.”
“This financing is transformational for the Company,” said Adam Berk, President of Irwin Naturals. “It accelerates Irwin Naturals’ ability to expand our national psychedelic mental health clinic footprint and supercharge the velocity of closings of deals in a large M&A pipeline. We believe low-cost debt financing at this stage of our expansion will be optimally accretive and minimally dilutive for our shareholders.”
Sean Sand, CFO of Irwin Naturals, added, “It is a pleasure for us to partner with our existing commercial lender. It makes our already bullish outlook even stronger with respect to our ability to grow our chain of psychedelic mental health clinics.”
Irwin Naturals began in a different sector of healthcare in 1994, providing best-in-class nutraceutical products that are sold in over 100,000 storefronts in North America alone and with brand recognized in 80% of U.S. homes.1
The Company moved into psychedelic mental healthcare earlier this year, announcing its plan to build a national chain of clinics under the umbrella of Irwin Naturals Emergence. It has vetted more than 600 independent ketamine clinics currently operating in the United States, seeking to identify profitable operations with patient care standards that meet the standards of the Irwin Naturals brand.
Irwin Naturals Emergence recently announced its LOI to acquire Braxia Scientific Corp, a medical research company providing psychiatric, innovative ketamine and psilocybin treatments for mental health disorders. The potential combined business creates a new market leader with operations in multiple markets in the US and in Canada with a total of 22 clinics under control of the two entities, or under agreement to complete an acquisition.
Operating at a national scale will allow us to offer increased efficiencies, such as the ability to purchase treatment drugs and services in bulk. Economies of scale will drive down operating costs, a savings that can be passed on to patients by providing sliding-scale discounts.
About Irwin Naturals
Irwin Naturals has been a household name and best-in-class nutraceutical formulator since 1994. It is now leveraging its household name to enter into the cannabis and psychedelic sectors. Irwin has operated profitably for over 28 years2. The Company’s growing portfolio of products is available in more than 100,000 retail doors across North America, where over 100 million people know the Irwin Naturals brand.3 In 2018, the Company first leveraged its brand to expand into the cannabis industry by launching hemp-based CBD products into the mass market. The Company is now leveraging its brand trust with an objective to become one of the first household names in THC-based products and the world’s largest chain of psychedelic mental health clinics. Irwin Naturals became a publicly traded company on the Canadian Securities Exchange (CSE) in August 2021. The Company’s shares began to be traded on the OTCQB Venture Market in November 2021. More information on the Company’s stock can be found via Bloomberg as well as the Wall Street Journal.
For investor-related information about the Company, please visit ir.irwinnaturals.com/
To contact the Company’s Investor Relations department, please call toll-free at (800) 883-4851 or send an email to Investors@IrwinNaturals.com.