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Ketamine-therapy provider Revitalist Lifestyle & Wellness Ltd. RVLWF along with psilocybin biotech company WAKE Network Inc. announced a joint venture partnership to open psychedelic clinics and retreats with vertical offerings and a personalized medicine and therapy approach.
Revitalist owns full-service psychedelic clinics offering ketamine infusions, therapy, integrative and functional medicine and wellness retreats. Its US clinics’ total revenue was $2.43 million on June 30, 2022, with over 16,000 appointments taking place from January 1 to November 1, an increase of over 300% from the prior year.
On the other hand, Wake Network’s vertically-integrated naturally-derived psilocybin platform includes a large psilocybin mushroom facility in Jamaica importing to Canada and the U.S.
As such, the new joint venture would focus on Oregon and Washington state. But more importantly, the intention to bring its psilocybin cultivation, therapy technology and psychedelic wellness platform positions the partnership to become a vertically-integrated psychedelics company.
“The joint partnership with Wake Network allows us to continue to effectively lead an extremely fast-growing market. With recent reporting of the market analysis, the ketamine treatment market size was valued at $132.43 million in 2021 and is expected to expand at a CAGR of 75.52% during the forecast period, reaching $3871.44 million by 2027. With healthcare experts from Revitalist and expert biotech developers from Wake, it will be exciting to see this partnership’s revenue potential,” said Revitalist’s CEO Kathryn Walker.
Wake, CEO Nick Murray added, “The personalized, multi-psychedelic approach we are offering through the joint partnership with Revitalist allows greater access along with an advanced medicine approach. This will accelerate the growth of both companies on an international level with revenues combined from the psilocybin, ketamine, and personalized medicine markets.”
Photo courtesy of geralt and sergeitokmakov on Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.