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Champignon Brands forms North American planning committee to accelerate US expansion

The ketamine clinic operator is in the midst of discussions with revenue-generating clinics in six states as part of its goal to open five US clinics in 2020

Champignon Brands Inc. -
Champignon plans to open at least five new clinics in New York, Florida and California

Champignon Brands Inc (CSE:SHRM) (OTCQB:SHRMF) has announced the formation of a new North American clinical expansion committee as part of its plan to open five new clinics in the US this year.

The Vancouver-based company said the committee is tasked with accelerating its expansion in the US, where it is in the midst of discussions with revenue-generating clinics in six states.

In a statement, Champignon said it hopes to capitalize on the fragmented nature of the US ketamine clinic marketplace to create a consortium of integrated mood disorder treatment and research facilities.

READ: Champignon Brands closes deal to acquire ketamine clinic operator AltMed Capital

“By leveraging existing protocols, data sets and SOPs from our flagship clinic, the Canadian Rapid Treatment Centre of Excellence, arguably the most advanced integrated mood disorder centre in North America, we will improve economics, increase patient enrollment and function as the pre-eminent brick and mortar staging ground for novel molecule discovery initiatives,” Champignon CEO Gareth Birdsall said in the statement.

The firm remains bullish on the US marketplace due to favourable co-payer infrastructure and a vast addressable patient population, according to Birdsall. It is currently in discussions with clinic operators in California, New York, Pennsylvania, Texas, Florida and Missouri.

Champignon focuses on the formulation and manufacturing of novel ketamine, anaesthetics and adaptogenic delivery platforms for the nutraceutical and psychedelic medicine. Its business is supported by a leading psychedelics medicines clinic platform, including the Canadian Rapid Treatment Centre of Excellence that the firm acquired last month.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Champignon Brands Inc.

Price: 0.89 CAD

CSE:SHRM
Market: CSE
Market Cap: $70.54 m
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