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Wednesday, 11/30/2022 8:05:34 AM

Wednesday, November 30, 2022 8:05:34 AM

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“7:30a ET 11/30/2022 - Globe Newswire
Irwin Naturals Leverages Household Brand Status in Effort to be World's Largest Chain of Psychedelic Mental Health Clinics

GlobeNewswireNovember 30, 2022
LOS ANGELES, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Irwin Naturals Inc.(CSE: IWIN) (OTC: IWINF) (FRA: 97X) ("Irwin" or the "Company") announced today it reached a binding, arms-length, agreement to acquire Serenity Health, LLC in Louisville, Kentucky, on November 25, 2022. The move continues Irwin's national ketamine clinic rollup strategy that has seen the Company move quickly toward its goal of building Irwin Naturals Emergence into the world's largest chain of psychedelic mental health clinics. Irwin Naturals was founded in 1994, building itself into a nationally renowned company with its first-in-class line of nutraceuticals that are available in more than 100,000 stores across North America. The Irwin Naturals brand is recognized in 80 percent of American households.1

Klee Irwin, CEO of Irwin Naturals, said, "With each clinic we bring under the umbrella of Irwin Naturals Emergence, we take another step toward the forefront of this new approach to mental healthcare. We are the world's first household name to enter the space and are moving fast with the goal of being the first mover in this market."

Irwin Naturals Emergence already includes clinics in Florida, Vermont, New Hampshire, Iowa, and Georgia. Currently, ketamine is the only psychedelic available for use in the United States outside of clinical trials when used as prescribed. However, MDMA and psilocybin may be authorized for therapeutic use in the future. This creates the possibility of radically changing the way we treat mental-health concerns.

Beth Ann Nevius, cofounder and CEO of Serenity Health, said, "What impressed us about Irwin's approach to America's mental health crisis is its philosophy of using national scale to drive down patient costs. Furthermore, the Irwin team has proven itself capable of building a national brand with an exceptionally faithful customer base. We are looking forward to becoming part of the Irwin team and taking this great brand nationwide, making mental healthcare accessible to all."

Irwin Naturals Emergence is a wholly owned subsidiary of Irwin Naturals, and it was formed when the Company decided to enter the fast-growing sector of psychedelic mental healthcare. Over the past year, Irwin Naturals Emergence has identified ketamine clinics that practice a high standard of care to explore the possibility of adding these clinics to the national chain. This offers the possibility of increased economic efficiency because of the national scale of the operation that could help drive down operating costs, making it possible to pass savings along to the consumer in the form of sliding-scale discounts and even pro-bono treatments for those in need. Irwin Naturals' name and reputation makes it an impactful voice in this new area of mental healthcare due to the Company's history in safely caring for the health of its patients vouching for the safety and the efficacy of psychedelic treatment.

Irwin added, "We see ourselves as the Coca Cola first mover, and will be leveraging our brand equity and status as a cult brand to expand rapidly as society embraces the psychedelic mental health revolution. This is important because, as a psychedelic, ketamine is an effective treatment for many mental health disorders. However, some Americans are not clear on its potential. The trusted Irwin brand will be the welcome face of a familiar friend in a crowd of strangers - making this life-saving solution a bit less intimidating to those in need."

The Agreement is subject to certain customary closing conditions and regulatory approvals. The total consideration will be paid in upfront and deferred consideration. Also included are contingent payments based on milestones related to expansion and profitability goals.”

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