Industry Sees Growth in Digital Health and Medicinal Cannabis
The digital health and medicinal cannabis sectors are rapidly evolving, with demand for telehealth services and alternative treatments on the rise. Vitura Health Limited (ASX:VIT) is capitalising on this opportunity, having officially completed its acquisition of Candor Medical, a provider of innovative prescription treatments via telehealth. This strategic move strengthens Vitura’s position in the growing industry.
Vitura Chair, Robert Iervasi, says the acquisition is an exciting milestone for the company. “Vitura is very pleased to have completed the Candor acquisition and to welcome both Joel and Lisa Beckett into the Vitura family,” Iervasi said. “We look forward to working closely with the whole Candor team to drive further growth and value for our shareholders and to continue our delivery of best-in-class service for our growing patient base.”
Acquisition Details and Investment Structure
The acquisition includes Livelihood Health Pty Ltd and its associated businesses, collectively operating under the Candor Medical brand. Candor provides access to medicinal cannabis and other prescription treatments through its telehealth services.
The total purchase price for the acquisition is 5.9 million, consisting of an upfront 4.0 million cash payment and a deferred 1.9 million to be paid in equal instalments over the next 18 months. The funds for the acquisition came from a 5.17 million share placement, subscribed by AFO Investments Pty Ltd.
Candor Founders Join Vitura’s Leadership Team
As part of the transaction, Candor founders Joel and Dr Lisa Beckett will continue with the business under Vitura. Joel Beckett will serve as General Manager – Specialty Clinics, while Dr Lisa Beckett will take on the role of Chief Medical Officer – Specialty Clinics.
Their ongoing leadership is expected to ensure a seamless integration of Candor’s services into Vitura’s growing digital health network.
Vitura’s Expanding Digital Health Ecosystem
Vitura operates a portfolio of businesses designed to streamline healthcare services through digital innovation. Key subsidiaries include:
- Burleigh Heads Cannabis – A leading online ecosystem connecting prescribers, patients, pharmacies, and suppliers, distributing over 430 therapeutic products in Australia.
- Canview – A digital platform that integrates healthcare services, allowing doctors to manage prescriptions, connect with patients, and facilitate streamlined treatment.
- Doctors on Demand – A 24/7 telehealth platform offering a range of medical services, from general consultations to specialist referrals.
- Cortexa – A joint venture focused on supplying psychedelics, including MDMA and psilocybin, for research and therapeutic use.
- CDA Clinics & Cannadoc – Telehealth clinics providing nationwide access to medicinal cannabis treatments.
Looking Ahead: Growth and Market Expansion
With Candor Medical now under its umbrella, Vitura is well-positioned to expand its reach in the digital health sector. The integration of Candor’s telehealth services into Vitura’s ecosystem enhances its ability to provide efficient, patient-focused healthcare solutions.
The acquisition aligns with Vitura’s broader strategy to strengthen its leadership in the Australian medicinal cannabis and digital healthcare markets. As demand for alternative treatments continues to grow, the company is well-placed to drive innovation and deliver long-term value to shareholders.
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