Field Trip Health Closing Fredericton Clinic
FREDERICTON – Field Trip Health is closing its Fredericton clinic, along with four other clinics in the United States.
The company says it’s closing the clinics “in an effort to reduce expenditures and preserve capital.”
Along with its clinic in Fredericton, Field Trip is shutting shop in Chicago, Washington DC, Seattle, and San Diego. It anticipates all five will close “on or around” April 15.
Founded in Toronto in 2020, Field Trip Health is a therapy clinic that aims to take advantage of changing attitudes toward psychedelics by offering ketamine-assisted therapy.
RELATED: Field Trip Health Introduces Ketimine Therapy to Fredericton
However, the company is struggling financially and has yet to turn a profit.
In 3rd-quarter financial statements released on February 28, Field Trip reported a net loss of $6.9 million. The company’s expenses totaled $8.1 million and it brought in just $1.6 million in profit.
The company says it has racked up a deficit of $48.7 million and had $17.87 million in negative operating cash flows over the last nine months.
With profitability nowhere in sight and new funding scarce, Field Trip formed an independent committee in December to start a review of the company and “assess strategic options.”
In a March 15 news release, Field Trip said the review is ongoing and that it’s investigating “alternate courses of action” that include more cost reductions, restructuring, closing more clinics, and “settlement of lease obligations.”