Field Trip Health & Wellness to Close Clinics in 5 Locations Across The US

Here is the press release verbatim

TORONTO, March 15, 2023 (GLOBE NEWSWIRE) — Field Trip Health & Wellness Ltd. (TSX-V: FTHW) (“Field Trip” or the “Company”) today announced that, in an effort to reduce expenditures and preserve capital, it will be closing the Field Trip Health Centres located in Chicago, Washington DC, Seattle, San Diego and Fredericton. The anticipated last day of operation for each of these locations will be on or around April 15, 2023.

Clients in each of these locations will be receiving notice of clinic closures which will include, among other things, information on finding alternative care providers, how to access their medical records and other information required by applicable laws and regulations.

The Independent Committee (the “IC”) of the board of directors of the Company that was formed in December 2022 to assess strategic options for the Company, along with the IC’s financial and legal advisors, continue to review the Company’s operations and investigate alternate courses of actions including, but not limited to, further cost reductions, restructuring, the potential sublease or closure of clinic locations and settlement of lease obligations (the “Strategic Review”). The Company does not intend to comment further on the Strategic Review, unless and until the Board has approved a specific course of action or otherwise determined that further disclosure is appropriate or required by law.

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