Murray, Utah-based KindlyMD Raises $6.8 Million in Gross Proceeds Through a "Nano Cap" Initial Public Offering

Murray, Utah-based KindlyMD Raises $6.8 Million in Gross Proceeds Through a "Nano Cap" Initial Public Offering
Photo of a budding marijuana plant by diyahna-lewis-WhFDyPpBG2E downloaded from Unsplash on 10 April 2024.

Five-year-old KindlyMD "... offers direct health care to patients integrating prescription medicine and behavioral health services to reduce opioid use in the chronic pain patient population."

And, as of 10 June 2024, KindlyMD has entered into a collaboration agreement with market leader, Curaleaf, to expand patient education on "medical cannabis care" in Utah.

Surprise, surprise — Utah now has a publicly traded company in the "medical marijuana" space. Kind of.

On 3 June 2024, Murray, Utah-based KindlyMD (NASDAQ:KDLY) (NASDAQ:KDLYW) announced that it had raised $6.8 million in gross proceeds through an initial public offering by selling ~1.24 million units at $5.50 per unit.

According to KindlyMD's news release, each unit sold (in what I consider to be a "nano-capitalization" IPO) was comprised of

  • One share of KindlyMD's common stock,
  • One tradeable warrant to purchase one share of KindlyMD common stock at an exercise price of $6.33 per share, and
  • One non-tradeable warrant to purchase one-half of one share of KindlyMD common stock at an exercise price of $6.33 per share. 

Additionally, the shares and tradeable warrants began trading on the Nasdaq Capital Market on 31 May 2024, under the symbols KDLY and KDLYW, respectively.

KindlyMD also offered its underwriter, WallachBeth Capital, a 45-day option "... to purchase, at the public offering price, up to an additional 186,136 shares of common stock and/or 186,136 tradeable warrants, and/or 186,136 non-tradeable warrants, or any combination thereof, at the public offering price per share of common stock and per warrant, respectively, less, in each case, underwriting discounts and commissions. ..."

A Brief Re-Introduction to KindlyMD

As noted in our 2023 writeup about the company, KindlyMD filed its initial paperwork with the U.S. Securities and Exchange Commission for an initial public offering last September.

As described in its final prospectus, KindlyMD defines itself as a "... pain management clinic and healthcare data company."

The company also writes that it is

"... one of the largest providers of medical evaluation and management services related to treatment recommendations within (Utah's) medical cannabis program ..."

According to its website, KindlyMD addresses patient care in such areas as

  • Mental health,
  • Pain management,
  • Sleep support,
  • Weight loss,
  • Medication management, as well as
  • Medical card issuance and renewal.

Regarding the last bullet point, patients interested in addressing their health conditions via so-called "medical marijuana" must be issued a "Medical Card" by a licensed Qualified Medical Provider.

According to the Utah Department of Health and Human Services websiteQMPs are 

"Utah-licensed physicians (MDs and DOs), advanced practice registered nurses (APRNs), physician assistants (PAs), and podiatrists (DPMs) who are licensed to prescribe a controlled substance may receive approval from DHHS to recommend medical cannabis treatment for their patients."

As a Utah-licensed QMP, KindlyMD does NOT have on hand, or disperse, medical marijuana / cannabis products of any kind at any of its facilities.

In fact, as noted on its website, KindlyMD's professional providers also issue prescriptions for

  • Pain medications, such as Percocet, OxyContin, etc.,
  • Depression and anxiety medication, such as Prozac, Xanax, Ativan, Lexapro, etc.,
  • ADHD medication and stimulants, such as Adderall, Vyvanse, etc.,
  • Sleep medications, such as Lunesta, Ambien, etc.,
  • Weight loss injections, such as Ozempic, Mounjaro, Semaglutide, etc., and yes, even
  • Erectile dysfunction medications, such as Viagra, Cialis, etc.

Today, KindlyMD "... currently operates four centers including the largest alternative pain treatment center in Utah ..." and post-IPO, it plans to open between two to four new centers with monies raised via its offering.

The Curaleaf Collab

Two Mondays ago (10 June 2024), KindlyMD announced a strategic collaboration with one of the world's largest providers of consumer cannabis products, Curaleaf Holdings (TSX: CURA) (OTCQX: CURLF).

Under terms of the agreement,

"... KindlyMD and Curaleaf will work together to provide educational resources and information with a community perspective on holistic pain management and treatment ... (known as) ... the KindlyMD Complete Care program."

Specifically, the two firms will "co-host three charitable, community care events this summer," each at Curaleaf pharmacies in Utah County:

  • June 25 at the Curaleaf pharmacy in Lehi, Utah;
  • July 16 at the Curaleaf pharmacy in Provo, Utah; and
  • August 6 at the Curaleaf pharmacy in Payson.

According to Tim Pickett, PA-C, Founder and CEO at KindlyMD:

"Our innovative collaboration with Curaleaf will provide more patients with access to pain management treatment options and alternative therapies, including, where appropriate, medical cannabis care in the state of Utah."

Hmmmm, so now to see how KindlyMD does with this modest injection of capital via its IPO.


In case you're not aware of Utah Money Watch, our goal is to publish Utah-focused monetary, financial, and/or business news, context, and analysis on a timely/regular basis, ideally information NOT available through any other source.

[You might think of us at the opposite of Bloomberg, CNBC, and/or The Wall Street Journal, each of which focus on international/national news first and rarely report on local happenings. Conversely, we are passionately focused on uncovering the most important monetary, financial, and/or business news and information that impact the organizations and people of Utah.]

Here again, the intent is to publish news, information, context, and analysis NOT available through any other source.

To that end, this article was originally published and distributed to our Subscribers at approximately 7:05am (MT) on Wednesday, 19 June 2024.

However, if you are seeing this report sometime after this date/time and you are interested in seeing similar reports and/or other Utah-focused monetary/financial/business news, context, and analysis write-ups in the future on an instantaneous basis when they are published, you can do so by subscribing, FOR FREE, to Utah Money Watch.

This will take less than 30 seconds and can be done from any page on the Utah Money Watch website.


1. Click on a "Subscribe" button on any Utah Money Watch webpage,
2. Enter in your name in the proper field in the popup window that appears on-screen, and
3. Enter your preferred email address in the proper field too.

That's it. And "Yes," it really is that simple.

And ... it IS free.

So we hope to see you join us as a subscriber of Utah Money Watch.


Team Utah Money Watch