ETHEMA HEALTH Corp

Ethema Health Corporation

Overview

Ethema Health Corporation is an investment holding company that owns and operates addiction treatment health care facilities in the United States through its subsidiaries. Its treatment operations are delivered as insured health care services and include in-network relationships with several health care providers.

Corporate structure (key entities and ownership)

• Parent: Ethema Health Corporation (Colorado)
• American Treatment Holdings, Inc. (ATHI)
  • 100% owned by Ethema via a two-step acquisition: 75% acquired effective July 1, 2021; remaining 25% acquired May 15, 2024
  • Evernia Health Center LLC — 100% owned by ATHI; operates the Evernia treatment facility in West Palm Beach, FL
• ARIA Kentucky LLC — 100% owned by Ethema; operates addiction treatment centers in Kentucky (Morehead and Paducah)
• 950 Evernia Street, West Palm Beach, FL — property associated with Evernia operations
• Boca Leased Premises (899 Meadows Road, Boca Raton, FL) — associated with Boca Raton treatment operations; acquisition and lease arrangements described
• DARE (Delray Andrews RE, LLC) — 100% owned; dormant
• PB Billing LLC — 100% owned; provides billing and collection services for Evernia and ARIA Kentucky
• Other affiliated entities connected to ARIA Kentucky’s asset acquisitions (e.g., ARIA Kentucky Investments, ERC-related entities)

Operations by location

• West Palm Beach, Florida
  • Evernia treatment facility located at 950 Evernia Street
  • Evernia is 100% owned by ATHI, which is 100% owned by Ethema
• Boca Raton, Florida
  • Leased premises at 899 Meadows Road; the company began operating a treatment facility there in January 2025
• Kentucky
  • ARIA Kentucky operates treatment centers in Morehead and Paducah across multiple leased properties (11 leased properties noted)
  • ARIA Kentucky acquired the business and assets of Edgewater Recovery Center (ERC) on January 9, 2025
  • ERC’s real property interests were organized via BH Properties Fund LLC (owned by Shawn Leon) and leased to ARIA Kentucky on an arm’s-length basis

Key transactions and timeline highlights

• February 14, 2017: Acquisition-related restructuring involving Greenstone Muskoka assets and related operations
• 2017–2020: Various acquisitions and asset moves related to Greenstone Muskoka, ARIA, and related properties
• August 4, 2023: Purchase and lease arrangements related to the 950 Evernia property and subsequent related transactions
• May 15, 2024: Ethema acquired the remaining 25% of ATHI from the minority holder
• January 9, 2025: ARIA Kentucky completed acquisition of the assets of ERC
• 2025: BH Properties acquired ERCI/NJ/JDE entities that own related real property

Properties and real estate

• 950 Evernia Street, West Palm Beach — Evernia’s licensed treatment facility
• 899 Meadows Road, Boca Raton — Boca leased premises (facility operated beginning January 2025)
• Morehead, KY and Paducah, KY — treatment centers operated by ARIA Kentucky under lease arrangements
• Real property for ARIA Kentucky’s operations is owned by related entities (for example, BH Properties Fund LLC) and leased to ARIA Kentucky on arm’s-length terms

People and employment

• As of December 31, 2025, Ethema Health employed 207 people and 16 part-time contractors

Marketing and customers

• Marketing emphasizes long-term relationship building with professionals and uses in-network relationships
• The majority of clients are sourced from in-network health care providers