ETHEMA HEALTH Business Summary

Ethema Health Corp (GRST) operates as a specialized behavioral healthcare provider primarily focused on the treatment of substance use disorders (SUD) through its wholly owned subsidiary, the Addiction Recovery Institute of America (ARIA). The company generates revenue through a fee-for-service model encompassing in-patient detoxification, residential care, and outpatient services across its facilities in Florida and Kentucky. Its business segments are divided geographically, with Florida operations centered in West Palm Beach and Boca Raton, and Kentucky operations managing a significant bed capacity in Morehead and Paducah. As of early 2026, the company has shifted its strategy toward organic growth and smaller-scale acquisitions following the December 2025 termination of a major merger with Addiction Recovery Care LLC. In the competitive landscape, Ethema competes with larger behavioral health and care facility operators such as BioCorRx Inc. (BICX), American Shared Hospital Services (AMS), and Brookdale Senior Living Inc. (BKD). Ethema distinguishes itself as a micro-cap "center of excellence" targeting Medicaid-insured populations and utilizing real estate sale-leaseback transactions to maintain operational liquidity. Leadership is spearheaded by Shawn Leon, who has served as Chairman, CEO, and CFO since 2010. Leon brings over 25 years of experience in managing public and private development-stage companies across diverse sectors, including medical, hospitality, and real estate, and notably assumed the CEO role at Sparta Group in 2025. The board includes Independent Director Gerald T. Miller, the Managing Partner of the law firm Gardiner Miller Arnold LLP, who provides critical expertise in business law, institutional finance, and merger and acquisition transactions. The company maintains a high degree of insider alignment, with Leon and his spouse, Eileen Greene, holding a controlling interest of over 50% of the outstanding shares. This concentrated leadership structure is supported by a lean executive team that prioritizes clinical accreditation and facility expansion to drive shareholder value in the fragmented SUD treatment market.