•We believe WELL’s largest ever acquisition, CRH Medical, is highly problematic refecting that WELL hype train is over. Red fags indicate a high likelihood of confict of interest and due diligence failures. Bottom line – CRH appears to be a toxic deal that WELL grossly overpaid for; if this is the best they can buy, shareholders are in trouble. • We uncover the reality of the economic impact of CRH’s key customer “renewal” and it’s not pretty. • It appears WELL has omitted crucial information on many recent acquisitions, including CRH. Acquisitions are marketed as synergistic, and fnancially solid, but evidence uncovered suggests otherwise. • WELL paid a 300% premium for Adracare, a company emerging from bankruptcy with a history of cooked fnancials. • WELL purchased a “proclaimed telehealth” company Circle Medical. However, we believe this is far from reality; that's why Circle’s shareholders cashed out with the WELL deal