Artificial Intelligence driven Marketing Communications
CB2 Insights has announced that it has achieved its target of reaching profitability. On an unaudited basis, the Company has seen positive EBITDA for April 2020. Amidst the ever-evolving COVID-19 pandemic, the Company continues to work hard to prioritize achieving full profitability. This will allow the Company to strengthen its cash balance and remove all reliance on external capital for activities beyond strategic initiatives. The Company will use only cash derived from operations to support current and new projects.
Further, the Company has seen a growth of 25% in patient visits during the month of April compared to the same period in the prior year. Total patient visits in April 2020 were 6,756 for the month compared to 5,366 in April 2019. The Company continues to see accelerated growth in patient volume driven through national brand exposure (30+ corporate-owned clinic locations in 12 states across the US), competitive marketing and patient acquisition strategies as well as effective patient retention programs.
Additionally, the Company expects to see further growth as a result of recent laws in the US allowing for telemedicine to be utilized for medical cannabis certifications across all the states the Company operates in. This will provide the Company the ability to access remote parts of each state where services are either limited or unavailable to patients. With a team of over 70 healthcare providers, the Company has the scale and size to support patients across the state and is focusing on expanding its marketing efforts to support this expansion.
The Company also recently announced the launch of Skylight Health Group (“SHG”) as part of its clinical operations in the United States. SHG, which will provide a range of integrated health services such as primary medical care, consultative specialist care and alternative health, wellness & multi-disciplinary services will operate under an insurable integrated model in accordance with the rules, regulations and requirements by the Centers for Medicare and Medicaid Services (“CMS”). Provision of insurable services to patients at a limited or no cost will allow greater access for patients who are currently unable to afford such care as a result of growing unemployment rates due to the Covid-19 pandemic.
Both initiatives in addition to other projects the Company is currently working on will be funded solely through profits generated from operations.
“Achieving positive EBITDA by Q2 was a commitment made to our shareholders and other company stakeholders over the last 6 months. I am glad to announce that we continue to execute on our business plan, focused on what is relevant to our core, and ensuring successful execution by our entire team to reach this significant milestone,” said Prad Sekar, CEO, CB2 Insights. “Profitability at a time in today’s market where leveraging external capital is highly dilutive and expensive, allows us as a Company to focus on building on and not just holding our current position; and doing so in the best interest of our shareholders and commitment to the long-term value we intend to achieve. Furthermore, it allows us a business to invest capital in growth areas such as data analytics and research to additionally boost future revenue and margins as we continue to establish ourselves in the traditional Healthcare and Technology industries.”
The Company continues to see strong demand within the month of May and will provide further updates over the coming months. CB2 Insights continues to bolster its data insights business unit with two interactive dashboards available at www.cb2insights/insights. These dashboards are in real-time and give users immediate results. Visitors to the website can also request further, custom insights from the Company.
About CB2 Insights
CB2 Insights (CSE:CBII) is a global leader in clinical operations, technology & analytics solutions and research and development services with a mission to mainstream medical cannabis into traditional healthcare. Providing immediate market access through its wholly-owned clinical network across 12 jurisdictions, proprietary data-driven technology solutions and comprehensive contract research services designed for those in both the medical cannabis and traditional life sciences industries, CB2 Insights is able to support its partners across the entire data and research spectrum.
CB2’s Clinical Operations business unit leverages extensive experience to develop clinical models with standard operating procedures, advanced workflows, training and ongoing management support. CB2 also owns and operates its own specialty clinics including the brands Canna Care Docs and Relaxed Clarity which assess nearly 100,000 patients seeking medical cannabis treatment to provide immediate market access to US-based product manufacturers for clinical trial and research programs.CB2 also owns and operates Skylight Health Group, an integrated health division providing patients access to primary care, family medicine, integrative and wellness services.
The Company has built both electronic data capture (EDC) and clinical data management software (CDMS) which work to support its partners of any size to execute their data and clinical strategies.
CB2 also offers comprehensive contract research organization (CRO) services including full scale clinical trial management, trial design, monitoring and other key research functions used by licensed producers, multi-state operators and traditional pharmaceutical companies entering the medical cannabis space.
For more information please visit www.cb2insights.com.
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