TORONTO, April 29, 2020 (GLOBE NEWSWIRE) -- CB2 Insights (CSE:CBII; OTCQB: CBIIF) (“CB2” or the “Company”), has announced that it has officially launched its newest division Skylight Health Group (“SHG”) as part of its clinical operations in the United States. SHG will immediately provide a range of integrated health services from primary medical care, to consultative specialist care, alternative health, wellness & multi-disciplinary services and products to its growing patient population. SHG services are reimbursable in accordance with the rules, regulations and requirements by the Centers for Medicare and Medicaid Services (“CMS”), as well as other private health insurers within each operating state where its physicians, practitioners and patients will be able to enjoy the benefits of an expanded service offering. Under most insurance models, patients typically pay a nominal co-pay amount, however most of the cost of the visit is covered by the health insurer. This structure means the Company can expand its services to patients at limited to no-cost to the patient directly. The primary focus of the SHG will be to provide a broad array of primary and alternative healthcare services including family/specialty medicine and interdisciplinary services focusing on comprehensive care, chronic disease management and health promotion/education.
“Skylight Health Group will be a substantial addition to our existing methodology of treating patients holistically, with an integrative patient-centric approach to support their overall health outcome goals,” said Prad Sekar, CEO, CB2 Insights. “Building on our current infrastructure of existing clinics, patient base and clinical team, we will introduce the SHG model over the next 12 months into each of our current locations, starting with Maine, Massachusetts and Pennsylvania. Integrative Health is a rapidly growing, multi-billion dollar industry and our goal has always been to understand how various traditional and complementary alternative medical treatments intersect to have a positive improvement on patient health.”
CB2 Insights currently has over 30 clinical locations in 12 states and employs a clinical team of more than 150 clinical staff and medical professionals. With over 100K patients seen a year and over 500K patients evaluated since 2013, SHG aims to become a leader in Integrative Medical Services nationwide. With a broad, established infrastructure, the Company is able to launch the new division with very little investment, thus remaining committed to strengthening its cash position from revenue from operations with a goal of near-term profitability by Q2. Revenue from SHG will be in addition to the current clinical operations and will expect to match and surpass such revenue in the coming years. SHG contribution of positive cash flow will support capital to invest in growth.
Sekar continued, “Today marks a hallmark moment for us as an organization as it is a testament to where we have come from, and where we are building towards. Both my co-founder, Kash Qureshi and I have spent the last 15 years owning and operating large, multi-speciality health practices across multiple disciplines and we are proud to now integrate that experience further into CB2. For over 5 years, we as an organization have been helping patients navigate their health journey through a collaborative approach. Our openness to alternative treatments, namely medical cannabis, has demonstrated our ability and willingness to work outside conventional treatments to support improvements in patient outcomes in an ever-evolving medical sector.”
The Integrative Medical market in the US is reported to be around $18B with a strong growth trajectory forecasted over the next 10 years. Further, insurable services through the CMS, are expected to reach $6T by 2027, according to a report on National Health Expenditures by the CMS. This illustrates strong support for future healthcare funding of which CB2 Insights will benefit from by provisioning qualifiing services to its growing patient base.
In addition to the launch of services within SHG, the new division will also place a strong focus on research and clinical trials. There are over 8K active clinical trials in progress in the United States with leading academic institutions, pharmaceutical and biotech companies. Expansion into traditional healthcare services enables the Company to actively participate in these trials, leading to increased revenues and credibility as a Contract Research Organization.
More information can be found on www.skylight.health. The Company looks forward to continuing to expand on its services to patients, growing its patient base, and making a significant improvement in the overall health and well being of patients across the US.
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 understand the intersection between traditional and alternative medical practices. 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 Skylight Health Group, Canna Care Docs and Relaxed Clarity which assess nearly 100,000 patients seeking integrative medical care, and immediate market access to US-based product manufacturers for clinical trial and research programs.
The Company has built analytical models using Real-World Data and Evidence to support the understanding of Safety, Efficacy and Dosing for alterative treatment therapies including medical cannabis for use by health care practitioners, regulatory bodies, researchers and other manufacturing partners 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.
For more information please visit www.cb2insights.com.
For additional information, please contact:
Investor Relations Department
1.855.847.4999 ext. 212
investors@cb2insights.com
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in CB2’s filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements regarding the opportunity to provide services and software to the U.S. cannabis industry.
Although CB2 has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are subject to inconsistent legislation and regulation; change in laws; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and recreational-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. CB2 disclaims any intention or obligation to update or revise such information, except as required by applicable law, and CB2 does not assume any liability for disclosure relating to any other company mentioned herein.
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