- Dharma will license the Company’s proprietary technology platform “Sail” to use at the point of care within Dharma dispensaries and its network of support centers in Virginia.
- Sail will be used to monitor, track and generate insights on patient health outcomes on Dharma’s product portfolio.
- Dharma will use the anonymized data to support post-commercialization efforts in demonstrating safety and efficacy of its products, and in new product development.
TORONTO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- CB2 Insights (CSE:CBII; OTCQB: CBIIF) (“CB2” or the “Company”), has been selected by Dharma Pharmaceuticals (“Dharma”), as a preferred partner and platform to establish and generate real-world evidence (RWE) on a full suite of Dharma products in Virginia. The announcement comes ahead of Dharma’s commencement of sales of high-quality medical cannabis oils to patients in the near future. Dharma’s mission is to bring targeted medical cannabis products to Virginia’s patients.
Dharma will utilize Sail to standardize and complement other sources of information used in its intake and patient monitoring program. As one of 5 license holders in Virginia, Dharma Pharmaceuticals is a locally-owned company based in Bristol, Virginia and is committed to bringing high-quality medical cannabis oil products to Virginia’s patients.
Sail is currently being used in CB2’s wholly owned clinical operations in the US, as an electronic health record (“EHR”) platform. Unlike many traditional EHR systems, Sail was designed to not only digitize the clinical experience, but with a focus on health outcome reporting. As Sail continues to partner with global organizations to advance RWE efforts, its analytics and technology platform will further enhance Dharma’s research and development efforts and study of global anonymized data sets.
“We are excited to have been selected by Dharma to support their mission for delivering targeted medical cannabis products to Virginia’s patients in need. We are excited to work with research driven organizations like Dharma, who believe in a patient centered approach to healthcare, and investing in the knowledge on what products can lead to the best outcomes for patients.” said Kash Qureshi, President and CTO, CB2 Insights.
“Dharma has long believed in a data driven approach to product development and understanding long term effects of our products on patient health outcomes. CB2’s platform Sail, will enable us to utilize an out-of-the box technology platform, that has been proven to support efforts in monitoring, assessing and tracking patient health outcomes. Through this partnership, we look to develop new standards in medical cannabis products, and more broadly how RWE can better inform decision makers on the benefits of cannabis treatments on major issues like opioid reduction.” said Jack Page, Founder and COO, Dharma Pharmaceuticals.
As the Company enters this critical phase of rapid sales ramp-up and focuses on maximizing the sales impact of its cash resources, executives Pradyum Sekar and Kashaf Qureshi have agreed to a temporary 30% reduction in cash salary and compensation. The Company will issue 954,564 shares collectively to these executives as payment in lieu of cash. Neither executive has sold any of their shares to-date and remain committed to the long-term growth of the Company. Further, a total of 605,928 options have been cancelled as part of the restructuring of the employee options plan.
About CB2 Insights
CB2 Insights (CSE:CBII OTCQB:CBIIF) CB2 Insights is a healthcare services and technology company, working to positively impact patient health outcomes. Our mission to mainstream alternative health treatments into traditional healthcare by recognizing the need for patient treatment diversity, and the impacts of integrating alternative and conventional medicine. The Company works primarily to roster and treat patients who are seeking alternative treatments due to the ineffectiveness of conventional medicine, and the inability to find support through their existing care network, or in some cases, inability to access a primary care network. Medical services offered by the Company are defined as Integrative medicine, where we work to understand the real world evidence for the safety, impact and effectiveness of medical treatments including plant based medicines that often lack sufficient research and therefore adoption by conventional healthcare providers.
To support patient care and positive health outcomes, the Company is also focused on advancing safety and efficacy research surrounding alternative health treatments by monitoring and assessing Real-World Data (RWD) and providing Real-World Evidence (RWE) through our proprietary technology, data analytics, and a full service contract research organization.
The Company’s primary operations are in the United States, with application to its insights, technology and research services deployed in other International markets including Canada, United Kingdom and Colombia.
The Company’s disciplined operating model allows patients to receive access to care in a time efficient and cost-effective manner. Utilizing virtual telehealth and over 30 physical brick and mortar clinics, the Company currently treats over 100,000 patients across 12 States. Utilizing proprietary technology and data analytic platforms, the Company is able to monitor, study and assess a variety of healthcare treatments and products for the safety, efficacy and effectiveness. The Company believes it is well positioned to be the research and technology partner of choice for multiple stakeholders including Big Pharma, Life Sciences, Regulatory Bodies and Payors within the traditional and integrative medical industry.
About Dharma Pharmaceuticals
Dharma Pharmaceuticals is one of five pharmaceutical processors in Virginia. Dharma was founded in 2018 by native Virginians with a passion to serve patients in the Commonwealth. The opportunity to serve our fellow patients with high quality medical cannabis is an honor. We are proud to be able to employ our fellow Virginians and help Southwest Virginia begin to grow economically. Dharma Pharmaceuticals has had a two-fold mission from the beginning: delivering targeted medicinal cannabis products to Virginia’s patients in need and providing jobs for an economically distressed area.
For more information please visit www.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 Company’s unaudited financial results and projected growth.
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.
No securities regulator or exchange has reviewed, approved, disapproved, or accepts responsibility for the content of this news release.