CB2 Insights' mission is to transform cannabis into mainstream health care
The company has collected millions of data points from more than 300,000 patient interactions
Operates 28 cannabis evaluation and education clinics in 12 US states
Recently acquired MedEval Clinic, a medical cannabis evaluation and education center group with multiple locations in Colorado and Arizona.
Strong financial position, recently raising C$5.74 million
Who is CB2 Insights?
CB2 Insights (CSE:CBII) is a medical cannabis-focused data firm. The Toronto-based company is busy meeting what it says is significant demand by building a data asset covering the medical cannabis sector.
There is a lack of medical cannabis data, according to the company, which is aiming to be a front-runner in filling demand. It proves predictive analytics tools, data-driven software and services. In addition, the company operates 28 cannabis evaluation and education clinics in 12 US states.
When it comes to educating the medical community and having cannabis accepted as a form of medical treatment, clinical trials for cannabis are still years away. For now, much of the data has been anecdotal and, therefore, subjective, according to the company.
CB2 concentrates on real-world evidence obtained from data outside randomized trials and generated during routine clinical practice. The company has created what it says are game-changing tools that engage the medical community and provide the data doctors and other professionals need to recommend with confidence cannabis-based medicines.
The company gathers the data and creates real-world evidence through its proprietary software and clinical service brands. The company says it has collected millions of data points from more than 300,000 patient interactions.
How is it doing?
CB2 Insights has hit a number of milestons in recent months and started trading on the Canadian Securities Exchange in early March.
Under the company’s umbrella, there are currently three brands: practice management software Sail, used by clinics and general practitioners to evaluate patients for medical cannabis; Canna Care Docs, which provides educational services and evaluations; and TokeIn: a cannabis dispensary loyalty mobile app.
Further acquisitions are in the cards, according to Sekar.
He is aiming to acquire six to eight clinics in 2019, adding that its goal is a 50% compound annual growth rate in clinic revenue for the four-year period from 2018 to 2022.
The company recently acquired MedEval Clinic LLC, a medical cannabis evaluation and education center group with multiple locations in Colorado and Arizona.
READ: CB2 Insights names artificial intelligence pioneer as senior adviser to data insights division
CB2 is is also focused on bolstering its team.
Recently, it announced it had named artificial intelligence (AI) pioneer Dr Randy Goebel as a senior adviser to its data insights division. Goebel will help work on platform architecture and design enhancements to help serve a variety of new stakeholders in the company such as regulatory bodies, government agencies, researchers and pharma firms.
The company recently completed a C$5.74 million non-brokered private placement priced at $0.50 per unit, with each unit consisting of one share at C$0.50 and one-half warrant at C$0.80.
The placement was led by Merida Capital Partners, a New York-based private equity fund that focuses on funding cannabis-related businesses and has invested in a range of cannabis companies including KushCo Holdings Inc (OTCMKTS:KSHB) and GrowGeneration Corp (OTCMKTS:GRWG).
Merida accounted for C$3.68 million of the C$5.74 million raised, according to CB2.
CEO says cannabis efficiacy and outcome data is key
"If cannabis is to play in the same sandbox as other medications and be part of a more traditional healthcare setting at a global capacity what it really needs to have behind it is the type of efficacy data and outcome data that can help to substantiate claims made about cannabis across multiple indications," says CEO Prad Sekar. "For the last four years, CB2 Insights has been developing an infrastructure that's designed around clinical assets, today operating one of the largest networks of medical cannabis evaluation centres in the US."
Contact Katie Lewis at [email protected]