Empower Clinics is one of the largest operators of medical-cannabis-focused health care in the US and plans to grow
Has treated more than 123,000 patients since it started offering medical cannabis health care
Also selling a proprietary line of CBD products called Sollievo to help customers with chronic pain, sleep disorders and stress
Recently acquired a telemedicine portal allowing members on-demand access to medical cannabis doctors, cannabis information and treatment options available
Currently raising $3 million in financing
Who is Empower Clinics?
Empower Clinics Inc (OTCMKTS:EPWCF) (CSE:EPW) operates a network of medical cannabis healthcare clinics. The physician-staffed clinics focus on helping patients improve their health through the use of medical cannabis.
The Seattle-based company continues to expand its medical cannabis network, which is currently in Washington, Oregon and Illinois. It has treated more than 123,000 patients since it started offering medical cannabis healthcare and has an expanding clinic footprint and a focus on new technology.
The company has also started selling its own line of CBD-based products called Sollievo via its network of company-owned clinics in the US. The offerings include CBD lotion, tinctures, spectrum oils, capsules, lozenges, patches, topical lotions, gel caps, e-drinks, hemp extract drops and pet elixir hemp extract drops.
This proprietary line of CBD products will help customers with symptoms of chronic pain, sleep disorders and stress.
Empower supports remote patients using its telemedicine portal, enabling patients who do not live near one of its clinics and can’t come to a location, to still benefit from a doctor consultation.
How is it doing?
The company has had a busy year, with a lot of runway ahead.
In January, the company recently announced it would acquire Sun Valley Certification Clinics Holdings in a game-changing deal, expected to create one of the largest clinic groups in the medical cannabis sector in the US.
The combined group will boast 12 locations and have a combined patient count of 165,000 across Washington, Oregon, Illinois, Arizona, Nevada and California, and the potential to rapidly expand the clinic network via the Sun Valley franchise program.
READ: Empower Clinics' acquisition of Sun Valley Clinics expected to create one of the largest clinic groups in US medical cannabis sector
Empower recently announced plans to open a hemp-based cannabidiol extraction facility in the Portland, Oregon area. It's the first extraction facility acquisition for Empower, which has entered an agreement to buy and license extraction equipment from Aibeida LifeTech Ltd.
The first system is expected to have the capacity to produce 6,000 kilograms of extracted product per year.
The company recently announced it is raising up to C$3 million in a non-brokered private placement. It also announced it was raising C$1.5 million via a non-brokered private placement of unsecured convertible debentures earlier in March.
Plans to open hemp-based CBD facility
"Strategically it's great for us" says Chairman and CEO Steven McAuley on news of the company's recent news that it is planning to open a hemp-based CBD extraction facility in Portland, Oregon. "We already have a strong footprint in Portland so for us, it makes a lot of sense to start there on the West Coast. Proximity for us in Vancouver to get down there, build up this operation and make it successful."
Contact Katie Lewis at [email protected]