CB2 Insights Inc (CSE:CBII) (OTCMKTS:CBIIF) CEO Prad Sekar told shareholders Wednesday that the cannabis analytics company is on track to be profitable by its fiscal second-quarter 2020.
The company’s focus on execution allowed it to achieve solid revenue growth since going public in March 2019, according to Sekar.
The CEO wrote in a letter to shareholders that CB2 is on track to build and develop the industry’s largest data bank of anonymized clinical data on the safety, efficacy and usage of medical cannabis-based products and delivery forms.
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Toronto-based CB2 now owns and operates one of the largest multi-state networks of specialty clinics in the US, assessing nearly 100,000 patients seeking treatment. The clinic network provides immediate market access to US-based product manufacturers for clinical trial and research programs, according to Sekar.
The company also built electronic data capture and clinical data management software tools for clients such as Drug Science (Project T21), VIVO Cannabis, FCM Global, Premier Health, and My Access Clinics.
According to its most recent financials, CB2 generated year to date revenue of C$10.3 million up to 3Q 2019.
Sekar said that that CB2’s latest warrant repricing program has good support and uptake by shareholders and offered the firm the “most equitable” form of non-dilutive capital.
“We have truly transformed our operation not only to reach profitability,” Sekar wrote, “but to pursue opportunities that will elevate the position of CB2 Insights as a valuable provider of data and research to stakeholders in both the medical cannabis and life science verticals.”
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