CB2 Insights Inc (CSE:CBII) (OTCQB:CBIIF) said Wednesday that it has officially launched its newest division in the USA - Skylight Health Group (SHG) - which the group hopes will be a leader in Integrative Medical Services nationwide.
SHG's focus will be to provide a broad array of primary and alternative healthcare services including family/specialty medicine and chronic disease.
It will augment CB2 Insights' current clinic portfolio, which has more than 30 locations in 12 states and employs over 150 staff and medical professionals.
"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," CB2 Insights said in a statement.
"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."
CB2 Insight's CEO Prad Sekar added: "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.”
SHG services are reimbursable in line with rules by the Centers for Medicare and Medicaid Services (CMS), as well as other private health insurers within each operating state, the firm also noted.
The Integrative Medical market in the US is reported to be worth around $18 billion with strong growth expected over the next ten years.
CB2, also a Contract Research Organization, said the new division will also focus on research and clinical trials.
There are over 8,000 active clinical trials in progress in the United States and expansion into traditional healthcare services enables CB2 to participate in these studies, it told investors.
Shares in Toronto added over 8% to C$0.13 each.
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