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Empower Clinics is diversifying its business lines to keep North Americans physically and mentally healthy

Snapshot

The firm is creating a network of physicians and practitioners who integrate to serve patient needs, in-clinic, through telemedicine, and with decentralized mobile delivery

Empower Clinics Inc. -

Quick facts: Empower Clinics Inc.

Price: 0.13 CAD

CSE:CBDT
Market: CSE
Market Cap: $25.51 m
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  • An integrated healthcare company providing body and mind wellness for more than 165,000 patients through its clinics in the United States, a telemedicine platform and a world-class medical diagnostics laboratory in Texas
  • COVID-19 national testing programs for enterprise clients, including movie and television studios, businesses and colleges rolled out nationally
  • Proprietary line of CBD products formulated by scientists and field experts
  • Expanding into psilocybin and psychedelics research and patient treatment options

What Empower Clinics does:

Empower Clinics Inc (OTCMKTS:EPWCF) (CSE:CBDT) is a diversified wellness company that is dedicated to keeping people healthy on several fronts.

The Vancouver-based company owns a network of physician-staffed health clinics in Oregon and Arizona that serve more than 165,000 patients and provides tele-medicine options in Arizona, Oregon, Washington State, Nevada and California.

Its franchise model allows for easy and fast scalability, increasing the distribution of its CBD-based product, Sollievo (which means ‘relief’ in Italian). Sollievo’s 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.

Empower also supports remote patients using its telemedicine portal, enabling patients who do not live near one of its clinics and can’t get to a location, to still benefit from a doctor consultation.

In an effort to combat COVID-19 the company re-purposed its pre-existing diagnostic testing to serve the massive demand for national COVID testing in the US. Their High Complexity CLIA and COLA lab is active in COVID-19 testing, RT-PCR testing and serology testing with the capacity to process 4,000 RT-PCR test specimens per day.

The company is now implementing aggressive growth strategies, including servicing new COVID-19 testing contracts for the film & television industry, as well as, supporting the Sun Valley Health COVID-19 RT-PCR and rapid antibody testing programs in the state of Arizona.

As if that’s not enough, the company is also expanding into psychedelic space though their Dosed Wellness Ltd subsidiary.

How is it doing:

Empower recently acquired Texas-based Kai Medical Laboratory LLC to help the company advance coronavirus (COVID-19) testing capabilities.

Kai has taken an active role in COVID-19 testing, battling the pandemic through RT-PCR testing and serology testing. While the RT-PCR test identifies if a patient has an active virus, the serology or antibody test detects if a patient has previously been exposed to the virus. Both of these test results are vital to managing outbreaks and the potential spread of coronavirus.

In November, Kai received a record coronavirus test order expected to be worth more than C$1 million from a film and television production entity.

The order includes 9,000 24-hour RT-PCR coronavirus tests, which Kai will process over a four-month period. The client is a repeat customer, the company said, that previously paid for 1,000 tests to be processed over 30 days in early October.

Meanwhile, Empower’s third-quarter financial results for the period ended September 30, 2020, showed patient visits holding steadily above 5,000 throughout the challenges posed by COVID-19-related restrictions.

Total revenue came in at US$629,854 on 5,044 patient visits, coming in above Empower’s own expectations, given the challenges posed by COVID-19-related restrictions.

Year-to-date, the group is seeing strong revenue growth, with a total of 17,457 patient visits generating total revenue of $2,306,111, compared to 11,304 patient visits generating $1,409,143 for nine months ended September 30, 2019.

Inflection points:

  • US nationwide roll-out of COVID-19 antibody testing programs for individuals, businesses and enterprise level organizations
  • Significant potential in the diagnostics/COVID-19 testing market
  • Entering Canadian market with proposed acquisition that includes 7 clinics and incentives to open additional 30 clinics

What the boss says:

"Our 3Q 2020 performance overall exceeded our expectations, given the challenging operating environment in our key markets, yet the team managed to serve large quantities of patients while maintaining strict COVID-19 protocols for health and safety,” CEO Steven McAuley told shareholders in a statement accompanying Empower's quarterly results.

"We also continue to implement numerous business development opportunities setting the stage for an exciting 4Q and 2021."

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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