Flower One Holdings Inc. (CSE:FONE) (OTCQB:FLOOF) is pleased to provide a corporate update as the Company continues to execute on its growth strategy in the Nevada cannabis market.

The Company has made significant operational progress on many fronts including:


A.  Conversion of 400,000 Square Feet of Greenhouse Cultivation Capacity

In May of last year, the Company began a 12-month process of converting the largest commercial greenhouse in Nevadafor large-scale hydroponic cannabis cultivation. The conversion is now approximately 95% complete, and is expected to be fully completed on schedule.

The Company has now hit an important milestone as it has initiated the onboarding of plants into its greenhouse. To date, the Company has achieved the following cultivation milestones:

  1. Two climate-controlled, spectrum adjustable cutting cells are in full operational mode and have rooted more than 100,000 cannabis cuttings (small plants).
  2. In the greenhouse, the Company has constructed three expansive, multi-density ebb and flood zones, which are now fully populated with plants.
  3. The greenhouse has been designed to have eight large “flower” zones. Once fully canopied, the greenhouse is expected to operate on a perpetual cycle of harvesting one zone per week (representing, on average, 10,000 plants per harvest). To date, we are 50% canopied, with four of the eight zones planted, amounting to 200,000 square feet of plants.

We anticipate that the Company’s inaugural Zone One harvest will commence in June, 2019. Once fully canopied, the Company should be capable of producing over 140,000 lbs (or 62,500 kg) of dry flower annually, and will house in the eight flower zones over 80,000 plants per crop cycle.

B.  Construction of 55,000 Square Foot Post-Harvest, Extraction and Packaging Facility

The construction of the Company’s production facility is progressing.

The Company has now completed the buildout of the initial 15,000 square feet of this facility, including a fully automated wetting line, pruning line and two high-tech cutting cell rooms.

The exterior construction of the additional 40,000 square foot, two-story structure was completed in March 2019. The Company has now commenced the internal work to support the installation of the post-harvest, extraction and packaging line technology.

The Company plans to accelerate operations in the coming months to support the inaugural Zone One harvest in the Company’s flagship greenhouse cultivation facility.

C.  Building a Strategic Portfolio of Brand Partners:  Eight Brands and Counting

The Company’s business model is focused on leveraging the scale of its cultivation and production capabilities to become the leading brand-fulfillment partner in Nevada. For established cannabis brands looking to build national prominence and gain Nevada market share, having a retail shelf presence in the unique and growing Las Vegas and state-wide market is paramount.

To this end, the Company is committed to delivering turnkey solutions and superior quality to support all of our Brand Partners. The Company can provide seed-to-retail-ready product that is custom packaged and delivered to retail with a commitment to consistent, reliable, high-volume delivery to meet our Brand Partners’ requirements.

The Company is in the process of assembling a very strong roster of Brand Partners, having announced eight such Brand Partners already in 2019.

Flower One’s Growing Brand Partners

Rapid Dose Therapeutics: RDT has developed a proprietary, fast-dissolve cannabis delivery technology. This smoke-free technology represents a unique delivery platform that is both discrete and easy to use which makes it very compelling for the tourism-driven Nevada cannabis and CBD market.

Flyte Concentrates: As a distillate brand, Flyte Concentrates is best known for its two product lines: FlytePen and JetPack.  FlytePen is a slim distillate vaporizer system with a cartridge containing 0.8ml of premium cannabis oil. Using a proprietary process and formulation, the FlytePen can rapidly vaporize the thickest and most purified cannabis oils.

In addition, Flyte JetPacks are convenient single-dose 10ml liquid THC or CBD shots, about 2mm thick and about the size of a credit card. The contents of the package can be added to any hot or cold beverage for a discreet experience.

Old Pal: Known for being one of the fastest growing cannabis brands in California, the Old Pal suite of products is primarily pure, dried, packaged, shareable flower. The products are available in three varieties: Indica, Sativa, and Hybrid. Already the lowest cost provider of legal cannabis in California, the partnership with Flower One will reinforce the value-oriented positioning of the Old Pal brand. Old Pal’s half ounce, pre-ground rolling kit is an all-in-one convenient cannabis solution for consumers on-the-go and includes branded rolling papers that uniquely pay homage to cannabis culture circa 1960s and 1970s.

Palms: Another California based cannabis brand, Palms is about providing a thoughtful experience with the casual and recreational consumer in mind. Their products lines such as ‘Social’ and ‘Chill’, ensures that consumers are able to find a product that speaks to their experience level and knowledge base. Palms’ ‘Social’ sativa pre-roll features a sour tangie strain with a distinct citrus scent and flavor. The ‘Chill’ indica hybrid pre-roll induces a relaxing experience, featuring a taffie strain with subtle citrus flavors blended with hints of caramel.

HUXTON: Arizona-based HUXTON, is known for their knowledge in cannabis science and terpene chemistry.  They focus on using premium strains and uniquely formulate each of HUXTON’s blended product categories, HIFI, RISE and ZEN, which Flower One will be launching in Nevada. Each VIBE product series is labeled by “how it will make you feel,” allowing consumers to easily pick their desired experience. Great market positioning for consumers visiting Las Vegaswho are often looking to experiment and sample new brands. Flower One will be making HUXTON’s experience-based products available in Nevada in pre rolls, flower tins, and vape pens.

CannAmerica Brands: From one of the United States’ true cannabis pioneers has emerged Colorado-based CannAmerica Brands and its signature Fruit Juice Gummies and Super Soft Gummies products.  With their partnership with Flower One will come new and improved formulas which will be categorized according to three flavour profiles: sweet (strawberry banana, peach, orange sherbet), sour (blue raspberry, cherry, bomb pop) and a sweet and sour combination. In addition, new, sleek packaging will also be part of the brand partnership with Flower One in order to drive brand consistency in Nevada and across all of CannAmerica Brands’ markets.

Grenco Science: California-based Grenco Science are pioneers in the cannabis hardware space, responsible for engineering the advanced technology behind the internationally-available and ever popular G Pen line of cannabis vaporizers. The ability to innovate is key in the cannabis hardware space and Flower One sees the launch G Pen’s new Gio vaporizer as revolutionizing the cannabis experience to align with a modern lifestyle. The Gio is a draw-activated concentrate vaporizer that is intuitive, portable, and accessible, and features a cutting-edge cartridge system with an optimized heating temperature and integrated airpath for maximum vaporization, and consistent, smooth, and flavorful pulls.

The Medicine Cabinet: An ultra-premium house of brands, The Medicine Cabinet aims to offer the most discerning consumers a variety of high end, boutique-style recreational products and brands, including: Don Pablo’s signature line of hand rolled Premium Classics and Premium Exotics, Bomb Girl’s sleek selection of pre-rolled Baby J’s, and Slims, and for the connoisseur, Coffeeshop Classics, a premium packaged flower brand.

Management believes that having a mix of brands and product offerings that cover a diverse consumer spectrum is very important to the Company, as it will allow Flower One to respond to consumer expectations and desired experiences across the full pricing and product category matrix.

Management expects that the Company’s portfolio of Brand Partners will continue to grow and give the Company an expanding and diversified mix of product, stock keeping units (SKUs) and delivery platforms, including packaged flower, pre-rolls, oils, distillates, concentrates, gel caps, vaporizers, edibles and topical to deliver greater choice and brand diversity – something that both consumers and Nevada cannabis retailers expect as the market continues to grow and mature.

D.  Transforming the Company’s 25,000 Square Foot Indoor Cultivation & Production Facility

The Company continues to maximize the full suite of human talent, resources and assets at its 25,000 square foot indoor cultivation and production facility (originally acquired from NLV Organics Inc.).  The Company’s cultivation team has executed on the project of growing and transferring the initial plant material from the Company’s indoor facility to the greenhouse.

With the completion of the transfer of plant material to the greenhouse, the Company’s intended use of the indoor facility will now focus on:

  1. Testing and trialing new cannabis strains prior to scaling their cultivation at our greenhouse.
  2. Preservation and vaulting of our ever-expanding genetic bank, which currently comprises a library of over 100 unique cannabis strains.
  3. Craft cultivation of select strains to support our Brand Partners and any strategic, limited run SKUs.
  4. Select processing and production of Brand Partner SKUs.

The Company’s goal is to create a high-performing research centre, aimed not only at accelerating the diversification of cannabis strains for Nevada’s growing recreational market, but to better support the successful expansion and product lines of our Brand Partners.

E.  Retail Channel Filling: The Benefits of Scale

With the Company’s cultivation, production and Brand Partner efforts advancing on schedule, the Company is increasingly turning its attention to working closely with Nevada’s expanding retailers.

To this end, in March the Company launched Old Pal in the Nevada market and the Company is now working toward launching SKUs for all of our Brand Partners in Nevada, including Flyte Concentrates and CannAmercia Brands, whose launch is currently expected to occur in this second quarter.

To support the Company’s retail channel filling efforts, the Company plans to lease and open two new facilities:

  1. A 4,000 square foot Sales Office to house the Company’s Nevada sales and marketing team, which is also expected to include a call center and showroom to display the range of product SKUs the Company will be producing for its Brand Partners.
  2. A 30,000 square foot Pre-Packaging and Inventory Management Facility that would be responsible for managing the logistics and supply chain management of the Company’s Brand Partners product packaging, hardware and ancillary labelling materials.

We are also pleased to announce the hiring of long-time Nevadan Debbie Bingham as the Director of Sales and Marketing for Flower One’s Nevada operations.  Debbie brings a depth of experience in business development, sales, marketing, business unit planning and channel and partner development to the Flower One team. Previously, Debbie was an integral part of growing Vegas.com into a US$300M company through her knowledge of executing a range of B2B and B2C business strategies.

F.  Company Financings and Exchange Traded Funds (ETFs)

In February, the Company completed a US$30M lease equipment facility, with US$20M being drawn down to date. This provides the Company with additional financial flexibility to be responsive in managing the Company’s growth plan in Nevada and beyond.

In March, the Company completed its first prospectus offering as a public company for a total raise of CAN$57.5M (including full exercise of over-allotment option). We have used and plan to use these funds for the ongoing construction and development of our flagship greenhouse and production facility, working capital and general corporate purposes.

These successful financings were followed more recently by three Exchange Traded Funds (ETFs) taking positions in the Company. These ETFs are the Horizons U.S. Marijuana ETF, the Horizons Emerging Marijuana Growers Index ETF, and the Evolve U.S. Marijuana ETF.

This has been a period of positive operational performance for the Company.  The Board, Advisory Team and Management wish to acknowledge and express our sincere thanks to the entire Flower One team for the passion and tireless commitment to deliver results for the Company.  We have a best-in-class team and are extremely proud of all that they have accomplished to date.

On behalf of our Board, Advisory Team, and Management, we also wish to express our ongoing gratitude to you for being a valued shareholder and for sharing our vision of Flower One.

Sincerely,

(signed)

Ken Villazor
President and CEO
Flower One Holdings Inc.

Cautionary Note Regarding Forward Looking Information

Statements in this press release that are not statements of historical or current fact constitute “forward looking information” within the meaning of Canadian securities laws and “forward looking statements” within the meaning of United States securities laws (collectively, “forward-looking statements”). Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “potential,” “should,” “may,” “will,” “plans,” “continue” or other similar expressions to be uncertain and forward looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Forward-looking statements may include, without limitation, statements relating to the successful execution of the Company’s strategy, including its plan to become the leading brand fulfillment partner in Nevada, the Company’s ability to complete the conversion of the greenhouse on schedule, the expected operation and perpetual cycle harvesting zone of the Company’s greenhouse, the timing of Flower One’s inaugural Zone One harvest, the production and housing capacity of the Company once fully canopied, potential accelerated operations of the 55,000 Square Foot Post-Harvest, Extraction and Packaging Facility, the Company’s ability to incorporation new brand partners and develop new products, the continued growth, maturity and retail sales of the cannabis sector in Las Vegas and, more broadly, in Nevada, and the United States, the Company’s ability to consistently meet its Brand Partners requirements, the effect of the Company on its Brand Partners’ brands, the focus of the Company’s indoor facility, the Company’s ability to create a high-performing research centre, the Company’s ability to achieve scale cultivation, the Company’s ability to launch SKUs for all of its Brand Partners, the Company’s ability to open new sales and marketing and pre-packaging and inventory management facilities, the Company’s ability to raise further capital and the confidence the capital markets will express in supporting Flower One’s overall business plan, future profitability, , dividends, volume and pace of anticipated catalysts for the Company, new opportunities, future growth and production, potential return on equity, date of completion of the processing facility, future retail presence and potential benefits of retail strategy, and potential capabilities of the cultivation and processing facility in Nevada.

The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplaces in the United States through its subsidiary Cana Nevada Corp. Local state laws where Cana Nevada Corp. operates permit such activities; however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s short form prospectus dated March 22, 2019 filed on its issuer profile on SEDAR at www.sedar.com.

Although Flower One has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the “Forward-Looking Statements” section contained in the Company’s most recent management’s discussion and analysis (“MD&A”), which are available on SEDAR at www.sedar.com. All forward-looking statements in this press release are made as of the date of this press release. The Company does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities commissions, including the Company’s most recent MD&A.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information: Investor Relations & Media: NATIONAL Capital Markets, 416.848.9835, ir@flowerone.com; Flower One Holdings Inc.,Ken Villazor, President and CEO, 416.913.9642, kvillazor@flowerone.com

Click here to connect with Flower One Holdings Inc. (CSE:FONE; OTCQB:FLOOF) for an Investor Presentation. 

Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN” or “Progressive Planet”), announces that, further to its news releases dated December 22, 2020 and January 7, 2021 the Company has closed its non-brokered private placement financing comprising of 7,500,000 units, at $0.10 per unit, for total gross proceeds of $750,000 .

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 Revive Therapeutics Ltd. (” Revive ” or the ” Company “) (CSE: RVV) ( USA : RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce that is has entered into an agreement with Canaccord Genuity Corp. and Leede Jones Gable Inc. as the co-lead underwriters (collectively, the ” Underwriters “), pursuant to which the Underwriters have agreed to purchase, on a bought-deal basis, 20,000,000 units (the ” Equity Units “) at a price of $0.50 per Equity Unit for gross proceeds to the Company of $10,000,000 (the ” Offering “).

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The Australian cannabis market has been maturing since medical marijuana was federally legalised in 2016.

The next year, Food Standards Australia New Zealand legalised low-THC hemp food for human consumption in Australia. The country went on to legalise medical marijuana exports in 2018, allowing medicinal marijuana products developed in Australia to be exported to licenced recipients in countries where the drug is legal.

Recreational cannabis remains federally illegal in the country, but recent legislation shows the door may be opening. In 2019, the Australian Capital Territory passed a bill allowing for the possession and growth of small amounts of cannabis for personal use. The law went into effect on January 31, 2020.

More recently, in late 2020, the Therapeutic Goods Administration greenlit the sale of low-dose cannabidiol (CBD) through over-the-counter methods without a prescription. The ruling from the Australian regulatory agency is expected to officially come into effect in February 2021.

With these and other changes in the works, Australia’s cannabis industry is projected to have long-term potential. The legal cannabis market in Oceania is expected to be worth US$1.55 billion by 2024, with Australia accounting for 79 percent of the region’s market, Prohibition Partners forecasts.

According to a study from FreshLeaf Analytics, the value of the medical market in Australia reached AU$95 million in 2020, and the firm expects revenue to jump again to over AU$150 million in 2021. In short, Australia’s role in the global cannabis industry will certainly continue to grow.

Here the Investing News Network profiles 10 ASX cannabis stocks with market caps between AU$30 million and AU$225 million. All ASX cannabis stocks below are listed in order of market capitalization from largest to smallest, with data compiled using TradingView’s stock screener on January 12, 2021.

1. Creso Pharma (ASX:CPH)

Market cap: AU$209.83 million

Creso Pharma was the first company to import medical cannabis into Australia and the first to launch these products in Switzerland for people, as well as animals. The cannabis company’s anibidiol product was the first hemp CBD complementary feed in animal health thanks to a partnership with Virbac Switzerland. Creso Pharma has also launched cannaQIX in Switzerland; it was the first CBD nutraceutical in human health.

The company’s medicinal cannabis product lines cover therapeutics, nutraceuticals, animal health, lifestyle and topicals.

2. Cann Group (ASX:CAN)

Market cap: AU$176.84 million

Cann Group provides a range of medicinal cannabis products for patients in Australia and globally. In 2017, the company was granted Australia’s first cannabis research licence, as well as the first medicinal marijuana cultivation licence. Cann Group partners with leading medical scientists in Australia to research and harness the therapeutic potential of cannabinoids, terpenes and other bioactive constituents of cannabis.

The company has secured supply agreements in global cannabis markets, including the UK, Germany and other European segments.

3. Incannex Healthcare (ASX:IHL)

Market cap: AU$166.42 million

Incannex Healthcare is a clinical-stage cannabinoid medicine company with global export capacity. It has four clinical programs underway for the development of a variety of cannabis medicinal products aimed at major unmet medical needs, including obstructive sleep apnea, traumatic brain injury/concussion, sepsis-associated acute respiratory distress syndrome and temporomandibular joint disorder.

In 2020, the company worked to advance its clinical trials. By the second half of the year, cannabinoid products accounted for Incannex’s entire revenue stream.

4. Botanix Pharmaceuticals (ASX:BOT)

Market cap: AU$131.37 million

Botanix Pharmaceuticals has a product pipeline that includes three advanced clinical programs using synthetic cannabidiol for the topical treatment of serious skin diseases and for antimicrobial applications. The company also has an exclusive licence to use a proprietary drug-delivery system called Permetrex for direct skin delivery of pharmaceuticals.

Botanix Pharmaceuticals’ programs are focused on treating acne, rosacea, atopic dermatitis and microbial infection. The company secured a clear development path for its BTX 1801 synthetic cannabidiol antimicrobial product after the successful completion of a pre-investigational new drug meeting with the US Food and Drug Administration.

5. Althea Group Holdings (ASX:AGH)

Market cap: AU$114.2 million

Althea Group Holdings takes the concept of medical cannabis a step further with its work as a pharmaceutical-grade cannabis supplier. In addition to offering relief through accessible medical cannabis, the company is implementing components of the plant in its research on advanced drugs.

Althea has successfully expanded into the global cannabis market with a wholesale supply agreement to import a range of Althea-branded finished products for sale and distribution in South Africa beginning in Q2 2021. This agreement came on the heels of the news that the company is slated to become the first commercial supplier of Australian medicinal cannabis extract products to the German market, with all necessary licences for sale and distribution granted by the German government.

6. Zelira Therapeutics (ASX:ZLD)

Market cap: AU$113.79 million

Zelira Therapeutics’ efforts are on unmet clinical needs and on using medicinal cannabis to treat a range of diseases and disorders. Its most common target areas include pain, anxiety and sleep.

Zelira is largely focused on developing treatment options using plant-based medicinal marijuana, and currently has three clinical-stage programs with a focus on insomnia, autism and opioid reduction. The company is also conducting a pre-clinical research program to test cannabinoids in breast, brain and pancreatic cancer.

7. Medlab Clinical (ASX:MDC)

Market cap: AU$75.51 million

Medlab Clinical is a medical research and development company focused on novel biotherapeutics such as nutraceuticals and pharmaceuticals. The company is also developing pharmaceutical cannabis products.

In early 2020, Medlab Clinical launched the NanaBis Observation Study in Australia. NanaBis is a cannabis-based pain treatment drug that may prove useful as an alternative to opioid medication. It is also being used to investigate cancer pain management.

8. BOD Australia (ASX:BDA)

Market cap: AU$49.25 million

BOD Australia is focused on cannabis and hemp-related products. It develops, distributes and markets health and skincare products created using plant-based extracts in Australia. The company secured a foothold in the European cannabis market in 2020 with a AU$200,000 purchase order for four Swiss-branded hemp seed oil products to be sold in France, the Netherlands and the UK.

BOD Australia’s reach in Australia ranges from selling prescription and over-the-counter products to more than 1,000 outlets, such as pharmacies, retail stores and healthcare chains. It also has distribution agreements with two pharmacy wholesalers in Australia.

9. IDT Australia (ASX:IDT)

Market cap: AU$42.47 million

One of Australia’s oldest listed life science companies, IDT Australia is a pharmaceutical manufacturing company with extensive experience in the development and production of pharmaceutical products. Through its GMP-compliant facilities, the company provides full-scale services for new drug development, plus scale-up and commercial active drug manufacturing for local and international clients.

IDT Australia’s clients include Cann Group; IDT Australia is the manufacturer of the medical cannabis products that are a part of two of Cann Group’s export supply agreements with European and UK partners.

10. MMJ Group Holdings (ASX:MMJ)

Market cap: AU$31.04 million

MMJ Group Holdings has a wide range of cannabis investments, including healthcare products, technology, infrastructure, logistics, processing, cultivation, equipment, retail and research and development.

Among other companies, it has invested in Harvest One Cannabis (TSXV:HVT,OTCQB:HRVOF), which develops health and wellness products; Fire & Flower Holdings (TSXV:FAF,OTCQX:FFLWF), a recreational cannabis retailer that’s developed a variety of cannabis products and accessories; and MediPharm Labs (TSXV:LABS,OTQQX:MEDIF), a cannabis extraction company that received its cannabis oil production licence from Health Canada in 2018. MediPharm Labs has launched cannabis extraction services in Australia.

Investor takeaway

The presence of these ASX-listed cannabis companies shows that the cannabis industry in Australia is undoubtedly growing, as are investment opportunities in Australia’s cannabis industry. While recreational marijuana remains illegal in the land down under, the medical cannabis industry is thriving, making that side of the sector worth considering.

So far, Australia has no timeline attached to the legality of recreational use of marijuana, but it will be a story to watch over the coming years for those interested in the space.

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Legal cannabis is spreading. According to a new report by Grand View Research, the global legal marijuana market is expected to reach US$73.6 billion by 2027 with a compound annual growth rate of 18.1 percent.

A survey of over 1,000 US consumers found that the modern cannabis user is largely representative of the general population. Moreover, cannabis consumption today blurs the lines between strictly recreational or medical. In fact, more than 50 percent of consumers report using cannabis for both purposes. As THC and CBD products make their way into an even wider array of product categories, our frame of reference for the modern cannabis user will continue to evolve.

In 2019, the medical cannabis market took home a leading revenue share of 71 percent, driven by the widespread adoption of cannabis as a pharmaceutical alternative for a wide range of conditions, including cancer, arthritis, Parkinson’s disease and more. A growing need for effective pain management therapies is expected to boost product demand even further.

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Khiron Life Sciences Corp. (TSXV:KHRN) is a vertically-integrated medical cannabis company fully licensed to conduct its core operations in Colombia.Send me an Investor Kit

Major telehealth platforms in the medical cannabis industry

Telehealth represents the intersection between innovative technology and the forefront of medical science. While remote medical practice saw its beginnings more than half a century ago, recent technological advancements have connected more patients to physicians than ever before.

In the US, platforms like NuggMD and IndicaMD provide patients with an online medical cannabis card that enables remote purchase of the drug. Patients can meet with physicians over secure video chat and can be approved to access cannabis within minutes. Physicians typically follow-up with patients by email, recommending the types of cannabis that would best alleviate their ailments and ensuring that they don’t purchase the wrong products. Other platforms exist to oversee the rapid delivery of cannabis and hemp products to patients across participating states.

Other parts of the world are undergoing the same transition. It has been more than eight years since Colombia — a country that represents more than a quarter of the world’s total export quotas — decriminalized the possession of small amounts of the drug, and roughly four years since the country legalized medical cannabis. In 2019, Colombia’s Constitutional Court overruled a ban on the public consumption of cannabis, which many considered a stepping stone toward full legalization. Recently, Colombia became one of the first countries in the world to extend national health insurance for patients requiring medical cannabis as a first-line therapy.

Khiron Life Sciences (TSXV:KHRN) was the first firm in Colombia authorized to sell both high and low THC formulations of medical cannabis. The company owns a telehealth platform that has accounted for over 5,600 medical cannabis prescriptions issued to date. Additionally, in June 2020 the company’s Doctor Zerenia telehealth platform was responsible for 14 percent of Khiron’s total medical consultations.

Since becoming the first company to fill medical cannabis prescriptions in Colombia, Khiron reports that 92 percent of its patients have experienced a marked improvement in their primary condition after four months of treatment. In light of these results, the Government of Colombia issued a directive that Khiron’s medical cannabis products and clinic services be covered by the country’s major health insurance providers. While countries such as Germany and the Czech Republic have taken similar legislative actions, a key difference in Colombia is that cannabis is considered a first line therapy with a vast array of applicable medical conditions. With more than 94 percent of Colombia’s population carrying health insurance policies, Colombia is quickly becoming one of the most favourable jurisdictions in the world for patient access; moreover, it has been shown that patient uptake is significantly increased by insurance coverage.

The next step forward for telehealth platforms includes opportunities such as virtual patient education and the fast, reliable delivery of essential drugs such as medical marijuana. Virtual care is also expected to expand across different types of patients, including those requiring intensive care. In the wake of the COVID-19 pandemic, many long-term care facilities have already adapted remote patient monitoring to maintain the safety of staff and patients.

The focus: Accessibility and improving patient outcomes

Medical marijuana has the power to improve patient outcomes across demographics. In the wake of groundbreaking research, patients, physicians and retailers are working together to increase the drug’s accessibility for patients who require relief from a range of health conditions. Telehealth platforms have been instrumental in not only increasing accessibility to medical marijuana, but also in improving quality of life across diverse populations of people.

A recent study completed by Canopy Growth (NASDAQ:CGC,TSX:WEED) in November 2020 found the absence of long-term toxicity despite long-term usage of CBD in a preclinical model, supporting the advancement of recent initiatives aimed at discovering CBD’s full range of therapeutic benefits. While CBD and tetrahydrocannabinol (THC) offer many of the same benefits, high levels of THC are responsible for most of cannabis’s psychoactive effects.

While the chronic pain segment dominated the medical cannabis market in 2019, application toward mental illness is expected to witness the fastest growth over the seven-year forecast period. Worldwide, a growing number of people suffer from depression, anxiety and other debilitating mental conditions with few low-risk pharmaceutical alternatives.

Medical cannabis is also becoming more popular among older adults. A recent study highlighted that cannabis use among individuals aged 65 and older has been steadily increasing, a trend that is consistent with reports from physicians who recommend cannabis in their daily practices. In the face of growing public acceptance and reduced stigma, we are beginning to see an increasing number of older adults rely on cannabis for relief against chronic pain, insomnia, neuropathy, anxiety and other conditions that traditionally call upon pharmaceuticals.

Much of the momentum in the medical cannabis market can be owed to the rise of telehealth platforms and health digitization efforts, increasing ease of access and promoting transparency. Over the next decade, legalization, increased awareness and the rise of remote medicine are expected to facilitate growth, creating lucrative opportunities for market stakeholders.

Takeaway

Telehealth platforms represent one of the easiest ways for patients, providers and retailers to collaborate remotely and fulfill needs faster. As more physicians and policymakers begin to recognize digital health tools as an advantage for maximizing efficiency and safety in health care, existing medical cannabis platforms are well-positioned to take advantage of a large-scale digital transition.

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 BioHarvest Sciences Inc. (CSE: BHSC) (the “Company” or “BioHarvest”) invites its shareholders and the general public to join a Live Video Conference (“Webinar”) on Thursday, January 21st, 2021 at 2:00 PM Eastern Standard Time (11:00 AM Pacific Standard Time). Ilan Sobel, CEO of BHSC, will host the event and discuss progress on Bioharvest’s Growth Plan, which will include highlights of the 2020 milestones achieved, key business capabilities built, and will provide an important overview of 2021 Priorities.

The presentation will be approximately 35 minutes, followed by a live question and answer session.

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