Canabo Medical provided a corporate update following the first six months of listing on the TSXV.
[Dr. Neil Smith, Executive Chairman of Canabo Medical] outlined a number of key accomplishments that support the Company’s business focus toward being the dominant clinic network, research provider and data analytics source in the cannabis industry.
- Canabo treatments are now available in 16 clinic locations nationally, up from 10 locations at the time of listing. Canabo is also expanding its clinic footprint through agreements to open up to 30 partner clinic locations across the country.
- The Company has cash on hand of approximately $8.5 million or $0.22 per share.
- Over the past six months, Canabo has completed 14,000 physician/patient appointments including 5,500 with new, first visit patients.
- A financing of $8.4 million was completed at a price of $1.40 per share.
- Canabo entered into an R&D Agreement with Terra Life Sciences Inc. to develop condition specific treatments. The agreement is expected to result in both near-term research study revenue and ultimately licensing revenue from any new treatments developed.
- Canabo released a milestone study on benzodiazepine use, showing a marked drop in use among Canadian patients using medical marijuana treatments.
- A partnership with Rapid Interactive Disability Management (“RIDM”) was formed resulting in a new revenue stream through the completion of Independent Medical Evaluations (“IMEs”) as required in medical cannabis cases by Canadian employers and insurance providers.
- Canabo has trained 65 physicians in its proprietary physician training program, up from 30 physicians at the time of listing. In addition, 26 Continuing Medical Education (“CME”) sessions have been held, with over 700 referring physicians attending.