Anthony Emecheta
Posted by Anthony Emecheta on Mar 25, 2019 9:26:50 AM

CB2 Insight Acquires MedEval Clinic

 

cytonn-photography-604680-unsplash-1CB2 Insights (CSE: CBII), a data firm with a focus on medical cannabis just announced it has reached an agreement to acquire the medical cannabis and education center group, MedEval Clinic LLC. The deal which cost about US$ 375,000 in stock and cash will see CB2 take ownership of MedEval Clinic LLC’s Arizona and Colorado locations.

The deal marks the second largest acquisition by the Toronto-based company after 2017 procurement of Massachusetts-based Canna Care Docs. MedEval has one clinic in Phoenix, Arizona and two in Colorado.

The terms of the deal will see CB2 Insights pay US$ 150,000 in cash in addition to 450,000 of its shares valued at US$ 225,000. There are additional perks valued at US$ 300,000. About the acquisition, the CEO of CB2 Insights, Prad Sekar stated, “This acquisition not only increases our data pool but has an accretive lift to our financial performance. Colorado plays a vital role in medical cannabis data, representing a very mature recreational market which also sees medical cannabis patient counts continue to grow.”

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CB2 has its focus on the provision of Real-World Evidence (RWE) and clinical data analysis on the effectiveness of cannabinoid therapy. Prior to this acquisition, CB2 Insights provides about 65,000 patients with medical evaluations each year.

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Tags: Acquisition

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