SEATTLE, WA--(Marketwired - May 1, 2017) - CFN Media Group ("CFN Media"), the leading agency and digital media network dedicated to legal cannabis, today announced publication of an article covering Canabo Medical Inc.'s (
Canabo Medical owns and operates 16 clinics throughout Canada with over 40 licensed physicians and over 10,000 patients seen since inception. As a referral-only clinic, the costs for patient interaction are fully recoverable from the Provincial Health Departments and the medical cannabis purchased is tax deductible. The clinics are also fully independent which helps ensure that patients get unbiased advice.
The patients referred to the clinic are treated for many different underlying conditions where medical marijuana could be beneficial. According to the company's own analysis, there are more than 17.4 million individuals suffering from applicable medical conditions, including chronic pain, arthritis, migraines, fibromyalgia, anxiety, insomnia, Parkinson's, epilepsy, multiple sclerosis, cancer, and Crohn's disease, among others.
In addition to treating patients, the company maintains a complete database on all patients, including their medical condition, market demographics, and treatment efficacy. The company generates incremental revenue by offering access to this data via annual subscriptions or one-off analysis assignments to companies and researchers in the space. The company also provides consulting services to insurance and employer industries on cannabinoids.
Strong Financial Condition
Canabo Medical reported revenue of $1,552,583 and gross profit of $834,869 during its fiscal year ending on October 31, 2016. Management expects to achieve significant revenue growth moving into 2017 as it ramps up its operations, while breaking even on a net income basis by the fiscal second quarter of this year. By the end of next year, the company aims to achieve quarterly revenue that approaches $3 million.
The company plans to support this top- and bottom-line growth by opening new clinics in addition to its 16 clinics in Toronto, Barrie, Ottawa, Stoney Creek, Burlington, Halifax, St. John's, Kingston, Kelowna, Chilliwack, St. Catherine's, London, Moncton, Edmonton, Calgary, and Hamilton. With nearly $9 million in cash on its balance sheet, the company is well-positioned to execute this growth strategy with limited dilution for existing shareholders.
In addition to its clinics, the company recently completed a study that leverages its patient database information. The observational study showed that, among other things, 40% of patients prescribed medical marijuana for the treatment of pain and anxiety eliminated their use of benzodiazepines (a class of tranquilizers including Valium and Xanax) within 90 days. The widespread publication of studies like these could raise awareness for the database solution and increase both data licensing and consulting opportunities across academia and the corporate sector.
Seasoned Management Team
Canabo Medical has a seasoned management team with significant experience in developing networks of clinics, efficiently running clinical businesses, and in medical marijuana.
Executive Chairman Dr. Neil Smith is a leading Otolaryngologist Head and Neck Surgeon and a founder and principal of a sleep apnea company with 14 clinics located throughout Atlantic Canada. In addition to being a medical doctor, Dr. Smith's experience in founding and growing a sleep apnea clinic to 14 locations is directly applicable to the company's goals of opening medical marijuana clinics throughout the country.
President & CEO John Philpott has two decades of experience in the medical field, including serving as CEO of a leading North American physician recruitment firm. His background also includes improving clinic operational efficiencies in senior management roles. Mr. Philpott's experience in recruiting could play a big role in helping Canabo attract top talent to its growing network of clinics, while his management experience should ensure their smooth operation.
Co-Founder Dr. Danial Schecter is a practicing family physician that brings a wealth of experience in the medical marijuana industry. After studying and working alongside leading medical marijuana researchers, Dr. Schecter has quickly become recognized as a leading expert in the field and is a frequent guest speaker. This notoriety helps greatly enhance the company's brand as a leader in high quality medical marijuana-related care.
Please follow the link to read the full article: http://www.cannabisfn.com/invest-canadas-larg...j-clinics/
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