SEATTLE, WA--(Marketwired - Jul 31, 2017) - CFN Media Group ("CFN Media"), the leading agency and digital media network dedicated to legal cannabis, today announced publication of an article covering Alternate Health Corp. 's (
National Access Cannabis
Alternate Health recently announced an agreement to invest $1 million into National Access Cannabis ("NAC") and launch its CanaCard Patient Management System across its ten clinics. The investment in the clinics could provide the company with a valuable equity interest, while the expansion into its clinics could accelerate its strategy to launch CanaCard into a growing number of health clinics throughout Canada focused on medical cannabis.
National Access Cannabis connects patients with clear information on legal treatment options. In particular, their consultants guide patients through the process of obtaining the required legal documents to possess medical cannabis and connect them with a suitable licensed producer approved by Health Canada. NAC helps patients select the appropriate strain for their condition with the help of a medical doctor to maximize therapeutic benefits.
In addition to its in-person clinics, NAC offers in-home telemedicine appointments to people who meet the needed requirements. Every patient is also provided with access to extensive education and resources along with a convenient medical cannabis identification card. This card can be used when traveling to access NAC centers across the country, as well as help with verifying the need for medications when needed.
CanaCard Integration
Alternate Health will integrate its cloud-based CanaCard Patient Management System into these locations to manage the end-to-end transactions involved with providing safe access to medical cannabis. The database connects patients, certified doctors, and licensed producers with a complete set of patient management tools, while ensuring the secure storage of personal data, account balances, transactional volume, and research data.
The company will generate revenue from the transaction fees charged on sales patient patients and licensed producers of medical marijuana, compliant with Health Canada's rules and guidelines for medical cannabis in Canada. The agreement could help springboard the technology into the Canadian marketplace, given the NAC's significant reach across Canada, and potentially open the door to similar clinics.
"Alternate Health is taking a step forward in consolidating our leadership position in medical cannabis technology," said Alternate Health Corp. CEO Dr. Jamison Feramisco in a recent press release announcing the deal. "National Access Cannabis is a Canadian pioneer in medical marijuana and we are excited to see our technology help NAC benefit patients and generate revenue in a key area of both of our businesses."
Looking Ahead
Alternate Health Corp. represents a strong opportunity in the burgeoning Canadian market. With its expansion into National Access Cannabis clinics, the company has dramatically increased its footprint in a move that could help expand its user base and draw in more clinics as partners.
The company's compliance solutions could also be rolled out into other markets down the road, including the United States. Since medical marijuana remains federally illegal, compliance with individual state regulations is of the utmost importance for dispensaries looking to maintain and grow their business amidst the shifting regulatory environment.
The company recently reported positive cash flow in its first quarter of operation, reporting Non IFRS Adjusted EBITDA of $1.4 million on revenue of $3.87 million. These revenues stem mostly from its clinical lab subsidiary, Alternate Health Labs.
The company anticipates multi-faceted growth, however, over the coming quarters. "Our success this quarter proves there's a high demand for our services and that we have the commitment and capability to meet that demand," said Dr. Feramisco. "We expect our software and education businesses to begin generating revenues next quarter, with our cannabinoid research and delivery system business following up in the third and fourth quarters."
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CFN Media Frank Lane 206-369-7050 flane@cannabisfn.com
