Medicinal cannabis data group CB2 Insights Inc (CSE:CBII) (OTCQB:CBIIF) has announced it is expanding its market presence in the UK, boosting CBII stock by 5%.
The company, which specializes in research and data collection to offer a suite of technology solutions in the medicinal cannabis industry, has said it will license its technology to MyAccess Clinics (MAC) to manage their patient data. MAC operates several clinics in the UK for patients seeking medicinal cannabis care due to conventional treatments being ineffective. MAC will use CB2 Insights’ Electronic Data Capture Technology (EDCT) to capture comprehensive data sets related to patient health.
“The UK market continues to blossom at a rapid pace, and we are proud that our research and data technology assets continue to be sought to expedite growth in the market,” said Prad Sekar, Chief Executive Officer of CB2 Insights. “MyAccess Clinics has an exceptional and comprehensive vision for its development in the UK’s medical cannabis market and we are excited to be a part of that effort.” The status of cannabis in the UK is somewhat of a grey area, with medicinal cannabis technically being legalized last November to treat severe cases of epilepsy.
CB2 Insights’ technology is currently in use throughout Canada and the US, with the aim of bringing standard healthcare protocols into the field of medicinal cannabis. The EDCT system works to simplify data input and management while ensuring collection can ultimately be used to better understand the efficacy of cannabinoid therapy. Founded in 2014, the company is recognized as having the largest cannabis patient registry across 13 states in the US, as well as an expanding international reach.
CB2 Insights began trading on the Canadia Securities Exchange (CSE) in March of this year, and it hasn’t been all plain sailing. The pot penny stock was initially valued around the $0.25 mark but has subsequently lost over 50% since. However, investors will be hoping that expansions into emerging medicinal cannabis markets such as the UK’s will help buoy CBII stock in the long run.
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