CBII stock is gaining today after CB2 Insights Inc (CSE:CBII) (OTCQB:CBIIF) announced a new partnership with FCM Global S.A.S, the first Colombian cannabis company to be fully licensed in cultivation, manufacturing, and exporting of low-THC cannabis extracts, to support medical cannabis research and clinical trials.
CBII Stock Up 33%
The Toronto-based cannabis data firm said that it partnered with FCM in order to create market access and design a clinical trial to support the future deployment of FCM products in Colombia. FCM owns and operates a 235,800 square foot production facility in La Ceja, Antioquia. FMC also owns a 474 hectares cultivation and biomass production facility in Tolima. Cb2 Insights is one of the only purpose-built technology platforms in the cannabis industry, and CBII stock is up a massive 33% following news of the partnership.
“Research remains the primary gap between new government regulations and patient access – with physicians creating a major barrier due to a lack of understanding of how to prescribe and integrate cannabinoid therapy into traditional treatment programs,” said Prad Sekar, CEO of CB2 Insights. “In partnership with FCM, we will look to collect real-world evidence data to allow physicians to become more confident, the industry can be more informed and ultimately creating access for patients." CBII shares are currently trading for just $0.14.
Difficulties in Colombian Market
Medicinal cannabis is still not legal in Colombia despite licensed producers investing over $400 million USD in the market since legislation was enacted in 2016. CB2 Insights say that while the country’s geography, climate, low labor costs, and positive patient attitude make it an ideal market for that investment, only after comprehensive, clinical research is done will the market begin to grow. Nonetheless, today's partnership is a positive step forward in the market and could help CBII stock continue to recover after bottoming out in October.
CB2 Insights is continuing its strategy of international expansion after licensing its technology to UK firm MyAccess Clinics (MAC) to manage their patient data across its several clinics.
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