CB2 Insights Inc (OTCMKTS:CBIIF) posted revenues of CAD 13.4 million in 2019. CEO of CB2, Prad Sekar said the company laid the foundation for its growth in 2019 shortly after going public. The company acquired four companies and expedited its proprietary technology offerings. It also streamlined product offerings and improved valuable data capabilities. According to previous releases, the preliminary financial results of May and April 2020 show strong growth in revenues. It is on the backdrop of growth measures initiated in 2019. CB2 expects to post strong growth this year and provide rich dividends for the shareholders in the longterm.
CB2 mobilized funds of CAD 5.5 million through equity and debt financing. The company acquired New Jersey Alternative Medicine, Medeval Clinics, and Relaxed Clarity. Its patient base reached 100,000 across 12 states encompassing more than 30 clinical locations.
CB2 commenced a hemp-derived CBD trial with GL Brands. CB2 also validated technology and data accords with Vireo Health based in the US, Vivo Cannabis located in Canada, and My Access Clinics based in the UK.
CB2 deployed proprietary technology and implemented an operating model to achieve profits in 2020.
Highlights till date in 2020
Vireo Health selected CB2 to conduct the trial to evaluate efficacy and safety profiles of its cannabis-derived topical treatments as desired by the US FDA.
CB2 added Tom Brogan to its director board as an independent director in January 2020. With over 40 years of experience in commercializing and aggregating healthcare data, Tom will play a vital role in guiding the company on its strategic initiatives.
CB2 unveiled a dashboard to provide insights into medical cannabis in March 2020.
To provide economic insurable services to the patients and concentrate on integrated healthcare, CB2 introduced SGH (Skylight Health Group) in April 2020.
CB2 garnered funds of $652,500 after it qualified to receive the grant under coronavirus pandemic from the US government in April 2020.
CB2 also restructured its debt note to support the three-pronged growth.
Delays submission of annual financial statements
Though need to be filed on or before June 15, 2020, CB2 delayed filing annual financial statements for 2019. It expects to complete the submission of financial statements on or before June 18, 2020. The delay is on the auditors’ request for more to review the financial statements and complete the audit procedures.