CB2 Insights Inc (OTCMKTS:CBIIF) reported revenues of $2.93 million in Q1 2020. Its gross profits declined by 13.6% to $1.9 million from a year earlier because of three takeovers in 2019. Vireo Health International Inc (OTCMKTS:VREOF) selected CB2 in January 2020 to support the efficacy and safety study of its cannabis-derived topical treatments for submission to the US FDA.
CEO of CB2, Prad Sekar, said the company is committed to strengthening its fundamentals and foundation of its business to report profits in Q2 2020. It will optimize the processes and use proprietary technology to preserve the capital and achieve profitability.
Assists Vireo in the clinical study
CB2 assists Vireo to commence the clinical trial of gels, lotions, and creams for managing the pain in patients. The company engages in developing protocols and managing IND (investigational new drug) applications and works with the FDA to get approvals for Vireo. It helps Vireo to maintain a leadership position in the cannabis-based treatments for managing the pain of patients.
Appoints an independent director
CB2 added Tom Brogan as an independent director in January 2020. He brings a rich experience of 40 years in commercializing and aggregating healthcare data.
The company also introduced a medical cannabis insights dashboard in March 2020. In the next month, it unveiled SHG (Skylight Health Group) to support its US-based clinical operations. This initiative helps the company to offer economic services, which are insurable, for the patients, by integrating healthcare.
Receives $652,500 from the US Government
As part of the support for companies to deal with coronavirus pandemic, the US government provided $652,500 to CB2 in April 2020. It maintains a cash balance of CAD 1.2 million in June 2020.
The company maintained profitability for three consecutive months beginning with April 2020 because of enhanced operating margins from its efforts in Q1 2020 and last year. CB2 extended promissory note to December 2022 at a reduced interest rate of 8%. It can repay the loaned amount to Merida Capital, either in cash or shares.
Unveils monthly medical reports
CB2 introduced medical reports monthly in July 2020. The medical reports are prepared from the clinical treatments for a variety of healthcare conditions in Canada, the US, and the UK.