TORONTO, ON – April 29, 2020 – CB2 Insights (CSE:CBII; OTCQB: CBIIF) (“CB2” or the “Company”), has announced that it has officially launched its newest division Skylight Health Group (“SHG”) as part of its clinical operations in the United States. SHG will immediately provide a range of integrated health services from primary medical care, to consultative specialist care, alternative health, wellness & multi-disciplinary services and products to its growing patient population. SHG services are reimbursable in accordance with the rules, regulations and requirements by the Centers for Medicare and Medicaid Services (“CMS”), as well as other private health insurers within each operating state where its physicians, practitioners and patients will be able to enjoy the benefits of an expanded service offering. Under most insurance models, patients typically pay a nominal co-pay amount, however most of the cost of the visit is covered by the health insurer. This structure means the Company can expand its services to patients at limited to no-cost to the patient directly. The primary focus of the SHG will be to provide a broad array of primary and alternative healthcare services including family/specialty medicine and interdisciplinary services focusing on comprehensive care, chronic disease management and health promotion/education.
Skylight Health Group will be a substantial addition to our existing methodology of treating patients holistically, with an integrative patient-centric approach to support their overall health outcome goals,” said Prad Sekar, CEO, CB2 Insights. “Building on our current infrastructure of existing clinics, patient base and clinical team, we will introduce the SHG model over the next 12 months into each of our current locations, starting with Maine, Massachusetts and Pennsylvania. Integrative Health is a rapidly growing, multi-billion dollar industry and our goal has always been to understand how various traditional and complementary alternative medical treatments intersect to have a positive improvement on patient health.”
CB2 Insights currently has over 30 clinical locations in 12 states and employs a clinical team of more than 150 clinical staff and medical professionals. With over 100K patients seen a year and over 500K patients evaluated since 2013, SHG aims to become a leader in Integrative Medical Services nationwide. With an broad, established infrastructure, the Company is able to launch the new division with very little investment, thus remaining committed to strengthening its cash position from revenue from operations with a goal of near-term profitability by Q2. Revenue from SHG will be in addition to the current clinical operations and will expect to match and surpass such revenue in the coming years. SHG contribution of positive cash flow will support capital to invest in growth.
Sekar continued, “Today marks a hallmark moment for us as an organization as it is a testament to where we have come from, and where are building towards. Both my co-founder, Kash Qureshi and I have spent the last 15 years owning and operating large, multi-specialty health practices across multiple disciplines and we are proud to now integrate that experience further into CB2. For over 5 years, we as an organization have been helping patients navigate their health journey through a collaborative approach. Our openness to alternative treatments, namely medical cannabis, has demonstrated our ability and willingness to work outside conventional treatments to support improvements in patient outcomes in an ever-evolving medical sector.”
The Integrative Medical market in the US is reported to be around $18B with a strong growth trajectory forecasted over the next 10 years. Further, insurable services through the CMS, is expected to reach $6T by 2027, according to a report on National Health Expenditures by the CMS. This illustrates strong support for future healthcare funding of which CB2 Insights will benefit from by provisioning qualifying services to its growing patient base.
In addition to the launch of services within SHG, the new division will also place a strong focus on research and clinical trials. There are over 8K active clinical trials in progress in the United States with leading academic institutions, pharmaceutical and biotech companies. Expansion into traditional healthcare services enables the Company to actively participate in these trials, leading to increased revenues and credibility as a Contract Research Organization.
More information can be found on www.skylight.health. The Company looks forward to continuing to expand on its services to patients, growing its patient base, and making a significant improvement in the overall health and well being of patients across the US.