“New Jersey is an exciting market for CB2; with over 50,000 active patients and growing across the state, and further advancements to the medical cannabis program to expand on indications and patient access, NJAM, who has already captured care of more than 25% of the market, will provide CB2 with a solid base of patients and revenue to capitalize on the growth this state will continue to see,” said Prad Sekar, CEO, CB2 Insights. “We continue to expand on our commitment to grow our market share in the US, through M&A and organic growth activities, while ensuring that growth provides immediate revenue recognition and a drive to consolidated profitability. By acquiring the assets of NJAM and assuming their patient care, we will become one of the dominant players in the state of New Jersey and provide shareholders with near term revenue growth and longer-term aggregate data growth by adding an additional 15,000 patients to our registry.”
New Jersey Alternative Medicine currently operates 6 clinics throughout the state, servicing over 15,000 patients. The decision to transition care to CB2 Insights comes at a time where the patients in New Jersey continue to seek out a standardized quality of care with an emphasis on education and support, all of which continue to remain the focus of the Company and the strength that it brings to each market it serves with an established and proven clinical operating model. CB2 plans to increase annual patient volumes through aggressive marketing programs and enhanced patient care, in line with each of its 3 clinical brands.
