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CB2 Insights, a provider of predictive analytics tools and data-driven software for the cannabis industry, announced plans to expand its business through the acquisition of MedEval Clinic.
What Happened
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MedEval, a medical cannabis evaluation and education center group with locations across Colorado and Arizona, represents CB2 Insights' second acquisition since 2017. Previously, the company acquired Massachusetts-based multi-state clinic group Canna Care Docs.
CB2 Insights will pay a combination of cash and stock, although the value and additional terms of the agreement were not disclosed.
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CB2 Insights went public on the Canadian Securities Exchange at the beginning of March. Prior to the debut, Benzinga sat down with CB2 Insights' CEO Prad Sekar to talk about the company and its plans after it commences trading.
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Why This Is Important
The acquisition will allow CB2 Insights to expand its data pool given that MedEval operates two clinics in Colorado and one in Arizona. MedEval represents a medical cannabis evaluation and education center group.
In this way, CB2 will now operate in 14 jurisdictions and plans to increase patient volumes by 10 percent. Prior to the acquisition, CB2 Insights covered around 65,000 patients each year.
In 2018, MedEval had around C$1.0 million ($750,000) in revenue.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.