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CB2 Insights announced Thursday that it acquired the assets of Colorado-based Rae of Sunshine Health Services, operating as Relaxed Clarity. It's the second M&A deal announced by CB2 Insights in less than three weeks.
What Happened
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The deal was conducted through a combination of cash and stock. CB2 paid $200,000 in cash and agreed to issue 500,000 shares. The share issuance will be based on the 30-day volume weighted average price of the company's stock prior to the date of the issuance. In addition, the transaction includes future milestone incentive payments related to patient growth over the next 12 months that total as much as $100,000 in cash and up to $300,000 in stock.
Why It's Important
Relaxed Clarity is a Colorado-based clinic group that has four facilities in Denver, Colorado Springs, Pueblo and Broomfield.
The company provides medical cannabis evaluations and educational support to around 15,000 patients each year. Last year, Relaxed Clarity had revenue of $1.1 million.
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"This acquisition is a testament to our continued efforts to consolidate the U.S. clinical market and increase our data pool of medically focused, clinically validated data sets. Our mission is to provide all stakeholders — including government agencies, regulatory bodies, physicians and the public — with the credible data and tools to understand the efficacy of cannabinoid therapy across a wealth of conditions,” CB2 Insights CEO Prad Sekar told Benzinga.
The deal comes on the heels of the March 20 announcement of CB2's acquisition of Arizona- and Colorado-based MedEval. In 2017, CB2 acquired Massachusetts-based CannaCare Docs.
In this way, with the pending acquisition of MedEval and the purchase of Relaxed Clarity, CB2 expects its annualized patient count to increase to approximately 80,000.
"Following this acquisition, we are working aggressively to manage our active M&A pipeline and introduce new, medically focused cannabis evaluation centers to the CB2 Insights family, which add to our data pool and layer on new, profitable revenue streams across the U.S.," Sekar said.
What's Next
CB2 Insights said it's on track to reach at least CA$12.2 million ($9.14 million) in revenue this year and expects to achieve its revenue goal of CA$20 million through organic growth from existing operations and its active pipeline of acquisition targets.
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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.