Canopy Growth Corporation (TSX:WEED), one of the Canadian marijuana stocks, has entered into a partnership to pursue a medical cannabis pilot study for seniors
SmallCapPower | October 9, 2018: Canopy Growth Corporation (TSX:WEED), one of the Canadian cannabis stocks, announced on October 3, 2018, that its wholly-owned subsidiary, Spectrum Cannabis, has entered into a partnership with the Ontario Long Term Care Association (OLTCA) to pursue a long-term care (LTC) medical cannabis pilot study and care pathway for utilization in Ontario long-term care homes. The partnership is through an unrestricted educational grant, which aims to measure how medical cannabis use can potentially displace other, less-desirable therapeutics for both pain and cognitive function for residents in a select group of homes.
Spectrum Cannabis is medical cannabis company with operations in Australia, South America, Africa and across Europe. The products are available in a wide range of potencies and formats designed to simplify the dialogue around strength and dosage by applying a colour-coded Spectrum to categorize medical cannabis according to THC and CBD levels. Its product lineup includes whole flower cannabis, oils and new innovations such as Softgels.
Canopy Growth President & Co-CEO Mark Zekulin said, “There is clearly an interest in the long-term care space to explore medical cannabis as an alternative to traditional medications for pain and degenerative cognitive function. The pilot study we’ve announced today is the first step in developing an evidence-based, best practice approach to medical cannabis that will result in consistent care for thousands of seniors and ultimately improve quality of life and outcomes in long-term care homes.”
The pilot will be coordinated by OLTCA, and Canopy Growth will provide the products from its Spectrum Cannabis brand. It’s a four-phase program that includes: the initial recruiting of long-term care homes; identifying physicians to create a care pathway for the use of medical cannabis in LTC; providing education tools for front-line staff and clinicians delivering care to residents; evaluating quality of life, clinical outcomes, caregiver stress and the economic and humanistic benefit of cannabis adoption for residents and ultimately, presenting the findings of the study.
This is one of a kind and the largest medical cannabis pilot programs in the long-term care space and with 500 residents. This aligns with Canopy Growth Corp’s focus to provide seniors with access to medical cannabis as well as education on its potential benefits and applications. Canopy Growth Corporation stock trades at a market capitalization of C$14.15 billion with a price-to-book ratio of 10.9x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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