Empower Clinics Positioned as Cannabis Disrupts Pharmaceutical Industry -- CFN Media

SEATTLE, July 23, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article covering Empower Clinics Inc. (CSE:EPW), the first publicly traded medical marijuana clinic company with operations in the United States. Empower Clinics is capitalizing on trends in the cannabis industry by establishing a nationwide network of medical cannabis clinics aimed at helping patients navigate a confusing market for cannabinoid-based treatments for various medical conditions.

Recreational cannabis may be capturing headlines throughout North America, but medical cannabis remains the most established form of cannabis legalization in the United States. Thirty states have already legalized medical cannabis, while a bipartisan group of legislators introduced a bill earlier this year that could protect state marijuana legalization, medical marijuana, and decriminalization laws from federal interference.

With US medical marijuana retail expenditures estimated around $3 billion for 2017, it’s already an attractive market. A study in 2016 found that, in states with medical cannabis laws, Medicare prescriptions fell on average 11% for conditions commonly treated with cannabis. That 11% is no small slice of the prescription drug pie. Take just the most prevalent indication for medical marijuana users, chronic pain management, and the growth potential is astounding. According to Transparency Market Research, the global market for pain management is expected to grow from about $62 billion in 2016 to about $88 billion in 2025.

That’s a lot of opportunity, even when using the 11% figure for the market potential of cannabis as an alternative to prescription pharmaceuticals, the potential impact is billions of dollars.

The Need for Medical Cannabis Clinics

The medical cannabis industry is changing quickly. Scientific research, hampered by federal regulations for years but on the rise recently, has shown important medical benefits from cannabis. Patients with real medical needs are increasingly looking at cannabis as an alternative to conventional treatments. It used to be that getting a ‘green card’ for medical purposes was mostly used as an avenue for legalized possession. Now, non-cannabis users are increasingly pursuing cannabis treatments, and they are looking for trustworthy medical advice and non-synthetic drug alternatives.

Cannabis retail shops are not medical clinics and do not have the expertise to diagnose conditions and prescribe treatments. The medical marijuana retail model started with people filling prescriptions from doctors but has become entangled in recreational sales. In short, budtenders are not doctors. There is a real need for licensed physicians, trained in the effects specific cannabinoids can have on specific conditions, to provide professional medical advice and patient care, and this is the Empower Clinic opportunity.

Even when licensed physicians are involved, most clinics do not have their own in-house formulated products so they are subject to the whims of what is available in local cannabis retailers. The store may not offer the ideal cannabinoid-based product for the treatment of a patient’s medical condition. Additionally, the prescribing physician cannot control the quality or reliability of the products offered at the retail store.

Building a Leading Presence

Empower Clinics is solving these issues by spreading its proven clinic business model and proprietary cannabis formulas across the US in legal medical jurisdictions. The company currently has 15 clinics across three states (Oregon, Washington, and Illinois) that are staffed with physicians from leading hospitals and medical schools, including Harvard, Johns Hopkins, and UCLA. In Oregon, Empower is responsible for issuing more than ⅓ of the state’s medical cards. Since its inception, the company has helped over 90,000 patients and has a roster of more than 27,000 active patients. Revenue from these patients topped $1.6 million last year and those figures are only projected to grow over the coming years.

After raising C$4 million in a private placement, the company looks to begin the process of building out a national clinic brand across all 30 states that have legalized medical cannabis with high-quality physicians, innovative patient tools (such as its mobile app), and a line of branded medical products. The company has already developed seven unique products under the Sollievo brand name that are available in more than 150 dispensaries in Portland alone.

Executive Team Experience

CEO Craig Snyder, a former US Naval Officer and graduate of the United States Naval Academy, previously founded two companies, SnapNames and Moniker, that he grew and sold. He also held executive positions with two companies from startup through IPO, Marchex and Go2Net. Experienced Board of Directors member Lorne Gertner is a legend in the cannabis industry, co-founder of Tokyo Smoke (now Hiku Brands), Cannasat Pharmaceuticals (first TSX listed medical marijuana company), and PharmaCan Capital (now NASDAQ-listed Cronos Group).

With Mr. Snyder’s start up experience in building young companies and Mr. Gertner’s acclaimed cannabis industry expertise, Empower’s leadership is well versed in creating value for shareholders.

Looking Ahead

Empower Clinics Inc. (CSE:EPW) represents a unique opportunity to capitalize on the medical cannabis industry. With 15 clinics in operation and the right model at the right time, the company is in position to grow across the United States’ legal markets. Investors may want to take note of the stock given the significant growth opportunities ahead.

For more information, visit the company’s website at www.empowerclinics.com.  

Please follow the link to read the full article: http://www.cannabisfn.com/empower-clinics-positioned-cannabis-disrupts-pharmaceutical-industry/

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Frank Lane
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