Business
CB2 Insights 2019 Year In Review – A Message from CEO and Co-Founder Pradyum Sekar
CB2 Insights 2019 Year In Review – A Message from CEO and Co-Founder Pradyum Sekar.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n TORONTO, Jan. 08, 2020 (GLOBE NEWSWIRE) -- CB2 Insights (CSE:CBII; OTCQB: CBIIF) (“CB2” or the “Company”), a leading data-driven company focused on bringing real-world evidence driven from the point-of-care to the medical cannabis community, today released its CEO’s 2019 Year In Review.  The letter, which has also been sent to Investors, provides an update on the growth and development of the business last year as well as the foundation and opportunities that are ahead for 2020.  The letter in its entirety can be found within this release. Dear Shareholders, CB2 Insights has been pleased to deliver a year of outstanding performance for 2019, driven by a strong focus on establishing business fundamentals, execution of a well defined business strategy and growth in new business verticals to support a growing global demand for cannabinoid data and research. Our focus on execution has allowed us to achieve strong growth in revenues, improvements in cost efficiencies and an operating structure that will enable us to reach profitability in Q2 2020. We closed out the year having become a public company in March with a mission to increase our patient volume, improve our technology platform in order to better capture clinically-validated data within our clinics and begin to leverage those assets to bring a more traditional level of data and research to the medical cannabis space.  We recognized that while revenue growth was important, more vital was bringing ourselves to profitability. While its not uncommon for a technology and data firm to grow solely based on external funding during its growth stage, we had uniquely positioned the company to be largely self-funded through our clinical operations which in turn allowed us to avoid having to do large raises resulting in shareholder dilution. After the final payout from the acquisition of Canna Care Docs, we operated with the cash flows that came from the clinical operations as well as less than $2M in external capital in our first year as a public company.  Many people believed we would never be able to grow without doing a large financing.  We believe this, in part, is why there has always been significant pressure on our stock – the assumption that a large raise was always around the corner. The facts:  We were able t...