Yesterday afternoon, Centric Health Corporation (TSX: CHH), a company focused on providing pharmacy and other healthcare services to Canadian seniors, issued an update on its recent medical cannabis initiatives.
During the first quarter of 2019, Centric Health continued the implementation of its medical cannabis strategy with Canopy Growth Corporation ("Canopy Growth"), its strategic partner. To date, Centric Health's clinical pharmacists have led several prescriber information evenings, as well as staff, resident and family education sessions, at long-term care and retirement homes. The Company's implementation plan remains on track and revenue generation has commenced through deliveries to the first 50 patients. Centric Health expects the adoption of medical cannabis to quickly accelerate as seniors, home care operators and medical practitioners continue to be educated on the benefits and uses of medical cannabis.
As part of its commitment to offering seniors full clinical oversight of their medical cannabis needs, Centric Health announced that it has collaborated with Apollo Cannabis Clinics ("Apollo"), one of Canada's leading medical cannabis research organizations, to assist with virtual assessments of potential medical cannabis candidates. Apollo's clinical team of physicians, healthcare practitioners and support staff will assist seniors in Centric Health serviced homes in determining if medical cannabis is suitable for them, as well as prescribing products and providing ongoing monitoring for eligible candidates.
Centric Health will also be participating in the upcoming Ontario Long-Term Care Association ("OLTCA") medical cannabis pilot study, which is being led by Canopy Growth. The OLTCA study aims to measure how medical cannabis use can potentially displace other, less-desirable treatments and therapies in long-term care residents. In addition to participating in the study some of its serviced homes, Centric Health will be providing insight to the OLTCA's Cannabis Advisory Committee on the role of pharmacies in supporting medical cannabis use in long-term care homes.
"Centric Health's participation in the OLTCA study demonstrates our commitment to the clinical validation and pharmacy oversight of medical cannabis in seniors housing," said David Murphy, Centric Health's President and Chief Executive Officer. "We always strive to deliver the highest quality of care to seniors, and our strategic partnerships with Canopy Growth and Apollo will help increase medical oversight and reduce barriers to access for seniors who may be eligible candidates for medical cannabis."
ABOUT CENTRIC HEALTH
Centric Health's vision is to be the leading provider of pharmacy and other healthcare services to Canadian seniors. The Company is one of Canada's leading, and most trusted providers of comprehensive Specialty Pharmacy services and solutions to seniors. We operate a large national network of pharmacy fulfilment centres that deliver high-volume solutions for the cost-effective supply of chronic medication and other specialty clinical pharmacy services, serving more than 30,000 residents in over 450 seniors communities (long-term care, retirement homes, and assisted living facilities) nationally.
With services that address the growing demand within the Canadian healthcare system, Centric Health's unparalleled national care delivery platform provides significant potential for future expansion and growth.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's liquidity and capital requirements, government regulation and funding, the highly competitive nature of the Company's industry, reliance on contracts with key customers and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.
SOURCE: Centric Health Corporation