The Toronto-based company said that it reached positive EBITDA on an unaudited basis during the month
CB2 Insights Inc () () told shareholders on Thursday that the company reached profitability in April.
The Toronto-based company said that it hit a positive EBITDA on an unaudited basis during the month, in which the firm added patient visits increased by 25% at its network of corporate clinics across 12 US states.
READ: CB2 Insights launches new Skylight Health Group division to augment its healthcare services
In a statement, CB2 CEO Prad Sekar pointed out that achieving positive EBITDA by Q2 was a commitment made to its shareholders and other company stakeholders over the last six months.
“Profitability at a time in today’s market where leveraging external capital is highly dilutive and expensive, allows us as a company to focus on building on and not just holding our current position; and doing so in the best interest of our shareholders and commitment to the long-term value we intend to achieve,” he added.
CB2 will only use cash derived from operations to support its ongoing and upcoming projects, it told shareholders.
The firm said it expects to see further growth resulting from recent laws in the US that allow telemedicine to be used for medical cannabis certifications. The move gives CB2 the ability to connect with more remote or underserved communities across the states in which it operates.
With a team of over 70 healthcare providers, the company has the scale and size to support patients across the state, it told investors.
CB2 recently launched its Skyline Health Group in the US that provides integrated health services like primary medical care, consultations and alternative health treatments under an insurable model.
“I am glad to announce that we continue to execute on our business plan, focused on what is relevant to our core, and ensuring successful execution by our entire team to reach this significant milestone,” said CEO Sekar.
“It allows us a business to invest capital in growth areas such as data analytics and research to additionally boost future revenue and margins as we continue to establish ourselves in the traditional Healthcare and Technology industries.”
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas
