The company will work to create market access and design clinical trials to support the deployment of new FCM cannabinoid-based products
Inc () (OTCQB:CBIIF) revealed Tuesday that it is partnering with licensed producer FCM Global S.A.S, the first Colombian cannabis company to be fully licensed in cultivation, manufacturing and export of low-THC cannabis extracts, to support medical cannabis research and clinical trials.
In a statement, the Toronto-based company said the partnership will work to create market access and design clinical trials to support the deployment of future FCM cannabinoid-based products.
FCM owns and operates a 235,800 square feet production facility in La Ceja, Antioquia, as well as an expanded cultivation and biomass production facility of 474 hectares in Tolima. The two companies will look to build a foundation for future clinical trials and product innovation in Colombia.
READ: CB2 Insights posts record 3Q revenue of C$4.2M, boosted by strategic acquisitions
CB2 is one of the only purpose-built technology and contract research organization (CRO) service providers for the maturing global medical cannabis market. The Canadian medical cannabis-focused data firm said it will look to blend its clinical operations with “technology, analytics clinical research expertise” to support FCM with market access, data collection and analysis, and drug discovery.
“Research remains the primary gap between new government regulations and patient access – with physicians creating a major barrier due to a lack of understanding of how to prescribe and integrate cannabinoid therapy into traditional treatment programs,” said CEO Prad Sekar in a statement.
“In partnership with FCM, we will look to collect real-world evidence data to allow physicians to become more confident, the industry can be more informed and ultimately creating access for patients incorporating cannabinoid-based therapies into their traditional healthcare,” he added.
Sekar said the Colombian company continues to show its leadership by recognizing that traditional healthcare protocols are the key to unlocking the potential of medical cannabis.
“We look forward to laying a framework that places an importance in clinical trials for new products going forward,” said Sekar.
Under CB2 Insights’ umbrella, there are currently three brands: practice management software Sail, used by clinics and general practitioners to evaluate patients for medical cannabis; Canna Care Docs, which provides educational services and evaluations; and TokeIn: a cannabis dispensary loyalty mobile app.
Led by Dr Paola Cubillos, medical director, Colombia at CB2 Insights, both companies are working to increase physician education with the goal of incorporating CBD-based medicine in patients’ treatment plans. In tandem, both companies will also develop multiphase clinical trials that will provide product-specific and condition-specific safety and efficacy data. This will boost FMC’s drug development process as well as encourage physicians to prescribe cannabinoid therapies, said the company.
“We are proud of the foundation that we have built in Colombia and we are ideally suited to bring about traditional pharmaceutical protocols into our business with the help of a well-established contract research organization,” said FCM Global CEO Filipe Velasquez.
“CB2 Insights’ is that ideal partner as they have outstanding international experience but also have localized support to ensure we put these plans into motion efficiently and effectively,” he added.
There is a lack of medical cannabis data, according to CB2 Insights, which is aiming to be a front-runner in filling demand. It proves predictive analytics tools, data-driven software and services. In addition, the company operates 28 cannabis evaluation and education clinics in 12 US states.
The company gathers the data and creates real-world evidence through its proprietary software and clinical service brands.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
