Canada’s cannabis industry is poised for explosive growth, as the country is set to legalize marijuana nationwide in the summer by July of 2018. By 2024, more than 450,000 Canadian patients will be prescribed medical cannabis, creating a market worth more than $1.3 billion, according to Health Canada estimates.
Due to this rapid market acceleration, the Canadian medical cannabis market is currently high on the radar for global investors. Investors from around the world are increasingly getting involved in this newly burgeoning market, as share prices for stocks in cannabis companies surge across the board.
The current top market players in the medical cannabis space are Aurora Cannabis (NASDAQOTH:ACBFF), Canopy Growth (NASDAQOTH:TWMJF), GW Pharmaceuticals (NASDAQ:GWPH), Insys Pharmaceuticals (NASDAQ:INSY), and MedReleaf (NASDAQOTH:MEDFF). In order to compete for their share of the market, many of these larger corporations are buying up or forming partnerships with smaller companies that have demonstrated innovative technologies and promising futures. Just weeks ago, Aurora Cannabis announced its intention to launch a takeover bid for CanniMed Therapeutics Inc. in what would be the largest takeover in Canadian cannabis history.
These new partnerships and takeovers have culminated in a wealth of opportunities for small cap investors around the world.
Of the many new partnerships in this space, perhaps the most promising is the partnership between one of Canada’s cannabis giants, MedReleaf (NASDAQOTH:MEDFF) and Ehave (OTC: EHVVF), a smaller publicly traded medical technology company which has introduced a platform to address the biggest problem facing the Canadian cannabis industry.
Medical marijuana is becoming an increasingly accepted form of treatment among North American medical professionals – when surveyed by the Journal of the American Board of Family Medicine, 92% of family physicians stated that they believe that continuing medical marijuana education should be available to family physicians. However, despite the growing acceptance of marijuana and its impending legalization, many medical professionals have been hesitant to discuss marijuana as an alternative to prescription drugs because they lack the necessary knowledge to recommend it to their patients.
For instance, although there are hundreds of strains of marijuana aimed at curing specific ailments, the majority of doctors today dismiss marijuana as a choice to their patients simply because they don’t have the right information and know-how.
Ehave aims to change this; the company has created a platform that will bridge the knowledge gap between medical professionals and marijuana education, all done by using a data-driven approach. Ehave Connect, the company’s mental health informatics platform, provides a suite of data-rich patient management and assessment tools that may enable more accurate and efficient study of medical cannabis and help establish objective treatment guidelines that Physicians can rely upon when prescribing cannabis therapies.
“The large and emerging medical cannabis industry is in desperate need of a technology platform to capture and deliver reliable clinical data to satisfy the needs of patients, clinicians, regulators, and payors,” said Prateek Dwivedi, President and CEO of Ehave. “We’re excited to initiate our work with a company of MedReleaf’s stature and prominence in the industry, which will serve as an important first step in showcasing how Ehave Connect will be able to support the development and use of medical cannabis for the full breadth of indications where such therapies are applied.”
With Ehave Connect, clinicians can make objective, data-driven decisions while keeping patients informed and engaged throughout their mental healthcare journey. Ehave Connect offers a powerful set of core features that integrate with a growing selection of tools and applications developed by Ehave and its leading partners, including Multi-Health Systems (“MHS”), a leading publisher of psychological assessments. Though its collaboration with MedReleaf, Ehave Connect is advancing the validation and optimization of medical marijuana.
Ehave is focused on empowering the mental healthcare community with digital solutions to help medical professionals make data-driven decisions, accurate assessments, and personalized patient care. In addition to its partnership with MedReleaf, the company has established key relationships with Multi-Health Systems, The Hospital for Sick Children, Pear Therapeutics, and the Ontario Brain Institute.
As a political crackdown on addictive prescription drugs paves the way for cannabis as a widely accepted mainstream treatment alternative, Ehave intends to be at the forefront of this transition. By teaming up with MedReleaf, Canada’s leading medically licensed cannabis producer, and numerous other partners in the medical industry, Ehave has positioned itself to take advantage of the billion-dollar medical cannabis industry.