Canabo Medical (TSXV:CMM) reported that a new, landmark study showed a sharp drop in benzodiazepine reliance among Canadian patients that were under doctor-supervised medical cannabis treatments.
I’m Bethany Rae for InvestmentPitch media
Canabo Medical reported that a new, landmark study showed a sharp drop in benzodiazepine reliance among Canadian patients that were under doctor-supervised medical cannabis treatments.
Benzodiazepines, commonly sold under names such as Valium and Xanax, are used for treating anxiety, insomnia, agitation, seizures, muscle spasms, alcohol withdrawal and as a premedication for medical or dental procedures.
In Canada, these drugs are used by 10 per cent of the general population, and come with a list of common short-term side-effects such as sedation, dizziness, unsteadiness, headache and memory impairment, along with long-term complications including problems with concentration, tolerance, addiction and overdose.
Research conducted over the past year revealed that 40 per cent of patients who were prescribed medical cannabis to treat pain and anxiety eliminated the use of benzodiazepines within 90 days.
That percentage increased to 45 per cent within a year of cannabis treatment.
These were announced by Dr. Neil Smith during a presentation at the Canadian Consortium for the Investigation of Cannabinoids (CCIC) event in Toronto.
Dr. Neil Smith, Executive Chairman, stated: "We wanted to take a close look at the likelihood of continued benzodiazepine usage after commencing medical cannabis treatments and to be perfectly honest, the results are extremely promising. When conducting this type of research, experts are typically encouraged by an efficacy rate in the neighbourhood of 10 per cent. To see 45 per cent effectiveness demonstrates that the medical cannabis industry is at a real watershed moment. To say that we're encouraged is an understatement but there's a lot of work still to be done. We hope to conduct formal trials both in-house and in collaboration with others pending further analysis of what we believe to be one of the most promising advancements in many years."
Canabo partnered with a consortium of medical research experts to analyze data from more than 1,500 patients with the aim of understanding how cannabis interacts with or lessens the need for pharmaceutical treatments.
Preliminary findings in late 2016 indicated a downward trend in benzodiazepine use -- a trend that was confirmed after additional investigation and included in the Reduction of Benzodiazepine Use in Patients Prescribed Medical Marijuana report.
The team responsible for the peer-reviewed report has shared their findings with several Canadian medical journals and details are expected to soon appear in the Dalhousie Medical Journal.
Canabo wholly owns and operates Cannabinoid Medical Clinics, or CMClinics, Canada's largest physician led referral-only clinics for medical cannabis.
Established in 2014, Canabo has 15 clinics across Canada with several additional locations set to open in 2017.
The company’s clientele has been steadily increasing, with the company forecasting more than 15,000 patients at the end of 2016.
The shares last traded at $0.80, and with 37.6 million shares outstanding, the company is capitalized at $30.1 million.
For more information please visit the company’s website www.canabocorp.com, or contact Madeline Whittaker at 902-334-1700 or email email@example.com.
I’m Bethany Rae for InvestmentPitch Media