The Toronto-based company announced Thursday that it has been selected as the exclusive research technology platform for Project TWENTY21, a new pilot project to assess the efficacy, safety, quality of life and health outcomes for 20,000 patients using cannabinoid therapies.
Shares of CB2 shot up 5.3% by Thursday's midday trading point at C$0.20.
READ: CB2 Insights advancing new medical cannabis evaluation tool, completes first phase of integration
The data analytics company will provide the platform to build the patient registry and collect statistical evidence throughout the program, CB2 said in a release.
Project TWENTY21 is spearheaded by Drug Science, an independent, science-driven UK charity that aims to bring leading drug experts together to conduct original research into the effects of drugs, harmful or otherwise.
The pilot aims to create the UK’s only independent GDPR-compliant database of patient health data for patients suffering from chronic pain, post-traumatic stress disorder, multiple sclerosis, Tourette’s syndrome and other conditions, who use medicinal cannabis in their treatment regimens.
CB2 Insights is also joining the Drug Science working group comprised of patient organizations, academic institutions and licensed producers such as Althea Group Holdings Limited (ASX:AGH), Cannuba and Alta Flora.
Rapidly growing market
CB2 CEO Prad Sekar said the company was “thrilled” to extend its expertise to the UK, citing the country’s potential to rapidly advance medicinal cannabis adoption.
“Drug Science is the only organization bringing evidence-based understanding to the UK market, and this represents a tremendous opportunity for CB2 to expand our data pool and extract more real-world evidence,” Sekar said in a statement. “We look forward to contributing our expertise to the Drug Science working group.”
According to Drug Science’s CEO David Badcock, Project TWENTY21 is designed to remove the barriers that come with a lack of evidence-based data for physicians and patients to feel more confident prescribing and using cannabinoids as a treatment option.
“We believe that Project TWENTY21 will change the landscape in the UK medical cannabis field, and this partnership with CB2 Insights advances that effort in a major way,” Badcock said in the statement.
The pilot program launches on July 18.
--Updated with share price--
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