ICC Partnership Brings Innovative Solutions to EU Medical Market
February 4th, 2019
Exclusive, News, Top Story
ICC International Cannabis Corp. (CSE: WRLD.U) (FWB: 8K51) (OTC: WLDCF) announced on January 17th an intention to form a joint partnership with Evergreen Pacific Insurance Corporation and Cannops Consulting to launch Evergreen Pacific’s revolutionary BuyWell Ecosystem across Europe.
The BuyWell Care platform offers first of its kind transformative coverage for cannabinoid treatment, and a solution to the often prohibitive costs associated with prescribed alternative health treatments. Patients will now have access to streamlined top-tier alternative health services, online medical cannabis coverage options utilizing a proprietary pricing methodology, and a CBD health & wellness ecommerce marketplace. Medical practitioners will find a comprehensive educational platform specifically designed to increase their awareness and understanding of cannabinoid treatment options, which is especially important as research advances in tandem with liberalization and legalization.
BuyWell Care launched Canada’s first guaranteed issue extended healthcare coverage for medical cannabis prescriptions, and began issuing medical cannabis coverage policies in November 2018, which are currently open for enrolment to residents of Ontario. Eligible patients can access a suite of coverage options for therapeutic treatment options utilizing prescribed medical cannabis products, including dried flower, oils, tinctures, gel capsules and topical creams, augmented by an intuitive online medical cannabis savings calculator.
Robert Wilson, Evergreen Pacific CEO said, “Canadian insurers have opted to treat medical cannabis as a pre-authorized drug, resulting in exclusions imposed by Canadian insurers under conventional group insurance plans and by employers via caps imposed on claims. Our coverages are currently offered to individuals by The Alternative Health Association of Canada as a membership benefit with no caps and no exclusions. Association membership is free and coverages are tailored to each member’s needs.”
Europe’s Growing Demand Equals Opportunity
Europe has a population of over 500 million, and its increasingly liberal attitudes and regulations surrounding the use of cannabis, especially for medical purposes, offers a potential market double the size of the US and Canadian markets combined. The European cannabis market is still in its infancy compared to North America’s, and its need for comprehensive, patient-centric healthcare solutions isn’t being met, presenting a wonderful opportunity for companies like ICC with an established presence.
The BuyWell Care patient-centric platform aims to address the needs of this enormous alternative health space with the objective of making alternative health care simple and affordable, increasing awareness of treatment options, providing educational resources, clinical services, and post treatment follow-ups, and ensuring patients are able to pay when products and services are provided.
The BuyWell.com Ecosystem aims to improve affordability by providing patients with guaranteed issue extended healthcare coverage, including Evergreen Pacific’s highly innovative coverage for cannabinoid therapeutic treatments as well as other multidisciplinary paramedical services, supporting adjudication of prescriptions, customer service, order management, transaction processing, third party administration, and all claims management.
Heather Gray of BuyWell Care said, “We are thrilled to be bringing this form of extended healthcare coverage to the European market at a time when many patients are looking to add medical cannabis as part of their treatment regimen. The ability to save our patients money on their medical cannabis prescriptions and to provide a patient-coverage solution with no out-of-pocket expense is truly a first.”
Established Production, Distribution Networks
International Cannabis’ wholly owned subsidiary, Marathon Global has an exclusive agreement with Cosmos Holdings, a European based pharmaceutical distributor, to procure and distribute medical cannabis products and all cannabis derivatives in approved countries within Cosmos’ distribution network of 110 clients, representing approximately 36,300 pharmacies in 16 countries. ICC’s distribution network is further augmented by its intent to acquire 49.9% of Wayland Ground’s international asset and licence portfolio, which includes a three-year agreement to supply medical cannabis to 2,200 German pharmacies. Leveraging this exclusive European distribution chain, the introduction of the BuyWell Ecosystem presents an opportunity to drive production and service a high-growth region to meet the immediate European demand for alternative health & wellness products and services.
Upon formation of the joint venture, Evergreen Pacific will use its collective global buying power to purchase medical THC and CBD products on a wholesale basis for sale and distribution via the BuyWell Ecosystem operating in Europe. Existing medical cannabis and CBD inventories will be supplemented by ICC’s medical production operations in Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Greece, Italy, Portugal, and Malta.
Eugene Beukman, CEO and Director of ICC, said, “This is a transformative evolution that provides a full-service solution to encourage and to promote collective health and wellness. Evergreen Pacific has successfully proven the BuyWell ecosystem here in Canada, and together with the assistance of International Cannabis and Cannops, will translate this success into the EU. Evergreen Pacific is a true innovator operating in the insurance and health and wellness markets, substantiated by its introduction of Canada’s first guaranteed issue coverage for medical cannabis prescriptions. The European BuyWell Ecosystem will be built on three pillars covering the entire spectrum of medical cannabis and CBD marketplace, from distribution to education to insurance coverage. As the medical cannabis industry continues to mature, International Cannabis and its partners will be at the forefront delivering associated ancillary services.”
Education Drives Innovation, Demand
The BuyWell Ecosystem will also act as an educational platform for European medical practitioners, enabling them to learn more about cannabinoid science and its applications within their clinical environments. By providing a forum for physicians and other medical practitioners, the BuyWell Ecosystem facilitates the exchange of information within a collaborative setting, enabling more patients to obtain the latest and most effective treatment options as determined by their doctors, including secure access to medical cannabis. Under the joint venture, Evergreen Pacific will operate the European BuyWell Ecosystem, providing educational services, medical advisory services, and technology infrastructure on behalf of the partnership.
The partnership further strengthens ICC’s established European presence, providing even more opportunities to profit from this rapidly emerging market.
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