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Empower Clinics sees ‘positive impact’ from Sun Valley Clinics integration, taps new board member

The Vancouver-based cannabis operator recently acquired the clinics, which are a network of medical-cannabis and pain-management practices

Medical cannabis
Empower Clinics is one of the largest operators of medical-cannabis-focused healthcare in the US

Empower Clinics Inc (CSE:CBDT) CEO Steven McAuley said Thursday that the Company was already seeing a “positive impact” from the integration of its Sun Valley Clinics acquisition.

The Vancouver-based cannabis operator recently acquired Sun Valley Certification Clinics Holdings LLC, which operates a network of professional medical-cannabis and pain-management practices. Sun Valley has a network of five clinics in Arizona, one clinic in Las Vegas and a tele-medicine platform serving California.

READ: Empower Clinics spotlights diversified business model, acquisition of a network of US clinics

"With the closing of the Sun Valley Clinics acquisition behind us, we are already seeing such positive impact with integration and the development of our overall company culture," said McAuley in a statement. "By adding the extra resources to our company, we have much more capacity grow and can execute on various initiatives."

Official operational integration is fully underway, said the company, with the operations team at Sun Valley assuming key tasks on behalf of the Empower network of clinics including bookkeeping, human resources, payroll and day-to-day accounting tasks.

New board member

Empower Clinics said it is tapping Andrejs Bunkse as a director. As the owner and practicing attorney of Rain Legal and partner in Nimbus Legal, the company said Bunkse brings “industry specific expertise and deep connections” to the investment banking and family office community.

"We are so honored to have Andy Bunkse join our board, to play an active role in supporting our next phase of growth and development," said McAuley. "His substantial negotiating and deal structuring experience along with industry ties and reputation, adds tremendous pedigree to our leadership team."

Bunkse is a graduate of Syracuse University and holds a Juris Doctorate from Santa Clara University School of Law.

The company said Peter McDonough had stepped down as director on May 24.

Takes possession of CBD extraction facility

Empower said it is diversifying its business model to become a vertically integrated operator in the global cannabis sector with a focus on patient care, CBD product distribution, research & development and CBD product extraction, the company said in a statement.

As part of its new strategy, the company said it has taken possession of its new facility in greater Portland, Oregon. It will have a hemp-based CBD extraction facility with the first extraction system expected to have the capacity to produce 6,000 kilograms of extracted product per year, said the company.

The facility is expected to provide Empower with vertical integration into the CBD supply chain, producing isolates, distillates and winterized oil.

Launches CBD tincture product line

Empower has started selling its proprietary line of CBD-based products called SOLLIEVO, through its network of company-owned clinics in the United States. The Sollievo tincture line includes four preliminary products for chronic pain, insomnia, digestion and anxiety.

Preliminary user feedback has been positive, said the company, and third-party lab test results have confirmed the ingredients and dosages of the proprietary formulations are consistent with claims made on the labels.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter@UttaraProactive 

Quick facts: Empower Clinics Inc.

Price: 0.06 CAD

CSE:CBDT
Market: CSE
Market Cap: $10.58 m
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