LifeSpot Health Limited (ASX: LSH) is into the digital healthcare sector. It works on developing and commercializing medical diagnostic & monitoring technology. The company has smart-phone based systems and applications. The company in the process of assisting doctors and empowering patients to diagnose and manage skin disease is developing digital healthcare solutions. It has a world-leading technology platform. The BodyTel system functions to manage chronic diseases. It also assists in measuring the vital functions and indicators. These important indicators are blood pressure, blood glucose, etc.
On 19 November 2018, the company informed that it has signed a sales and distribution agreement with CBDS Health. CBDS is a Canadian based company with expertise in cannabis clinical trials. It operates in health technology and keeps innovating on the research and clinical trials, through the deployment of information technologies.
Highlights of the sales & distribution agreement include:
- The company can use the Seng Vital smart vaporizer system for research and clinical trials for cannabis across North America.
- CBDS with its partnership with GrowBuddy is providing an integrated Internet of Medical Things (IoMT) solution for cannabis data capture and analytics.
- CBDS health’s platform has been used for more than 60 studies, with more than 1,000 participants, resulting in over 130 peer-reviewed publication.
- The vaporizing segment has a strong potential as the lead format for cannabis.
- The Company will attend the 6th annual Cantech19 conference in Toronto on 29-30 January 2019. It will have a dedicated booth featuring the medical and recreational vaporizers.
Consumer spending on cannabis is projected to reach almost $3 billion in 2018 in the US which is nearly an increase of 49% over prior year sales. As per the research, U.S. concentrate product sales are estimated to reach $8.4 billion by 2022. The main driving catalyst for the increase in sales is Vaping, and almost 58 percent of concentrate spending in 2018 will come from prefilled vaporizers.
The integrated platform of CBDS and GrowBuddy is an excellent addition to their technology. This will help them incorporate the system in all global dealings. Rod Hannington, the Chairman of LifeSpot, said that the company is delighted to work with CBDS and GrowBuddy. Success in medical cannabis will come from the automation of the process and using the best practice analytics for data management. The company’s integrated smart vaporizer system and BodyTel platform can create excellent opportunities to tackle the demands of the major cannabis companies.
Let us now quickly analyze the performance of the LifeSpot health care stock performance and its return over the past few months. LSH’s shares trade at $0.067 with the market capitalization of $5.2 million. It has a 52-week high of $0.195. The stock has a YTD return of -48.46%, and it posted a negative return of 41.74% over the last six months span and a negative return of 19.28% return over the last three months.