The Canadian cannabis company Cronos Group (NASDAQ:CRON, TSX:CRON) is teaming up with the Vancouver-based medical cannabis company Aleafia Health Inc (OTCMKTS:ALEAF) to work on a joint medical cannabis study designed to improve the treatment of insomnia and daytime sleepiness.
The study is funded in part by Peace Naturals Project Inc, a licensed producer of medical cannabis that is wholly-owned by Cronos. Physicians practicing within the Canabo Medical Clinic network, which is owned by Aleafia, will lead the investigation.
Cronos shares rose 7% to US$13.58 in Thursday’s pre-market session while Aleafia Health shares stayed flat at US$1.45.
The aim of the initiative is use cannabis to assist in the management of insomnia and the development of non-addictive, natural sleep aids.
“There is mounting evidence of the risks of prescription sleeping aids including worsening mental health and increased risk of dementia,” said Aleafia’s chief medical officer Michael Verbora in a statement.
“This study may in part point to medical cannabis as an alternative to harmful prescription drugs,” Verbora added.
Toronto-based Cronos Group is a diversified cannabis company with a presence across four continents. It operates two wholly-owned Canadian licensed producers regulated under Health Canada’s Access to Cannabis for Medical Purposes Regulations. They are Peace Naturals Project Inc and Original BC Ltd, which is based in the Okanagan Valley of British Columbia.
Aleafia, meanwhile, operates a medical cannabis clinic network in Canada under the Canabo Medical Clinic brand, which is staffed by licensed physicians.
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A geographically diversified and vertically integrated cannabis group that operates within Health Canada’s Access to Cannabis for Medical Purposes Regulations and distributes globally.
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