Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - September 20, 2024) - Investorideas.com, a go-to investing platform covering cannabis stocks releases an industry snapshot looking at the battle against dangerous drugs, including fentanyl, featuring Greenlane Holdings, Inc. (NASDAQ: GNLN), one of the premier global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products.
According to Fact.MR , "The global opioid overdose treatment market is expected to reach a value of US$ 1.54 billion in 2024, as revealed in a new industry analysis published by proficient researchers at Fact.MR, a market research and competitive intelligence provider. Revenue from the market is projected to increase at a CAGR of 7.2% through 2034."
Cannabis company Greenlane Holdings, Inc. (NASDAQ: GNLN) has entered the battle against dangerous drugs, but not only against opioids. Greenlane announced this week its plans to launch an all-new line of fentanyl, xylazine and drink spike detection test strips under the Safety Strips, Inc. brand of drug test strips. Products will be available to order beginning September 25th via the Company's multiple online retail storefronts, (vapor.com, puffitup.com, and higherstandards.com/) as well as its wholesale portal (wholesale.greenlane.com). Shipments will commence October 1st.
In August, Greenlane announced that it had entered into a non-binding letter of intent to be the exclusive distributor in the US of Safety Strips drug detection test strips. Greenlane has been a trusted partner for some of the most successful and well-known cannabis and lifestyle brands, such as Higher Standards, Marley Natural and K.Haring, providing full sales coverage, marketing, warehousing and logistics services.
"We are delighted to be working with the Safety Strips' team who share our high standards for safety and quality, and our strong focus on improving people's lives and enhancing their safety," said Barbara Sher, Chief Executive Officer for Greenlane. "By combining our extensive sales, marketing, and distribution network with Safety Strips ISO 13485 validated product line of easy, fast, and accurate test strips to detect the presence of various drugs, we can do our part to help prevent accidental overdoses as well as protecting individuals from drug-induced date rape."
The Opioid Epidemic in the United States According to SHADAC.ORG, "Over the past two decades, the United States has experienced a growing crisis of substance abuse and addiction that is illustrated most starkly by the rise in deaths from drug overdoses. Since 2000, the annual number of overdose deaths from any kind of drug in the U.S. has multiplied nearly six times over, rising from 17,500 to over 106,000 people in 2021. The vast majority of these deaths (about 80,000) involved some form of opioids, including heroin, prescription painkillers, and, most prevalently in recent years, synthetic opioids such as fentanyl. Fentanyl and related synthetic opioids alone accounted for roughly 71,000 drug overdose deaths in 2021, and are also involved in most methamphetamine, cocaine, and prescription opioid overdose deaths-the next most common substances associated with overdose deaths."
The Rising Incidence of Drink Spiking In a January 2023 article posted on Alcohol.org, it was reported that "According to the Office on Women's Health, date-rape drugs like Rohypnol, GHB, and ketamine are used because they are not easily detected, and victims often do not remember being drugged or assaulted until many hours later. In 2016, there were over 320,000 incidents of rape and sexual assault, and these incidents are often underreported for both women and men. According to RAINN, 11.2 percent of college students experience rape or sexual assault through force, violence, or incapacitation, and in terms of drug-facilitated sexual assault, alcohol is the No. 1 substance for assailants, next to prescription drugs with tranquilizing effects and Rohypnol, ketamine, GHB, and ecstasy."
In response to the rising prevalence of drink spiking, the Californian Assembly passed AB 1013, July 1, 2024. The bill mandates that approximately 2400 establishments with a Type 48 license, which allows the sale of beer, wine, and distilled spirits, must display signage informing patrons that drug testing kits are available.The new law requires businesses to display signs reading, "Don't get roofied! Drink spiking drug test kits are available here. Ask a staff member for details." Establishments must offer these drug testing devices either for sale or free of charge.
Additionally, news came out this week from Safe Supply Streaming Co Ltd. (CSE: SPLY) noting it has made significant progress within its portfolio through Safety Strips Inc. ("Safety Strips"), as they introduce high-performing, reliable test strips designed to combat the rising dangers of fentanyl, xylazine, and drink spiking.
This strategic initiative is expected to create substantial value for Safe Supply shareholders, as the demand for safety and drug testing continues to grow across North America. The product launch will enter the market through the recently announced US Expansion Agreement with Greenlane Holdings, Inc. (NASDAQ: GNLN).
High Performing and Reliable Testing: Safety Strips' product launch provides consumers with an affordable, easy-to-use solution for detecting fentanyl and xylazine - two substances contributing to the escalating opioid crisis. In response to new California legislation, Safety Strips' Drink Spike Test strips meet the requirements of California Assembly Bill No. 1013, passed in July 2024, which mandates that bars and clubs offer drug testing kits to their patrons. The law is aimed at reducing incidents of drink spiking, a growing safety concern in the hospitality industry.
Safety Strips' detection products will be available for order starting September 25, 2024, across Greenlane's online retail platforms, with shipments commencing on October 1, 2024.
This week Nutriband Inc. announced a share repurchase program to buy back up to $1,000,000 of its common stock. As of September 16, 2024, the Company had 11,106,185 shares of common stock outstanding. The stock spiked over 24% on the news.
From the news: Progress continues on the development of AVERSA Fentanyl, with the Company maintaining its target of submitting an NDA to the FDA in Q1/Q2 2025.
Nutriband Inc. is primarily engaged in the development of a portfolio of transdermal pharmaceutical products. The lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA? abuse deterrence technology. AVERSA? technology can be incorporated into any transdermal patch to prevent the abuse, misuse, diversion, and accidental exposure of drugs with abuse potential.
Earlier this year, QuidelOrtho Corporation reported it has added the ARK? Fentanyl II Assay to its U.S. Vitros? XT 7600 and 5600 Integrated Systems as well as its Vitros? 4600 Chemistry System menu of assays as a MicroTip? Partnership Assay ("MPA"). This Fentanyl assay will help hospital and emergency room customers respond to the critical demand for enhanced opioid testing, allowing on-site fentanyl testing in less than 10 minutes to aid in immediate clinical decisions.
From the news: According to the Centers for Disease Control and Prevention ("CDC"), the number of fatalities resulting from fentanyl overdoses has tripled from 2016 to 2021, with an ongoing upward trend. The CDC highlights California, Florida, New York, Pennsylvania and Ohio as states with the highest mortality rates attributed to fentanyl.1 Consequently, several states have responded by implementing regulations requiring fentanyl testing to be included as a required component of drugs-of-abuse test panels.
"This assay transforms laboratory efficiency by integrating fentanyl testing with existing protocols to eliminate the need for external screening tests, and consolidates a lab's drugs-of-abuse panel into a singular, streamlined system, reducing intervention time and ultimately helping to save lives," said Lily Li, Senior Director of Medical and Clinical Affairs at QuidelOrtho. "Our relentless commitment to diagnostics lies in empowering our customers with impactful assays, particularly those capable of delivering rapid drugs-of-abuse detection amidst the escalating opioid crisis."
From the news: Ninety percent of fentanyl is excreted as norfentanyl, which is a synthetic opioid and is not detected on standard drug screening. The ARK? Fentanyl II Assay provides preliminary analytical test results by detecting this major metabolite, reducing the risk of false negatives. As part of QuidelOrtho's Vitros systems' menu of assays, the test offers clinical fentanyl testing for hospitals and emergency departments, providing an effective approach to preliminary urine drug testing.
From the news: Drug test results obtained in emergency departments play a crucial role in addressing unique hospital challenges. When patients test positive for opioids on a standard drug test, they're usually directed to drug treatment programs. However, these standard tests fail to identify synthetic opioids, such as fentanyl. Without specifically testing for fentanyl, instances of fentanyl exposure might be disregarded, potentially leading to missed opportunities for life-saving interventions like administering naloxone, an opioid overdose reversal medication.
Although the pharmaceutical played a key role in opioid addiction, companies in the sector are building out solutions.
Emergent BioSolutions Inc. announced last month, the kicking off the second year of the Ready to Rescue initiative, which will include new college football tailgate stops, in-stadium activities, Greek Life events and student wellness clinics. As part of these expanded efforts, pro football legend and campaign spokesperson, Emmitt Smith, will continue to share his story to raise awareness of opioid risks and inspire students, parents, faculty and alumni to be prepared to save a life with NARCAN? Nasal Spray, which is available over-the-counter (OTC).
From the news: The Centers for Disease Control and Prevention (CDC) recently announced a reduction in drug overdose deaths for the first time since 2018.1 However, opioid poisonings continue to be the leading cause of accidental death in the United States,2 with the highest rate of opioid misuse and dependency among those 18 to 25.3 What's more, research shows less than 15 percent of college students nationwide know how to administer naloxone,4 the active ingredient in NARCAN? Nasal Spray, which can reverse the effects of an opioid overdose, including those caused by fentanyl. Education on the dangers of fentanyl, the signs of an opioid poisoning and how to both access and administer NARCAN? Nasal Spray is vital to saving lives, particularly within college communities.
According to Yale Medicine, "Fentanyl isn't new; it has been used in the U.S. since 1960 as an intravenous anesthetic. It is still prescribed today by doctors, often in the form of patches and lozenges, for treating severe and chronic pain from cancer and other illnesses and injuries."
"But fentanyl has shifted from exclusively being produced by pharmaceutical companies to now also coming from drug cartels and other entities, says David Fiellin, MD, a Yale Medicine primary care physician who specializes in addiction medicine."
With news that the DEA proposed rules last month to reclassify cannabis from a schedule I to a schedule III substance, the shift can now really focus on dangerous drugs Greenlane Holdings, Inc. (NASDAQ: GNLN) has the built-in marketing, warehousing and logistics services to bring Safety Strips testing for dangerous substances to the market.
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