TerrAscend's Wholly-owned Subsidiary, Solace Health Network Inc., Enters into Agreement with MDM Insurance Services Inc. to Establish a Medical Cannabis Program
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TORONTO, Sept. 26, 2018 /CNW/ - TerrAscend Corp. (CSE:TER) ("TerrAscend" or the "Company") is pleased to announce that the Company has entered into an agreement with the MDM Insurance Services Inc. ("MDM") to establish a program for medical cannabis coverage and a framework for research on cannabis and medication utilization.
Solace Health Network Inc., a wholly owned subsidiary of TerrAscend, is a medical clinic group with a focus on patient care through the utilization of cannabinoid treatment, quality cannabis education, and patient services. MDM is a fully integrated Third Party Administrator of group benefits. With a progressive approach to group benefits and competitive rates, MDM is setting unparalleled service standards for employers and plan sponsors.
Under the terms of the agreement, MDM and the Company, agree to develop a Case Management and Education Services Program through Solace Health Network. The collaboration will develop suitable programs for group benefit beneficiaries using or considering the use of medical cannabis. MDM will actively promote the program offering among its group benefit plan beneficiaries for patient reimbursement/coverage, patient assessment and enrollment, workflow and reporting mechanisms. Solace Health Network will provide navigation services for patient assessment, through either an in-clinic or a private telehealth visit at a patient chosen location.
The agreement will also provide for the establishment and implementation of a research framework to further understand the impact of medical cannabis on medication utilization.
"TerrAscend and Solace Health Network represent opportunity and choice for patients that may benefit from cannabinoid therapy. Working with MDM on a program to provide patient education, assessment, reimbursement and additional services, will facilitate the appropriate integration of medical cannabis as an option to aid patients", shared Dr. Michael Nashat, TerrAscend's President & Chief Executive Officer. "Additionally, we are looking forward to establishing a credible body of evidence to guide innovation and the future of medical cannabis".
"MDM provides administration and claims adjudication services, both electronically and manually, to over 1,000 companies in the areas of life, drug, extended health, disability and dental and has the underwriting authority to set rates on behalf of various insurers. Establishing a program that includes medical cannabis as an option for group benefit plans is patient-centric and timely. We are delighted to have an agreement with TerrAscend to facilitate our entrance into this space", added Joe Auger, President and Chief Operations Officer of MDM.
TerrAscend is a biopharmaceutical and wellness company that is committed to quality products, brands and services for the global cannabinoid market. The Company provides support to patients through its wholly-owned subsidiaries, Solace Health Inc., a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations and Solace Health Network Inc., a clinical support program and education platform led by healthcare professionals.
Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although TerrAscend believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because TerrAscend can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. TerrAscend undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of TerrAscend, its securities, or financial or operating results (as applicable). TerrAscend disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.