Mental illness will cost the global economy $16 trillion by 2030 due to early-onset and lost productivity, with an estimated 12 billion working days lost due to these conditions each year.
Conventional therapies have a mixed track record, but psychedelics have shown much promise in recent years. The challenge for researchers and medical professionals is bringing these therapeutics from clinical trials to the clinic where they can drive better patient outcomes.
Let’s see how Ehave Inc. (EHVVF) aims to supercharge the psychedelic revolution by providing valuable and insightful data and building a mental health ecosystem.
Building a Centralized Platform
Ehave is taking a leading role in developing digital therapeutics by creating an extensible platform to design, build, clinically validate, and deploy robust, condition-specific applications. In addition, the company has partnered with Brain Scientific to access FDA-cleared diagnostic devices and algorithms to populate the platform with data.
For example, the company recently signed an agreement with Silo Wellness Inc. (CSE: SILO) to conduct a brain mapping study on select volunteers at Silo’s Jamaican psilocybin-facilitated wellness retreats. Using Brian Scientific’s NeuroCap and NeuroEEG, Ehave will collect and sort data as Silo administers psilocybin and facilitates the retreat.
Collecting Data at the Source
Ehave’s consumer-facing platform also makes it easy for patients to retrieve, manage, and share their electronic health records. Through a licensing agreement with Health Wizz, the company is building a branded mobile app and a HIPAA compliant backend and web portal backed with blockchain technology to ensure security and integrity.
The consumer-facing platform will also enable Ehave to recruit participants with screening surveys and provide researchers with access to complete medical histories. Smart contracts on the Ethereum blockchain make it easy to reward participants with redeemable “OMP” tokens for each milestone to encourage participation.
Adding Ancillary Services
Ehave augmented its digital presence with services in recent quarters. For instance, in December, the company bought San Diego-based CureDash, which provides home delivery services for patients that have been prescribed ketamine under the brand KetaDASH. The move helps the company move further up the value chain to reach patients.
In conjunction with the purchase, the company is designing an innovative and intuitive dashboard for KetaDash where clients and nurses can get detailed insights into how ketamine therapies work. Patients will be able to create a profile, check the availability of nurses, schedule appointments, and easily access their data.
A Compelling Business Model
Ehave’s digital therapeutics platform paves the way for an attractive long-term business model. With the launch of its consumer-facing app, the company aims to create a marketplace for participants to sign up for research programs in exchange for compensation. These research programs could yield valuable clinical data.
The company’s proprietary platform creates a barrier to entry for competitors in the space, while the data generated from the platform could be monetized through subscriptions or licensing agreements. Both of these business models create the opportunity for high-margin recurring revenue for the company’s shareholder base.
The company has built an exceptional management team and advisory board to ensure that it reaches these goals. For example, in June, Dr. Jeffrey D. Kamlet, MD, a pain medicine specialist in Miami Beach, FL, specializing in ketamine treatments, joined the company as Chief Medical Officer, adding to the team’s deep industry expertise.
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Ehave Inc. (EHVVF) provides investors with a unique opportunity to participate in the upside of psychedelics. With clinic and client-facing applications, the company is building an ecosystem that is already validating psychedelic therapies through research agreements and asset purchases.
For more information, visit the company’s website or download their investor presentation.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.