Pot stocks are rolling again in the holiday-shortened week, gaining momentume lately with some players in the space making upward climbs to 52-week highs. Alternate Health Corp. (OTCQB:AHGIF)(CSE:AHG) certainly isn't near it's high for the last year, but the stock is having a good day after striking a deal with Liberty Health Science designed to launch the first online shopping portal for medical cannabis in Florida.
Alternate Health, a San Antonio-based software solutions provider catering to medical marijuana businesses, has partnered with privately held Liberty, a producer and dispenser of medical cannabis for the e-commerce site, as well as for digital transaction services and more.
The Florida State Department of Health granted approval to the portal and sales system, dubbed "FlorPass," which includes a patient management system connecting doctors, patients and licensed medical marijuana retailers, a payment solution and even components for arranging delivery through one system.
The regulatory approval is a watershed moment for the industry and helps the Florida government with a paper trail on compliance, comprehensive data analytics, galvanized security protocol and transparent tax reporting. The system is leading edge, operating on blockchain technology, which has been applauded by techies for its immutable nature.
"FlorPass is the patient management software of choice for many of the state's leading cannabis clinics and physicians, representing nearly 6,000 medical cannabis patients," Alternate Health said in today's news release. Given that there are about 120,000 medical marijuana patients in Florida and growing, there is plenty of room for expansion going forward.
The system is a new iteration of Alternate's CanaPass Cannabis Compliance technology currently being used in Canada. Medical marijuana is legal nationwide in Canada currently and recreational use becomes legal on October 17.
Alternate generates revenue via FlorPass charging a transaction fee on a percentage of sales completed through the platform. Management expects "strong revenue" due to Liberty's strong brand presence and growing patient base.
Shares of AHGIF have been trending near a 52-week low, but seem to be hammering out a rounded bottom since July, including rising 6.8% to 44.5 cents with about two hours in Tuesday's session. CSE-listed shares of AHG are up 7.4% to 58 cents.
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