The deal aligns with the firm’s broader vision of incorporating harm reduction tech into its business model.
Canadian-based Safe Supply Streaming Co. Ltd. (CSE: SPLY) has acquired a 7% interest in Safety Strips Tech Corp., a startup focused on harm reduction technologies, particularly fentanyl test strips.
The partnership aims to leverage Safety Strips’ medical testing technologies to address the fentanyl crisis more effectively, the company said Thursday.
Geoff Benic, the CEO of Safety Strips, said that the deal will help make its products as common and important as condoms were for preventing HIV/AIDS. The executive added that the firm’s focused on making its products more widely available, especially now that the U.S. government has lately made it easier to use fentanyl test strips via reclassification.
“This partnership with Safe Supply Streaming will amplify our reach and impact, bringing critical harm reduction tools to a wider audience,” Benic said in a statement.
Safety Strips says it plans to expand its reach and impact by manufacturing 100 million test strips annually, targeting significant market penetration in North America and the European Union. The firm wants to manufacture and sell them in several countries, working with universities, concerts, and festivals to make the strips a key tool in preventing drug overdoses.
Partnerships with brand development firm Hero Brands and ongoing discussions with major retailers will look to enhance the distribution network to make harm reduction products more accessible to the public.
Safe Supply CEO Bill Panagiotakopoulos pointed out the potential for immediate revenue opportunities and long-term growth in the medical testing market. The deal aligns with the firm’s broader vision of incorporating harm reduction technologies into its business model.
For example, the company’s planning more projects such as creating products to test for drugs in drinks at bars.
“Our plans for Safe Supply Streaming extend into medium-term projects like CannaLabs and other deals that are currently in the pipeline,” he said. “Safety Strips’ work, especially in the field of harm reduction and medical testing with products like Xylozen and date rape straws, is perfectly aligned with our vision.”
Safe Supply is trying to position itself to invest in and support companies involved in the Canadian legal narcotics business across the entire supply chain, from sourcing raw materials like coca leaves to manufacturing and distribution.
Last year, Health Canada issued licenses began allowing companies to legally engage with substances such as cocaine and psilocybin.
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