Toronto, Ontario--(Newsfile Corp. - September 17, 2024) - Safe Supply Streaming Co Ltd. (CSE: SPLY) is pleased to announce 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.
Positive Impact on Safe Supply's share value:
The introduction of Safety Strips' innovative and timely products strengthens Safe Supply's portfolio and highlights the company's focus on addressing urgent public health concerns. As the opioid epidemic worsens and legislation like California's AB 1013 drives demand for safety solutions, Safe Supply is well-positioned to benefit from increased market adoption of Safety Strips' testing products.
This advancement is expected to have a positive impact by:
- Enhancing Market Reach: With Safety Strips entering the market via Greenlane's vast distribution channels - including popular online storefronts such as vapor.com, puffitup.com, and higherstandards.com - the potential for significant revenue growth is clear.
- Meeting a Critical Public Need: Safety Strips offers consumers peace of mind by providing accessible and reliable ways to test substances and beverages, helping prevent accidental overdoses and drug-facilitated assaults.
Leverage of Greenlane's Strong Distribution Network Through Expansion Agreement:
Greenlane Holdings, a trusted leader in cannabis accessories and safety products, will provide full distribution, marketing, and sales support to ensure the success of Safety Strips across its well-established retail and wholesale channels.
Commenting on the partnership, Barbara Sher, CEO of Greenlane Holdings, said, "We are excited to partner with Safety Strips, Inc. as their products align with our mission to offer solutions that prioritize safety. By utilizing our sales, marketing, and distribution expertise, we are confident that Safety Strips will become a vital tool in combating both the opioid crisis and the rising incidents of drink spiking."
The U.S. Opioid Crisis
Over the last two decades, substance abuse and addiction in the United States have escalated into a severe crisis, most notably reflected in the sharp rise in overdose deaths. According to SHADAC, since 2000, the number of drug overdose fatalities has surged nearly sixfold, jumping from 17,500 to over 106,000 in 2021. A significant portion of these deaths - about 80,000 - are linked to opioid misuse, encompassing heroin, prescription painkillers, and, more recently, synthetic opioids like fentanyl. In 2021, fentanyl and similar synthetic opioids were responsible for around 71,000 deaths, often playing a role in overdoses involving methamphetamine, cocaine, and prescription opioids as well.
The Growing Threat of Drink Spiking
According to a January 2023 report by Alcohol.org, drugs like Rohypnol, GHB, and ketamine are frequently used in incidents of drink spiking due to their undetectable nature. Victims often lose memory of the event until many hours later, making it difficult to recall being drugged or assaulted. In 2016, more than 320,000 cases of rape and sexual assault were reported, with many more likely unreported. Data from RAINN highlights that 11.2% of college students are victims of rape or sexual assault through force or incapacitation, with alcohol being the most common substance used in these assaults, followed by tranquilizers and drugs like Rohypnol, ketamine, GHB, and ecstasy.
In response to the increasing cases of drink spiking, California passed Assembly Bill AB 1013 in July 2024. This law requires approximately 2,400 venues with Type 48 licenses (those serving beer, wine, and spirits) to inform patrons about the availability of drug testing kits. These businesses must display signs stating, "Don't get roofied! Drink spiking drug test kits are available here. Ask a staff member for details." Establishments are also required to offer these kits, either for sale or free of charge.
About Safe Supply Streaming Corp.
Safe Supply Streaming Co Ltd. (CSE: SPLY) is at the forefront of transforming the med-tech landscape, committed to leveraging innovative technologies to enhance healthcare and safety. With a strategic focus on growth and development, the company is dedicated to providing advanced solutions and driving substantial value for its stakeholders.
Investor Relations Contact:
Safe Supply Streaming Co Ltd.
Email: info@safesupply.com
Bill Panagiotakopoulos
Chief Executive Officer and Director
bill@safesupply.com
Website: www.safesupply.com
Forward-Looking Information and Statements
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements, including but not limited to, statements regarding the future financial or operating performance of Safe Supply Streaming Co. Ltd. (the "Company"), its business, operations, and strategies, and the Company's future growth and plans. Forward-looking statements are generally identified by words such as "believe", "expect", "anticipate", "intend", "estimate", "plan", "may", "will", "could", "should", "would", "potential", "continue" or similar expressions.
These forward-looking statements are based on the Company's current expectations and assumptions regarding future events, including assumptions regarding general business and economic conditions, the Company's ability to execute its growth strategies, obtain necessary regulatory approvals, and access financing on reasonable terms. The Company cautions that all forward-looking statements are subject to a variety of risks and uncertainties, many of which are beyond the Company's ability to control or predict, and which could cause actual events or results to differ materially from those projected in the forward-looking statements.
Such risks and uncertainties include, but are not limited to, changes in market conditions, regulatory changes, the availability of financing, and the Company's ability to implement its business strategies effectively. Readers are cautioned not to place undue reliance on forward-looking statements as actual results may vary significantly.
The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or otherwise, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223563
SOURCE: Safe Supply Streaming Co Ltd.
