Greenlane's significant retail doors boost Safety Strips' market reach. Greenlane's U.S. sales team accelerates Safety Strips' market entry. Partnership with Greenlane drives immediate revenue for Safety Strips accretively. Partnership supports Safety Strips' sustained growth and innovation.
Toronto, Ontario--(Newsfile Corp. - August 13, 2024) - Safe Supply Streaming Co Ltd. (CSE: SPLY) (FSE: QM4) (OTCQB: SSPLF) ("Safe Supply" or "the Company") is thrilled to announce a major milestone for its portfolio company, Safety Strips Tech Corp. ("Safety Strips"). Safety Strips has entered into a landmark expansion agreement with Greenlane Holdings, Inc. (NASDAQ: GNLN), a leading distributor of vape, smoke, and cannabis accessories to distribute Safety Strips' harm reduction test strips for fentanyl, drink spike and xylazine to thousands of retailers across the United States.
This strategic partnership positions Safety Strips for significant growth and underscores its commitment to providing cutting-edge medical testing solutions to address large-scale problems. To many professionals, teenagers and students are being negatively impacted by toxic substances that have varying degree of harmful implications.
Greenlane's expansive distribution network and industry expertise will enable Safety Strips to rapidly increase its market presence, delivering innovative test strips for toxic substances to a broad consumer base. With the USA's growing demand for reliable and accessible safety solutions, this partnership is poised to drive immediate revenue growth and further solidify Safety Strips' position as a leader in the sector.
Geoff Benic, CEO of Safety Strips Tech Corp., commented, "We are focused on immediate revenue, and having a sophisticated partner like Greenlane, with its large distribution network, is highly accretive to Safety Strips. Our portfolio of test strips for toxic substances is just the beginning-we will be announcing our wellness division shortly, further expanding our product offerings. The strategic partnership with Greenlane aligns perfectly with our vision of revolutionizing the medical testing industry and creating long-term value for our shareholders."
Highlights of the transaction include:
- Strategic Partnership with Greenlane: Aligns Safety Strips with Greenlane, one of the largest and most reputable distributors in the U.S., serving over 11,000 retailers. This partnership significantly enhances market reach and positions Safety Strips for rapid expansion in a critical market segment.
- Access to Extensive Retail Network: Greenlane's retail network, which spans over 7,000 retail doors nationwide, ensures broad and immediate product distribution, potentially reaching millions of consumers across the U.S., thereby increasing brand visibility and sales velocity.
- Boots on the Ground Sales Force: Greenlane provides an experienced sales team across the U.S., enabling a hands-on, localized approach to product distribution. This direct engagement with retailers supports a faster product rollout and drives immediate revenue growth, with the potential to scale rapidly.
- Strategic Revenue Pathway: The partnership offers a clear and scalable path to revenue, leveraging Greenlane's established distribution channels, which generated over $130 million in revenue in 2023. This collaboration is expected to translate into significant sales for Safety Strips products in a short period.
- Leveraging Greenlane's Expertise: Utilizes Greenlane's robust marketing, sales, and operational capabilities, including their expertise in logistics and customer support, to maximize brand exposure, consumer adoption, and market penetration. This strategic alliance enhances operational efficiency and market responsiveness.
- Introduction of Wellness Strips: In addition to fentanyl and xylazine detection, Safety Strips is expanding its product portfolio with Wellness Strips, which provide at-home testing for blood sugar levels, pH levels, and other key health indicators. This diversification into wellness products addresses a growing consumer demand for proactive health management tools.
- Integration of Advanced Technology: Safety Strips plans to integrate its products into a comprehensive health and safety ecosystem, utilizing advanced AI-powered technology for real-time data analysis and personalized recommendations. This technological integration will enhance user experience, providing actionable insights and fostering long-term consumer engagement.
- Addressing a National Health Crisis: Safety Strips' high-sensitivity detection products meet an urgent need in the ongoing opioid crisis, offering a reliable, low-cost solution for detecting dangerous adulterants like fentanyl and xylazine. With over 100,000 opioid- related deaths in the U.S. in 2023 alone, this product is poised to make a significant impact on public health.
- Potential for Long-Term Growth: The partnership is structured to support sustained growth, with future potential for expanded product lines, including advanced wellness testing strips and digital health solutions. This positions Safety Strips at the forefront of innovation in public health and safety, with long-term value creation for investors.
Bill Panagiotakopoulos, CEO of Safe Supply Streaming Corp., added, "This is another significant step towards our full pivot out of the streaming model and towards our medical testing strategy powered by AI."
The harm reduction test strips market in the United States is experiencing rapid growth, driven by increasing awareness and demand for tools that can combat the opioid crisis. With over 100,000 opioid-related deaths in the U.S. in 2023, the need for accessible and reliable testing solutions has never been greater. In a significant policy shift, President Joe Biden recently moved to reschedule fentanyl test strips, recognizing their vital role in preventing drug overdoses. This regulatory change presents an opportune moment to bring these test strips to retailers across the country, positioning them within the expanding medical testing category. As more consumers and healthcare providers seek effective ways to detect dangerous substances, Safety Strips is poised to meet this critical need with innovative, high-sensitivity products designed to save lives.
About Safety Strips Tech Corp.
Safety Strips Tech Corp. is an innovative leader in the development and distribution of test strips designed to detect toxic substances in various environments. Utilizing advanced AI-powered technology, Safety Strips provides reliable, easy-to-use testing solutions aimed at reducing harm and improving public health. The company is dedicated to expanding its product portfolio into wellness and health sectors, offering consumers a comprehensive approach to safety and well-being.
About Safe Supply Streaming Corp.
Safe Supply Streaming Corp. (CSE: SPLY) is a publicly traded company specializing in the acquisition, investment, and development of companies within the medical and wellness sectors. With a focus on innovative technology-driven solutions, Safe Supply aims to create sustainable value for its investors while addressing critical needs in the healthcare industry. As the company pivots towards a new strategic direction, it remains committed to delivering high- impact solutions and fostering growth through its diverse portfolio of cutting-edge companies.
This partnership with Greenlane is a significant step forward in our journey, reflecting our commitment to innovation and value creation. As we continue to evolve, we invite retail investors to join us in capitalizing on the immense opportunities ahead.
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Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of applicable securities laws. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such statements. Safe Supply Streaming Corp. undertakes no obligation to update forward-looking statements, except as required by law.
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