Letco Med and Ananda Professional Partner to Bring CBD and Education to Compounding Pharmacies
WAYNE, Pa., Feb. 6, 2019 /PRNewswire/ -- Letco Medical, LLC (Letco Med), the supply partner of choice for profit-conscious compounding pharmacies everywhere, and Ananda Professional, the leading hemp-derived CBD manufacturer serving independent pharmacies, are pleased to announce an exclusive partnership that brings the Ananda Professional products to compounding pharmacies.
"When we assessed the landscape of the CBD market and its manufacturers, what separated Ananda Professional from its competitors was its commitment to independent pharmacies and their profitability and to educating pharmacists about the role CBD plays in the body's endocannabinoid system," states Greg Lake, Letco's Chief Sales and Marketing Officer. "We're impressed by Ananda's commitment to partnering with pharmacies to ensure their CBD program is both successful and profitable. Compounders not only get cutting-edge products for their stores; they gain access to a coach to help them integrate CBD therapies into overall patient care."
Chuck Schneider, Ananda Professional's Chief Revenue Officer, said: "We are excited to partner exclusively with Letco, among active pharmaceutical ingredients distributors, and be their premier CBD brand. We quickly realized that Letco's reputation as a pioneer, creating partnerships with leading organizations in the compounding industry to bring innovative programs, services, and quality products to its customers, lines up nicely with Ananda Professional's core values. It made Letco the obvious choice among their competitors."
"With the passage of the 2018 Farm Bill, which permanently removed hemp from the Controlled Substances Act, there is no better time for compounding pharmacies to get involved in CBD," said Schneider, who went on to state, "the market is growing 50% year-over-year, and is being driven by consumers looking for natural, safe alternatives or complements to prescription medications. CBD is well positioned to benefit both the health of patients and the health of compounding pharmacy's bottom lines."
In 2018, the CBD market reached $500 million in sales, up from just over $100 million in 2014, while Brightfield Group, a leading intelligence provider of CBD market research and analysis, projects the market will reach $22 billion by 2022. "Ananda Professional fills an urgent need in the 'Wild West' of CBD," says Lake. "We noticed at major wholesaler conferences that Ananda Professional was the only CBD company there because of the conferences' strict vendor vetting processes. Ananda's commitment to quality, safety, and research stands out."
Pharmacies are uniquely positioned in the CBD market, differentiated from other retailers, such as online sites, grocery stores, and even convenience stores that can't match the credibility of an independent pharmacist or the quality of the product. "Compounding pharmacies are well situated to dominate sales of this burgeoning natural product that consumers are clearly interested in and have questions about," said Lake.
Ananda Professional's Chief Scientific Officer and Medical Director, Dr. Alex Capano, agrees. "While the clinical evidence on CBD's therapeutic benefits in conditions such as chronic pain, insomnia, and anxiety is well established, patients will benefit from guidance on how to best use hemp-derived extracts from a compounding pharmacist well-versed on the patient's medications and health," stated Capano.
Underscoring both companies' commitment to educating pharmacists and their staff, Ananda and Letco are jointly offering pharmacists a series of regional continuing-education symposiums addressing the clinical data on CBD and the best commercialization practices for pharmacists interested in providing CBD to their patients. These sessions, featuring leading clinicians in cannabinoid therapy and research, begin March 23, 2019 in Philadelphia with more to follow in a variety of geographical regions throughout the country.
About Letco Medical, L.L.C.
Letco Medical, L.L.C. ("Letco Med"), a 100% employee-owned company headquartered in Wayne, PA, is the supply partner of choice for profit-conscious compounding pharmacies everywhere. Letco Med has invested heavily in building a company that can serve the needs of compounding pharmacists today, tomorrow and into the future, with a full line of products and complementary programs and services. With a dedicated focus on the U.S. compounding market, Letco Med provides a wide and comprehensive portfolio of safe and consistent top-quality chemicals, compounding supplies and equipment at highly competitive prices. Letco Med's product line includes chemicals covering a broad range of therapeutic categories, as well as supplies, equipment, capsules, pre-made topical bases and oral delivery vehicles. In addition, Letco Med carries a deep assortment of dosage forms and delivery systems.
Since its inception in 1993, Letco Med has earned and built a reputation as one of the most innovative companies in the compounding industry. Letco Med is focused on unwavering quality, exemplified by the company's industry-leading quality assurance programs, stringent quality control procedures and an unmatched record with the FDA.
For more information, visit www.letcomed.com.
About Ananda Professional
Ananda Professional brings to market the first fully-compliant and federally legal full-spectrum hemp extract product line created specifically for the needs of independent pharmacies. Uniquely controlling the manufacturing process from the seed to shelf, Ananda is dedicated to safety standards and offers full transparency through lot-specific certificates of analyses for all products.
Ananda Professional is the pioneer in changing legislation enabling hemp-derived cannabinoid products to be legally sold in independent pharmacies. Through Ananda's effort, the 2014 Farm Bill was passed providing a legal path for the production and distribution of hemp products.
Ananda's parent company, Ecofibre, a global leader in hemp technologies, owns one of the world's largest privately held cannabis seed banks and its geneticists, scientists, and farmers have been working on isolating the best hemp strains in the world for nearly 20 years.
To learn more about Ananda Professionals pharmaceutical-grade, non-psychoactive products, visit https://anandaprofessional.com.
SOURCE Letco Medical, L.L.C.
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