Arizona Fentanyl maker helps block legalization’s in 2016, 2018 they announce their move into the cannabis market

Arizona Fentanyl maker helps block legalization’s in 2016, 2018 they announce their move into the cannabis market

INSYS, the pharmaceutical company investigated for their unethical marketing of fentanyl during the opioid crisis, has been reaching to move into the cannabis industry for years. In 2016, they funded as much as $500,000 to oppose cannabis legalization in Arizona. This flagrant move was to protect their upcoming market for pharmaceutical cannabis products. However now, Insys has expressed their intention to get rid of their opioid products and potentially turn it entirely into a cannabis company.

On November 5th, the company announced that they are looking to sell their opioid related products such as Subsys, an under the tongue fentanyl spray, that generated millions for the company at the peak of the opioid crisis but has not yet been able to hit the target revenue currently.

President and CEO, Saeed Motahari said “the waning market for fentanyl delivery systems, which are prone to misuse, has negatively impacted Subsys sales in the context of the overdose crisis.” When asked who would buy the company’s opioid assets he said they would most likely appeal to oncology companies.

After former executives and managers of Insys were arrested and indicted last year, Motahari took over. Further federal investigation exposed a kickback scheme for doctors who prescribed Subsys to their patients. The executives have pleaded guilty.

The company’s third quarter results showed a dramatic drop in revenue going from $30 million for the same quarter last year to $18 million. Results for that third quarter also showed a net loss of $30.6 million. Last year’s third quarter saw a loss of $166.3 million, however $150 million of it was put aside to make the Department of Justice go away through a settlement.

Because of these negative financial outcomes, Motahari announced they intend on “transforming INSYS into a leader in pharmaceutical cannabinoids and spray technology.”

Despite the announcement of the change in strategy, Insys will still maintain the activity of Subsys until it is bought. For now, they will be focusing on the international markets. Recently Insys made an exclusive deal with a Dubai based company called Lunatas to commercialize Subsys in the Middle East.

Arizona Fentanyl maker helps block legalization’s in 2016, 2018 they announce their move into the cannabis market

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  • This is what I’m talking about. Fuck these mother fuckers and anybody that protested that hard against it just for the benefit of their whacked out medication, what makes u think that kinda mentality ceases to exist cuz now they are on board w cannabis? Fuck these people, dearly and right square in the ass. They are drivin by money, not by helping others and it’s a pure crime to even consider allowing them a license and patients that decide to procure their medicine and support that evil, should be prosecuted as well