Fentanyl overdoses are becoming a crisis. But could testing strips be the answer?
What’s happening:
- Fentanyl testing company Safety Strips has entered into a letter of intent with Greenlane Holdings (NASDAQ: GNLN) to become the exclusive distributor of Safety Strip’s products across the United States
The big idea:
- Safety Strips has developed a rapid testing strip technology that is capable of identifying if there is fentanyl in a drug, pill or powder substance
- By putting a small amount of a drug in water and then inserting one of Safety Strips fentanyl testing strips, individuals can quickly determine whether there are any trace amounts of fentanyl present
Why it matters:
- Fentanyl overdoses in North America have become an enormous public health crisis and there is currently very limited access to products or technology that can help individuals identify if fentanyl may be present in a substance they are planning to consume
Going deeper:
- The White House Office of National Drug Control Policy recently declared fentanyl to be an emerging threat to the United States of America due to the growing amount of overdoses caused by the substance
Market reaction:
- Shares of Greenlane Holdings were up +360% following the announcement of the new distribution deal with Safety Strips
