TIDMKNB
RNS Number : 0798X
Kanabo Group PLC
30 December 2021
Kanabo Group Plc
("Kanabo" or the "Company")
Achievement of Milestones
Issue of Deferred Consideration Shares
Kanabo Group Plc (LSE:KNB) the pan-European medical cannabis
company that focuses on developing and commercialising
cannabis-derived products for medical patients and wellness CBD
consumers, announces the successful completion of significant
milestones set out in the prospectus published on 29 January
2021.
Achievement of Milestones
First commercial sales in the Primary Markets of a new product
line to add to Kanabo's range of Retail CBD Products, including,
inter alia, new CBD oil formulation(s) and or new delivery system
for consumer use of the CBD oil formulation(s).
The Company has successfully developed a novel CBD formula
containing 78% CBD + Additional minor Cannabinoids and
Cannabis-derived Terpenes all from natural sources. Commercial
sales commenced in the UK in August 2021. This unique proprietary
and patent-pending non-diluent formula provides retail customers
and registered patients a superior inhalation experience in both
taste and smoothness at a metered dose for the desired physical and
mental outcomes.
Sale of one of the Company's Medical Cannabis Products in the
Primary Markets
Kanabo successfully launched its first medical cannabis product
in the UK in July 2021, thereby demonstrating its fully operational
supply, production, and distribution chain. Kanabo's proprietary
medicinal cannabis extract formulas are now sold in pre-filled,
sealed cartridges which can only be used with Kanabo's VapePod
device. The cartridges are sold as prescribed, unlicensed medicine
to patients of LYPHE Group's UK clinics and dispensaries, which
includes The Medical Cannabis Clinic.
Submission of a valid application for approval to undertake
VapePod Medical Safety Testing including the submission of detailed
protocols
As announced separately, the Company has now submitted a
clinical trial protocol for approval at the Hadassah Medical Centre
and review by the Helsinki Committee to test the impact from the
inhalation of various medical cannabis formulas via a proprietary
delivery device, which dispenses standardised and metered
inhalations, on healthy volunteers. As the first of its kind, this
trial positions Kanabo as the new gold standard for medical
cannabis inhalation within the global medical Cannabis community
with essential safety and efficacy data for the registration of
Kanabo's VapePod as a medical device in Israel.
Commenting on the achievement of the Milestones, Andy Morrison,
former Chairman of Spinnaker Opportunities Plc and Non-Executive
Director of Kanabo said: "Much has been achieved by Kanabo in the
short time since its admission to trading in February this year. It
is clear from recent announcements that the Company has a
distinctive offering to investors and ambitious plans, which it is
well positioned to deliver."
Deferred Consideration Shares
Under the terms of the Share Purchase Agreement (the "SPA")
entered between (1) Spinnaker Opportunities Plc; (2) Kanabo; and
(3) the Sellers (as defined in the SPA), the Sellers are entitled
to receive additional "Deferred Consideration Shares" in the event
Kanabo achieves certain Milestones.
The independent directors, namely Andy Morrison and Dr Dan
Poulter, are satisfied that three qualifying milestones, as set out
above, have now been achieved within the time frame set out in the
prospectus published on 29 January 2021 and the SPA.
The record date for the entitlement to the Deferred
Consideration Shares has been determined by the independent
directors to be 31 December 2021.
The board of the Company may in its absolute discretion
determine that a Defaulting Seller (as defined in the SPA) is not
entitled to receive some or all their Deferred Consideration Shares
and it may allocate such Deferred Consideration Shares to the other
(non-defaulting) Sellers on a pro-rata basis
Issue of Equity
The Company therefore announces that 38,461,492 new ordinary
shares, the "Deferred Consideration Shares" with a total value of
GBP2.5m will be allotted and issued in due course.
The new shares will rank pari passu with the existing ordinary
shares in the Company, will be issued in accordance with the terms
of the SPA and will be subject to the lock-in and orderly market
agreements therein.
The new shares are expected to be issued following the
publication of a prospectus in connection with the Proposed
Acquisition of the European businesses of 11157353 Canada Corp.
(the "Proposed Transaction"), which trades under the name of
Materia ("Materia") as most recently announced on the 4 November
2021.
An application will be made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading ("Admission") in due
course after issue and the Company will update the market
accordingly.
For further information, please vi sit www.kanabogroup.com or
contact the following:
Kanabo Group Plc
Avihu Tamir, CEO Via Vox Markets
Peterhouse Capital Ltd
Eran Zucker (Financial Adviser) Tel: +44 (0)20 7469 0930
Lucy Williams / Charles Goodfellow (Corporate Broker) Tel: +44 (0)20 7469 0930
Vox Markets (Investor Relations)
Kat Perez KanaboGroup@voxmarkets.co.uk
About Kanabo Group Plc
Kanabo Group Plc is creating a new standard in the medical
cannabis industry to improve the well-being of millions of people
around the world by providing a better alternative to the smoking
of medicinal cannabis flowers. Kanabo, which was the first
medicinal cannabis company to IPO on London Stock Exchange, has a
focus on the distribution of cannabis-derived products for medical
patients and non-THC products for CBD consumers. It has conducted
extensive Research & Development to produce high-quality
cannabis extract formulas, innovative medical-grade vaporizers, and
various non-smoking consumption solutions. Kanabo sells a range of
medical cannabis products and wellness CBD products in the Primary
Markets, including its VapePod, which delivers a metered dose with
every inhalation.
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