Kanabo Group PLC Update on the Acquisition of Materia (1830M)
20 Mayo 2022 - 1:01AM
UK Regulatory
TIDMKNB
RNS Number : 1830M
Kanabo Group PLC
20 May 2022
Kanabo Group Plc.
(" Kanabo " or the "Company")
Update on Acquisition of Materia
Kanabo Group Plc. (LON: KNB), a medical cannabis R&D Company
that focuses on the distribution of cannabis-derived products for
medical patients, and non-THC products for CBD consumers, announces
that further to the announcements made on 26 July 2021 and on 4
November 2021 regarding the European businesses of 11157353 Canada
Corp., which trades under the name of Materia ("Materia"), the
Company has now decided that its proposed transaction with Materia
will be most effectively executed through a strategic partnership
between the two independent companies, as opposed to the previously
proposed acquisition.
Under the proposed strategic partnership which is currently
being finalised, the Company hopes to be able to leverage Materia's
assets without exposing its shareholders to dilution and without
needing to raise funds.
Kanabo and Materia are currently negotiating a partnership which
inter-alia, will provide the Company with:
-- Access to Materia's EU-GMP production facility in Malta via a
contract manufacturing agreement
-- Exclusive distribution rights in the UK for Materia's new products.
Arrangements for the servicing and repayment of the CAD$1
million secured loan facility previously made available by the
Company to Materia will be incorporated into the new strategic
partnership.
Further details of the future Strategic Partnership will be
disclosed in due course.
The Company intends to issue its annual results on the week
commencing the 30th and at that time will provide further updates
on its operations and strategy.
Kanabo CEO Avihu Tamir commented, "We have concluded that the
all-share acquisition of Materia is no longer in the best interests
of Kanabo given prevailing market conditions and the alternatives
available to us. However, this envisaged strategic partnership will
directly support the Company's key strategy which is the
commercialisation of its medical cannabis products in the UK and
Germany .
For further information, please visit
http://www.kanabogroup.com/ or
https://www.voxmarkets.co.uk/listings/LON/KNB or contact the
following:
Kanabo Group Plc Via Vox Markets
Avihu Tamir, CEO
Peterhouse Capital Ltd (Financial Tel: +44 (0)20 7469 0930
Adviser)
Eran Zucker / Lauren Riley
Vox Markets (Investor Relations) KanaboGroup@voxmarkets.co.uk
Kat Perez kperez@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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END
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