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RNS Number : 1462G
Kanabo Group PLC
17 July 2023
17 July 2023
Kanabo Group Plc
("Kanabo", the "Group" or the "Company")
Commercial Success for Kanabo Agritec with Contract Award in
Spain
Kanabo Group plc (LSE: KNB) , a health-tech company focused on
patient care with its innovative digital healthcare platform and
medical cannabis treatment portfolio, announces that its 40% owned
subsidiary, Kanabo Agritec Ltd. ("Agritec"), has signed a contract
with Taima Growth S.L. ("Taima"). The contract is for the
development of an indoor medical cannabis cultivation and
processing facility in Madrid, Spain ("the Agreement").
Kanabo Agritec provides consulting services around facility
planning, design and implementation for the production of medical
cannabis. Agritec's expertise includes choosing genetics, the
automation of irrigation and fertigation, humidity control systems
and optimising harvest through bespoke solutions.
Taima was incorporated as a SPV (special purpose vehicle) in
2019 and is seeking to establish a network of facilities for the
cultivation and distribution of medical-grade cannabis in Spain.
Notably, partners from Aurea Capital Partners, a Spanish investment
firm focusing on renewable energy and sustainable agriculture, are
invested in the project. Aurea Capital Partners has a proven track
record in sustainable investment, recently selling its first
investment in Spain to Goldman Sachs. Agritec currently holds 5% of
the issued share capital of Taima, and its shareholding will be
incrementally increased by an additional 15% based on the
achievement of specific milestones.
Avihu Tamir, Chief Executive Officer of Kanabo, commented:
"Securing this agreement marks a pivotal step in Kanabo's
roadmap. The high-quality supply chain that Agritec and Taima's
partnership offers not only ensures access to premium materials but
also promises to generate profits and enhance shareholder value for
The Group. We're excited about this synergy and the immense
potential it holds.
"We look forward to supporting Agritec and their work with
Taima."
The Project
The project will run in two stages, with Phase 1 expected to
begin in the next few months and last 12 months. Following
completion of Phase 1, the Spanish Agency of Medicines and Medical
Devices ("AEMPS") will inspect the facility and will grant a
licence for production and manufacturing of Cannabis and its
products, subject to the successful passing of the inspection.
Upon receipt of the licence, Agritec is contracted to implement
Phase 2 of the project, which is expected to last between 8 and 12
months. The facility will be fully operational at the conclusion of
Phase 2 and will be capable of producing up to 3,000 kgs of
cannabis flowers annually.
Regarding revenue generated from the Agreement, while specific
numbers are pending finalisation of timelines, Agritec anticipates
a significant financial yield from this pivotal project. Concrete
figures are expected to be announced shortly but we are pleased to
confirm that this contract represents a substantial opportunity for
enhanced revenue generation. F urther information on projected
revenue will be shared in due course.
The Agreement marks an important growth stage for the Group's
subsidiary and will contribute to Kanabo's long term strategy to
diversify and secure a reliable supply chain. The facility will
also adopt Kanabo's high-quality manufacturing standards,
ultimately facilitating patient access to the highest-quality
products.
Enquiries:
Kanabo Group plc via Vigo Consulting
Avihu Tamir, Chief Executive Officer +44 (0)20 7390 0230
Assaf Vardimon, Chief Financial Officer
Ian Mattioli, Non-Executive Chair of the Board
Peterhouse Capital Ltd (Financial Adviser
and Broker)
Eran Zucker / Lucy Williams / Charles Goodfellow +44 (0)20 7469 0930
Vigo Consulting (Financial Public Relations/Investor
Relations)
Jeremy Garcia / Fiona Hetherington / Verity
Snow +44 (0)20 7390
kanabo@vigoconsulting.com 0230
About Kanabo Group Plc
Kanabo Group Plc (LSE:KNB) is a healthtech company committed to
revolutionising patient care through its innovative technology
platform and disruptive product offerings. Since its inception in
2017, Kanabo has been focused on researching, developing, and
commercialising regulated medicinal cannabis-derived formulations
and therapeutic inhalation devices.
Kanabo's NHS-approved online telehealth platform, The GP
Service, provides patients with video consultations, online
prescriptions, and primary care services. The Company is a leader
in its field, focusing on improving patient outcomes and providing
more accessible healthcare experiences.
The Company's partially owned subsidiary, Kanabo Agritec Ltd, is
a cultivation consultancy supporting cannabis businesses in
developing new farms through infrastructural, research, and product
guidance. These farms deliver high-quality raw materials for
Kanabo's formulas and product line.
In March 2023, Kanabo successfully launched its Pain Clinic,
Treat It, under the expert guidance of its technological and
product expertise. Treat It initially focuses on chronic pain
management using plant-based medicine and treatments that are
currently unavailable through traditional channels.
At Kanabo Group Plc, we are dedicated to providing patients with
the highest quality medical treatments and more accessible
healthcare experiences.
Visit www.kanabogroup.com for more information.
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July 17, 2023 02:00 ET (06:00 GMT)
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