25 March 2024
Kanabo Group
Plc
("Kanabo", the "Group" or the "Company")
Germany's Medical Cannabis
Legislation Reform
Kanabo Group plc (LSE: KNB), a
patient-focused provider of digital health services and medical
cannabis treatments, is pleased to announce the commencement of a
new chapter in medical cannabis following Friday's approval by the
German Bundesrat of a law reclassifying medical cannabis as a
prescription medication. This reform, removing medical cannabis
from the purview of the Narcotics Act (BtMG), signals a significant
move towards a more accessible and patient-centred medical cannabis
market in Germany, which is anticipated to become a cornerstone
market for Kanabo.
The newly adopted legislation
introduces a simplified patient prescription process and lays the
groundwork for substantial market growth. Highlights of this
legislative change include:
●
Reclassification as a Prescription
Medication: Starting April 2024, medical cannabis will no
longer be classified under the Narcotics Act (BtMG), making
prescriptions more straightforward and accessible.
●
Enhanced Patient Access:
The reform is poised to increase patient access to medical cannabis
treatments, streamlining the prescription process and reducing the
regulatory complexity that previously hindered access.
●
Market Expansion
Opportunities: These changes to the regulation are expected
to catalyze growth within the medical cannabis markets in the
European Union, presenting opportunities for strategic
expansions.
Avihu Tamir, Chief Executive Officer of Kanabo,
commented:
"This is a historic day for the
medical cannabis industry. With Germany poised to emerge as one of
the world's largest markets for medical cannabis, Kanabo
anticipates significant growth opportunities within this evolving
landscape. We are in negotiations with strategic distributors for
Kanabo's products that the directors believe should materialise in
the future and the Company will update the market in due
course."
This legislative milestone aligns
perfectly with Kanabo's strategic objectives to broaden our
footprint across the EU, as outlined in our half-year report on 29
September 2023.
Enquiries:
|
Kanabo Group plc
Avihu Tamir, Chief Executive
Officer
Assaf Vardimon, Chief Financial
Officer
Ian Mattioli, Non-Executive Chair of
the Board
|
via Vigo Consulting
+44 (0)20 7390 0230
|
|
Peterhouse Capital Limited (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
kanabo@vigoconsulting.com
|
+44 (0)20 7390 0230
|
About Kanabo Group plc
Kanabo Group plc (LSE:KNB) is a
digital health company committed to transforming patient care
through its innovative technology platform and specialised
treatment 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.
Leveraging its telehealth capabilities, in 2023, Kanabo launched
Treat It, an online clinic focused on chronic pain management that
provides patients with secondary care.
With its two complementary business
divisions, Kanabo has established itself as an end-to-end digital
health provider, offering telehealth consultations and
prescriptions alongside the delivery of tailored
treatments.
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.
Visit www.kanabogroup.com
for more information.