Kanabo Group PLC Materia Receives Licence for Malta Facility (6370L)
14 Septiembre 2021 - 1:04AM
UK Regulatory
TIDMKNB
RNS Number : 6370L
Kanabo Group PLC
14 September 2021
14 September 2021
Kanabo Group Plc
("Kanabo" or "the Company")
Materia Receives Commercial Production Licence for Malta
Facility
Kanabo Group Plc (LSE: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, notes the
recent announcement published by Materia. Kanabo are delighted that
Materia's wholly-owned subsidiary, Materia Malta Operating Ltd.
("Materia Malta"), has received its Licence for the Production of
Cannabis for Medicinal and Research Purposes (the "Licence") from
the Malta Medicines Authority.
The receipt of the Licence is the final requirement for Materia
Malta to begin commercial production and export of medical cannabis
for commercial purposes. Materia Malta, which is already EU GMP
certified, has an annual throughput capacity of 6,000kg,
representing a potential sale value of EUR36M based on a blended
average sales price across several key European markets.
Materia Malta has now begun the process of importing its first
batch of raw material for commercial production and will begin
fulfillment of its supply commitments across Europe imminently,
starting with the initial target markets of Germany, Malta and the
UK. The first product has already been successfully registered on
the narcotics licence of Materia Deutschland GmbH ahead of its
import into and across Germany.
Kanabo CEO, Avihu Tamir said ; "Materia's progress is
remarkable. Subject to completion of the merger, the facility in
Malta will enable Kanabo's enlarged group to broaden its
distribution across Europe and solidify our plan for a complete
supply and distribution line."
Deepak Anand, CEO of Materia, said ; "We are delighted to be
fully licensed and to begin generating revenues from our Malta
facility. I'd like to congratulate our entire team for helping
realise our vision of a state-of-the-art processing facility,
especially in working through the difficult circumstances presented
by the pandemic over the last 18 months."
"As happy as we are to secure our licence, we immediately begin
execution on the next phase of our plan," commented Nick Pateras,
Managing Director, Europe, at Materia. "We now have a fully built
and licensed pathway into the European market for cultivation
partners all over the world. This encompasses our in-house
processing expertise in Malta on top of our distribution
capabilities into and across Germany, Europe's biggest market,
through Materia Deutschland."
Kurt Farruga, CEO of Malta Enterprise (the government's economic
development agency), also commented; "We are delighted to see
Materia achieve this milestone. We have been working closely with
Materia since the beginning and the caliber of the team exemplifies
the type of company we are proud to support here in Malta. We fully
expect Materia to be one of the industry's long-term leaders."
The full announcement can be found on Materia's website (
http://www.materia.glob al).
Further Details
In an announcement published on 26 July 2021, Kanabo announced
the signing of a non-binding term sheet with Materia, to acquire
Materia's European businesses (the "Proposed Transaction"), which
includes Materia Malta. The closing of the Proposed Transaction
remains subject to (among other items) due diligence, the entering
into of a definitive agreement, the receipt of all requisite
third-party approvals and the drafting and approval of a
prospectus, as per the Listing Rules. The Company and Materia are
currently undertaking the due diligence process and are working on
reaching a definitive agreement.
The Proposed Transaction, if completed, would constitute a
Reverse Take-over under the Listing Rules ("RTO"). Upon the
successful completion of the RTO and publication of a prospectus,
Kanabo anticipates that it would subsequently re-apply for listing
on the Standard Segment of the Official List.
Kanabo Group Plc
Meirav Horn Via Vox Markets
Peterhouse Capital Ltd
Eran Zucker / Guy Miller (Financial Tel: +44 (0)20 7469 0930
Adviser)
Lucy Williams / Charles Goodfellow Tel: +44 (0)20 7469 0930
(Corporate Broker)
Vox Markets (Investor Relations)
Kat Perez KanaboGroup@voxmarkets.co.uk
About Kanabo Group Plc
Kanabo Group Plc is an R&D company currently selling a range
of THC-Free Retail CBD Products in the Primary Markets and is in
the process of developing further Medical Cannabis Products. The
company's core strategy is to increase revenues from the sale of
its Retail CBD Products in the wellness sector and to grow the
Kanabo brand through its marketing initiatives.
Learn more here;
https://www.voxmarkets.co.uk/listings/LON/KNB/
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