Appointment of Auditor

RNS Number : 6779W

Kanabo Group PLC

19 August 2022

 

Kanabo Group Plc.

("Kanabo" or the "Company")

Appointment of Auditor

The Board of Kanabo Group Plc has appointed Jeffreys Henry LLP ('Jeffreys Henry') as its new independent auditor with immediate effect.

The Board has approved the appointment of Jeffreys Henry as the Company's auditor for the financial year ending 31 December 2022.

In accordance with Section 519 of the Companies Act 2006, the Company's previous auditor, PKF Littlejohn LLP, has deposited the below statement with the Company:

PKF Littlejohn LLP had been appointed as statutory auditor for the company for a period of more than three consecutive financial years since the 31 December 2018 audit. As set out in paragraph 4.15 of the Financial Reporting Council's 2019 Revised Ethical Standard ("RES"), a cap on the level of fees from permitted non-audit services is established in the fourth financial period of the audit engagement. This cap came into effect for the financial year commencing 1 January 2021 and is applied to all permitted non-audit services which are not required by law or regulation.

During the financial year commencing 1 January 2021, PKF Littlejohn LLP provided a range of non-audit services to the company. These services involved a combination of those which are permitted, either as required by law or regulation or not, and those which were not permitted.

The provision of non-permitted non-audit services was assessed as an inadvertent breach as per the RES and reported as such within the audit report issued for the financial year ended 31 December 2021.

However, as the value of the non-audit services not required by law or regulation and those not permitted under the RES exceeded the fee cap, PKF Littlejohn LLP is unable to continue as the company's independent auditors.

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 Adviser)	Tel: [phone]
Eran Zucker / Lauren Riley
Vox Markets Ltd (Investor Relations)	[e-mail]
Kat Perez	[e-mail]
RKM Communications Ltd (Media Relations)
Nic Barnes	[e-mail]

About Kanabo Group Plc

Kanabo Group Plc, is a leading developer and distributer of cannabis-derived products and inhalation technologies for medical patients and non-THC products for CBD consumers. Kanabo Group Plc was the first medicinal cannabis company to IPO on London Stock Exchange and is made up of supply-chain specialist subsidiaries, from cultivation consultancy to R&D to formula development and distribution, including:

· Kanabo Agritec Ltd, 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.

· Kanabo Research Ltd, a wholly owned subsidiary of Kanabo Group Plc, responsible for R&D, regulation, and quality assurance procedures.

· The GP Service - a Kanabo Group Plc owned telehealth provider, offering NHS approved online consultations, online prescriptions, treatment forms and access to both Kanabo medical-cannabis & wellbeing CBD products.

 

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