Update: New contract signed by Materia

RNS Number : 8177I
Kanabo Group PLC
17 August 2021
 

17 August 2021

 

Kanabo Group Plc

("Kanabo" or "the Company")

Update: New contract signed by Materia

 

 

The Board of Kanabo notes the recent announcement published by Materia and are delighted that Materia's wholly-owned subsidiary Materia Deutschland GmbH ("Materia Deutschland"), has entered into an agreement with German medical cannabis manufacturer Eurox Pharma GmbH to distribute German-produced medical cannabis extracts.

 

Extracts are the fastest growing format in Germany's medical cannabis market, exhibiting approximately +62% sequential quarterly growth at the beginning of this year.1 As at the end of 2020, medical cannabis extracts had been distributed across almost one-fifth of public German pharmacies.2

 

According to the announcement, this agreement will importantly add a new line of cannabis extracts products for Materia Deutschland's curated portfolio and help accelerate the expansion of its distribution network across Germany, including new pharmacies that dispense extracts.

 

Nick Pateras, Managing Director, Europe at Materia, said, "This is a strategic step forward in our preparation for the market's increasing adoption of medical cannabis in the form of extracts. Our sales team is already trained and equipped to win new pharmacy customers with the addition of this new format."

 

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"). 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

Tel: +(972)52-3173-633

press@kanabogroup.com

Meirav Horn

 

Peterhouse Capital Limited (Financial Adviser)

Tel: +44 (0)20 7469 0930

Eran Zucker / Guy Miller

 

Peterhouse Capital Limited (Corporate Broker)

Lucy Williams / Charles Goodfellow

 

Vox Markets (Investor Relations)

kperez@voxmarkets.co.uk

Katrina Perez

 

About KANABO GROUP PLC

Kanabo aims to create a new standard in the medical cannabis industry by building an ecosystem that improves the well-being of millions around the world by providing an alternative solution to the smoking of medicinal cannabis flowers. With a focus on the distribution of cannabis-derived products for medical patients, and non-THC products for CBD consumers, Kanabo has conducted extensive Research & Development in order to produce high-quality cannabis extract formulas, innovative medical-grade vaporizers, and various non-smoking consumption solutions.

 

1 GKV-Spitzenverband, Q1/21 vs. Q4/20.

2 Insight Health Market Report.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
CNTFLFEATVIRLIL

Companies

Kanabo Group (KNB)
UK 100

Latest directors dealings