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Ah - same owner
What is happening in Stockport? So many clinics there......most odd
10% up!
More outlets opened, waiting for vape approval.
Happy Daze.
Interesting pod cast on linkedin, Ian Mattioli and Suleman Sacranie talk of an AI doctors practise developing in the GP service. Also a coment from Ian about the weight loss position taking the country by storm, which I find intriguing.
You are under the radar at the moment and very quiet. Anything to tell us or is this as good at it gets.
The full year report is in the last RNS above, you’ll find everything there.
Last placing was around the same time last year. They'll surely need more funds. Any opinions what their current cash balance may be?
In Europe, medical cannabis and telehealth operator Kanabo saw its stock increase by over 10% following the publication of its latest annual results.
In the year ended December 31, 2023, Kanabo reported revenues of £895k, up nearly 50% from £603k year-on-year.
This included £828k of revenues from The GP Service, the telehealth service Kanabo purchased in 2022, which also reported a net loss of £1.16m during the year.
“As a Group, we are executing against our strategic plan, leveraging our pharmacy network to expand the reach of our digital health services, and expanding our medicinal cannabis product portfolio,” the company said.
It’s ‘secondary care’ operations, which cover the development and distribution of cannabis-derived medicinal and wellness products, also reported revenues of £67k.
While gross profits came in at £134k, the company reported an overall loss for the year of £7.7m ‘as a result of impairment of intangible assets and goodwill in the amount of £4.4m’.
Impairment of intangible assets and goodwill refers to the process of recognising a decrease in the value of these assets on a company’s balance sheet. Intangible assets include items such as patents, copyrights, trademarks, and goodwill, which represent the value of a company’s brand, reputation, customer relationships, and other non-physical assets.
The year also saw Kanabo raise a further £2.74m through both ‘new and existing investors’, and recoup £82k following legal action against Materia, a partner that fell into receivership in March 2023.
Looking ahead, the company says that the ‘formulation and launch of medical cannabis products remain a bedrock’, and it is currently awaiting CE approval for its VapePod MD medicinal inhaler device.
Once secured, Kanabo plans to launch the product in the booming German medical cannabis market, and is reportedly already in the process of finalising definitive distribution agreements.
Definitely progressing but hard to see past another raise. Company is poised to boom if the UK sector changes. Dan Poulter defection highlights no belief in tories NHS situation will get better. He may be well positioned now to give the advice of diversifying to other medical solutions such as what Kanabo offer.
Positive results in my view.
Products are selling, increasing reach by opening 10 more walk in clinics by the end of the year, launch of products in Germany coming soon (distribution agreement in place) and a Treat It App all sounds exciting. DYOR
Not much of a reaction form the market either way with the results, a few positives regarding money in, the net loss is down, does that included the 2.5ml funding round? Or is that included in the “cash” pot.
Thoughts on the results?
It sure looks that way.
https://www.independent.co.uk/news/uk/nhs-dan-poulter-wes-streeting-mps-lee-anderson-b2536169.html
Let's hope Dr Dan Poulter helps this sector now that he has defected to the Labour party...
Great update report on the Treat it clinic expansion with a bit of an update
https://businessofcannabis.com/kanabo-announces-major-expansion-its-treat-it-clinic-to-cover-mental-health-while-expanding-physical-presence/
Given the success of its initial site in Wapping, Kanabo is launched a second in-pharmacy clinic at Village Pharmacy at Bramhall, Manchester, last week, and has plans to launch ‘7 to 12 pharmacies by the end of the year’.
Friday we had c 35 trades all day, already at 100 trades in the first 30 minutes, all small trades by the look of it, No change in price pattern, same as what we’ve been seeing the last couple of weeks… but unusual activity
Peter Hitchens even though he's against the legalisation he can see where the cannabis sectors going and the revenues that will be generated. He knows worldwide the medical cannabis market will be massive.and hopefully Kanabo can have a sizeable market share
https://youtu.be/eT2qYEJGvm8?si=IxofGFBbCH_fAlc5
Head of Curalef Juan Martinez comented-
Martinez emphasised that telemedicine and e-prescriptions for ailments such as chronic pain were big opportunities for Curaleaf’s products, hailing the possibilities where “you can go in a telemedicine platform and in 15 minutes you have your prescription”.
https://www.ft.com/content/ecccabfc-132e-4058-ba9d-ccd22faf211e
Has anyone been able to buy at 0.016 in the last few weeks?? It’s been jumping up and down in the same range ..
Over 6 million people suffering with PTSD in Ukraine.
https://cannabishealthnews.co.uk/2024/03/28/healing-wounds-of-war-cannabis-ptsd-and-the-war-in-ukraine/
CE mark is going to be transformational for the share price not long to wait now I hope as on average it takes 14 months to get.
If you watch this video from 1.30 mins Avihu explains what's required for CE Mark and the battery as highlighted by Ddug would fall into those requirements. As for the completion even we are still waiting for confirmation IMO now with the German legislation in place it will give confidence to the company and hopefully we will see the release of more news to follow that decision.
https://www.youtube.com/watch?v=8yYfhLk93tY
The vape pod will be the first of its kind with a CE mark, there are other devices with a measured dose but not CE approval. The syqe medical is CE marked but uses flower filled cartridges.
once Kanabo have CE approval they should have at least two years to build a market without any comparable alternative.
A nice position to be in IMO.