Kanabo Group PLC - medical cannabis research and development - Says that it has finished the majority of its due diligence work as part of the proposed acquisition of the European businesses of Materia.
Chief Executive Officer Avihu Tamir says: "We are very pleased with the progression of the transaction since the non-binding heads of terms were announced. I see the decision to merge with Materia as a strategic move that will allow a smooth expansion into our primary markets by solidifying our supply and distribution channels. We are confident that it will enable our enlarged group to lead the UK and German medical cannabis markets over the next few years and I believe it will fulfil our promise to shareholders to create significant revenue."
Current stock price: 15.90 pence
Year-to-date change: down 14%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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