(Alliance News) - Kanabo Group PLC on Tuesday announced the completion of a fundraise of over GBP2.5 million, alongside appointing Ian Mattioli as non-executive chair.
The London-based patient focused healthcare technology and cannabis company announced a plan to raise GBP2.5 million through the issuing of over 88 million ordinary shares.
Kanabo said it will also issue investors warrants to purchase over 44 million ordinary shares, allowing the company to expand digital health services, invest in technology, develop products on pain management, and provide funding for general working capital.
Chief Executive Officer Avihu Tamir said: "We are delighted to be announcing this fresh capital injection, which further endorses the strength and quality of our business and highlights the confidence we have in our growth strategy. This raise will not only accelerate the roll-out of our online platform but will also enable our team to pursue a number of exciting commercial opportunities.
"As we continue to further develop our commercial footprint, I look forward to updating shareholders on our progress over the course of the year."
Kanabo also announced the appointment of Ian Mattioli as non-executive chair.
Mattioli was the co-founder of wealth management group, Mattioli Woods PLC, and will invest in GBP500,000 in ordinary shares in Kanabo.
Mattioli said: 'I am delighted to join Kanabo as a chair and am impressed with the company's commitment to personalised, accessible, and affordable healthcare.'
Kanabo was trading at 4.6% lower at 3.10 pence in London on Tuesday afternoon.
By Will Neill, Alliance News reporter
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