(Alliance News) - Kanabo on Monday noted that Germany from April will classify cannabis as a prescription medication.
Shares in the London-based healthcare technology and cannabis company were 4.6% higher at 1.70 pence each on Monday afternoon in London.
Last week Friday, Germany's legislative body the Bundesrat approved the reclassification of cannabis. Medical cannabis will no longer be classified under Germany's Narcotics Act, making prescriptions easier.
The new law will partially legalise cannabis for recreational use for adults.
"The reform is poised to increase patient access to medical cannabis treatments, streamlining the prescription process and reducing the regulatory complexity that previously hindered access," Kanabo said.
Chief Executive Officer Avihu Tamir said: "This is a historic day for the medical cannabis industry. With Germany poised to emerge as one of the world's largest markets for medical cannabis, Kanabo anticipates significant growth opportunities within this evolving landscape. We are in negotiations with strategic distributors for Kanabo's products that the directors believe should materialise in the future and the company will update the market in due course."
By Tom Budszus, Alliance News slot editor
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