(Alliance News) - Cash shell Spinnaker Opportunities PLC on Wednesday reported a widened loss and said its acquisition of medicinal cannabis firm Kanabo Research Ltd is taking "longer than expected".
In 2019, Spinnaker made a pretax loss of GBP363,000, widened from GBP159,000 in 2018.
Operating expenses more than doubled to GBP365,000 from GBP161,000.
"The year under review was dominated, as far as the company was concerned, by preparations for the proposed acquisition of Kanabo Research and re-admission of the enlarged company to trading on the Standard List segment of the London Stock Exchange. Preparations are now well advanced, we are confident, and we look forward to the next exciting phase for the company, one that we believe will reward the patience of our investors," Spinnaker said.
Shares in the company have been suspended from trading since February 2019, after the company signed a non-binding heads of terms to acquire Kanabo.
Kanabo deals in the formulation and distribution of medicinal cannabis oil, with a portfolio of activities in Switzerland, Germany and Israel.
Spinnaker Chair Andy Morrison said: "Along with the management of Kanabo, we very much look forward to bringing the business to the London market to enable it to achieve its growth potential. The transaction has taken longer than expected, and is still not completed, but the Company remains positioned to be one of the first cannabis-related businesses to list on the London Stock Exchange."
By Eric Cunha; ericcunha@alliancenews.com
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