(Alliance News) - Spinnaker Opportunities PLC on Monday said it is edging closer to completing the reverse takeover of medicinal cannabis firm Kanabo Research Ltd.
Spinnaker said it is almost ready for the acquisition to proceed, once it is approved by regulators in the UK.
Spinnaker said: "Following the UK legalising the prescription of medicinal cannabis in November 2018, Kanabo and the company have positioned themselves to be one of the first cannabis-related businesses to list on the London Stock Exchange.
"However, until all conditions are satisfied and the overall listing requirements for cannabis-related companies are confirmed by the appropriate UK regulatory bodies, there can be no certainty that the transaction will proceed."
Spinnaker's shares have been suspended 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 was initially seeking an acquisition in the energy or industrial sectors, though in September 2018, it said it expanded its investment focus to include cannabis firms.
By Eric Cunha; ericcunha@alliancenews.com
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