(Alliance News) - Kanabo Group PLC is set to announce Mattioli Woods PLC founder and Chief Executive Ian Mattioli as non-executive chair on Tuesday, alongside unveiling a GBP3 million equity raise, according to a report from Sky News on Sunday.
Kanabo is a London-based developer and distributor of cannabis-derived products and inhalation technologies for medical patients and non-THC products for CBD consumers.
Sky News reported Mattioli would also invest GBP500,000 in Kanabo as part of a wider GBP3 million cash call. Existing management and other shareholders will also participate in the share sale, according to insiders.
Mattioli is set to replace David Tsur, who has chaired Kanabo since its initial public offering in February 2021. Tsur will now become deputy chair, Sky News said.
https://news.sky.com/story/london-listed-cannabis-group-kanabo-to-raise-cash-and-install-new-chair-12875522
Sky News said a Kanabo spokesperson declined to comment on Mattioli's appointment or its impending fundraising.
The appointment of Mattioli is likely to be well-received by investors, according to Sky News. Shares in Kanabo are up 71% in the year so far, but closed down 7.1% on Friday to 3.25 pence each in London.
Kanabo shares did not trade on Monday, due to a UK bank holiday for King Charles III's coronation, which was held on Saturday.
By Greg Rosenvinge, Alliance News reporter
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Mattioli Woods (MTW)