LONDON (Alliance News) - Shares in Spinnaker Opportunities PLC were suspended on Wednesday after the company signed a non-binding heads of terms to acquire medicinal cannabis oil company Kanabo Research Ltd.
Shares have been suspended in the cash shell at 4.75 pence on Wednesday as the acquisition would be classed as a reverse takeover if completed.
Shareholders would have a minority interest in the enlarged group should the acquisition go through.
Kanabo deals in the formulation and distribution of medicinal cannabis oil, with a portfolio of activities in Switzerland, Germany and Israel.
"Kanabo represents a unique and exciting opportunity for Spinnaker stakeholders, thanks to its integrated market-ready supply chain, with its interests in the medicinal cannabis industry right the way from production and cultivation, to the distribution of a medicinal-grade vaporizer via which medicinal-grade cannabis oil is dispensed," said Chair Andy Morrison.