RNS23 Feb 2021 07:07
23 February 2021
Kanabo Group Plc
("Kanabo" or the "Company")
UK Medicinal Cannabis Distribution Agreement
Kanabo Group Plc (LSE:KNB), the medicinal cannabis company that recently debuted on the London Stock Exchange, is delighted to announce it has signed its first UK medicinal cannabis distribution framework agreement with Astral Health Limited ("Astral Health"). Astral Health is fully owned by LYPHE Group, which is part of Drug Science's Project Twenty21.
LYPHE Group has built a patient-access ecosystem that provides clinics, dispensing, import infrastructure and educational services to patients, doctors and the industry in the UK. It is one of the main players in the embryonic but fast-developing medicinal cannabis market in the UK.
Through this new framework agreement, it is intended that Kanabo's VapePod medicinal cannabis formula, under brand NOIDECS will be made available to Project Twenty21 patients. Project Twenty21 provides eligible patients with affordable medical cannabis treatment, monitored by Drug Science. The project aims to create the UK's largest body of evidence for the effectiveness and tolerability of medical cannabis.
The initial formula which Astral Health will distribute under the name NOIDECS 400T, is based on the Israeli medical cannabis pharmacopoeia as a recommended ratio for pain management. Kanabo and Astral Health will work closely together to make the products available to patients over the next 3-6 months.
Under the framework agreement, Astral Health acquires rights to sell the Company's VapePod and certain medicinal cannabis oils in the United Kingdom.
Avihu Tamir, Kanabo's CEO commented:
"We believe this new product will be revolutionary for medical cannabis patients who need immediate relief of pain, and will replace the smoking of cannabis flowers as a medical delivery method, which is one of Kanabo's main targets."
Dean Friday, LYPHE's CEO commented:
"We have seen the headlines, and we have witnessed the negative impact of opioids. Pain is not going to go away, so a more natural and caring approach to treating it must find centre stage. Thanks to our partnership with Kanabo we now have a metered dose product that can treat patients across the U.K. that suffer from chronic pain."