Last checked at 28 Mar 2024 07:00
28 March 2024
Kanabo Group Plc
("Kanabo", the "Group" or the "Company")
Expansion of Treat It Clinic to Offer Mental Health Treatments
Kanabo Group plc (LSE: KNB) is pleased to announce the expansion of its online clinic, Treat It, to include specialised mental health treatments. This expansion comes at a time when national mental health infrastructure is under extreme pressure, and this service will allow individuals who are suffering from conditions such as anxiety, PTSD or ADHD to securely access to treatments through the Group's digital health platform.
As with Treat It's existing pain management offering, the mental health service will focus on secondary care, including prescriptions for alternative medications such as medical cannabis. While studies on the efficacy of medical cannabis in this area remain nascent, some evidence indicates that medicinal cannabis may help alleviate symptoms of conditions such as PTSD.
Mental Health in the UK
In 2022, around one in six adults experienced moderate to severe depressive symptoms, an increase from pre-pandemic levels. In the fourth quarter of 2023, around 22% of the adult population experienced a high level of anxiety. The non-profit organisation PTSD Today estimates that around 1 in 10 people in the UK, or around 6.6 million people, might experience PTSD during their lifetime. Meanwhile, mental health services are underserved, with the national situation being described as a crisis or an emergency. This new Clinic offering will provide patients for whom other therapies and medications may not have worked with new opportunities to treat their ailments.
Progression in Line with Half-Year Results
This achievement aligns with the Company's current corporate goals, as laid out in its Half-Year Results (published 29 Sept 2023). In 2024, alongside expanding its secondary care offerings to include specialist mental health services, Kanabo has launched two in-pharmacy clinics (as announced on 15 January 2024) to establish a physical presence for its clinics. The Company plans to continue this momentum by expanding its primary care services and extending its footprint into the EU market in the near future.
Avihu Tamir, CEO, commented: "Since mental health is the second largest indication for medical cannabis prescriptions in the UK, our expansion into these services is poised to significantly increase our patient intake, revolutionising access and treatment options for those in need."
Dr Mehran Afshar, Chief Clinical Director of Treat It, commented: "Mental health is an integral part of overall well-being, yet it often remains overlooked or stigmatised. By expanding our digital health platform to include mental health treatments, we aim to provide patients with access to alternative therapies and raise awareness and destigmatise these conditions. Our multidisciplinary team will work closely with patients to develop personalised treatment plans tailored to their unique needs and circumstances."
Enquiries:
Kanabo Group plc Avihu Tamir, Chief Executive Officer Assaf Vardimon, Chief Financial Officer Ian Mattioli, Non-Executive Chair of the Board
| via Vigo Consulting +44 (0)20 7390 0230 |
Peterhouse Capital Limited (Financial Adviser and Broker) Eran Zucker / Lucy Williams / Charles Goodfellow
| +44 (0)20 7469 0930 |
Vigo Consulting (Financial Public Relations/Investor Relations) Jeremy Garcia / Fiona Hetherington / Verity Snow kanabo@vigoconsulting.com | +44 (0)20 7390 0230 |
About Kanabo Group plc
Kanabo Group plc (LSE:KNB) is a digital health company committed to transforming patient care through its innovative technology platform and specialised treatment offerings. Since its inception in 2017, Kanabo has been focused on researching, developing, and commercialising regulated medicinal cannabis-derived formulations and therapeutic inhalation devices.
Kanabo's NHS-approved online telehealth platform, The GP Service, provides patients with video consultations, online prescriptions, and primary care services. Leveraging its telehealth capabilities, in February 2023, Kanabo launched Treat It - an online clinic an online clinic focused on pain management and mental health treatments.
With its two complementary business divisions, Kanabo has established itself as an end-to-end digital health provider, offering telehealth consultations, prescriptions, alongside the delivery of tailored treatments.
The Company's partially owned subsidiary, Kanabo Agritec Ltd, is a cultivation consultancy supporting cannabis businesses in developing new farms through infrastructural, research, and product guidance. These farms deliver high-quality raw materials for Kanabo's formulas and product line.
At Kanabo Group Plc, we are dedicated to providing patients with the highest quality medical treatments and more accessible healthcare experiences.
Visit www.kanabogroup.com for more information.