Last checked at 16 Dec 2021 07:05
Kanabo Group Plc
("Kanabo" or the "Company")
Materia Malta Commences First Sales of Medical Cannabis in Europe
Kanabo Group Plc (LSE:KNB), a medical cannabis and R&D Company that focuses on the distribution of cannabis-derived products for medical patients and wellness CBD consumers, notes that Materia's wholly-owned subsidiary Materia Malta Operating Ltd. ("Materia Malta") has commenced sales in Europe of the first medical cannabis flower produced at its EU GMP certified manufacturing site.
The inaugural product, named "Carbasi Verde", was released with a potency of 21.7% THC following successful completion of Materia Malta's first production cycle, which includes hand trimming to ensure the best quality for patients.
Carbasi Verde is now available at pharmacies across Malta, with subsequent shipments planned for Germany and the UK. The product has already been registered on the narcotics licence of Materia Deutschland GmbH ahead of its import into Germany.
As per the announcement on 4 November 2021, Kanabo Group Plc has finished the majority of its due diligence work as part of the proposed acquisition of the European businesses of 11157353 Canada Corp. (the "Proposed Transaction"), which trades under the name of Materia ("Materia"). Kanabo and Materia have therefore signed a revised term sheet which includes binding elements ("Head of Terms"), and the parties consider this to be an important step towards completion of the Proposed Transaction. As previously announced, the Proposed Transaction contemplates the full acquisition of Materia's European business, including its Maltese EU GMP certified facility, German medical cannabis wholesaler and UK CBD e-commerce platform. The Proposed Transaction is still subject inter alia to the agreement of formal documentation and conditional on, among other things, the receipt of all necessary regulatory consents.
"This journey began in earnest over two years ago, so we're elated to be offering patients Materia manufactured and branded medical cannabis," said Nick Pateras, Managing Director, Europe, of Materia. "Our Maltese site is truly state-of-the-art, and with our team's deep pharmaceuticals expertise we're confident that Materia Malta will become one of the most important production facilities in Europe's cannabis supply chain."
Avihu Tamir, CEO of Kanabo Group Plc said; "Materia's pace of progress remains remarkable. Subject to completion of the merger, the facility in Malta will enable Kanabo's enlarged group to broaden its distribution across Europe and solidify our plan for a complete supply and distribution line."
For further information, please visit http://www.kanabogroup.com or contact the following:
Kanabo Group Plc | |
Avihu Tamir, CEO | Via Vox Markets |
Peterhouse Capital Ltd | |
Eran Zucker (Financial Adviser) | Tel: +44 (0)20 7469 0930 |
Lucy Williams / Charles Goodfellow (Corporate Broker) | Tel: +44 (0)20 7469 0930 |
Vox Markets (Investor Relations) | |
Kat Perez | KanaboGroup@voxmarkets.co.uk |
About Kanabo Group Plc
Kanabo Group Plc is a medical cannabis and R&D company currently selling a range of wellness CBD Products across its Primary Markets and developing a range of and Medical Cannabis Products. The company's core strategy is to increase revenues from the sale of its Retail CBD Products in the wellness sector and to grow the Kanabo brand through its marketing initiatives. Learn more at https://www.voxmarkets.co.uk/listings/LON/KNB
About Materia
Materia's medicinal cannabis assets include its Maltese, German, and UK subsidiaries "Materia Malta", "Materia Germany", and "Materia UK" respectively. Materia Malta operates a European Union Good Manufacturing Practices ("EU GMP") certified facility, through which Materia Malta is able to import cannabis flower from its global supply network of cultivators and process it into EU GMP certified medical cannabis products. The Company anticipates that Materia Malta will be particularly well placed to process any new extracts developed by Kanabo. Materia Germany is a fully operational pharmaceutical wholesaler, with EU GDP and EU GMP certificates, enabling it to import and sell medical cannabis products directly to thousands of German pharmacies. Materia UK sells several leading CBD and wellness brands through Handpicked CBD, which aims to be one of the UK's largest CBD e-commerce marketplaces, and which now features Kanabo's own CBD line, as announced on 22 September 2021.