Last checked at 9 Mar 2021 07:00
9 March 2021
Kanabo Group Plc
("Kanabo" or "The Company")
Medicinal Cannabis Production Agreement
Kanabo Group Plc (LSE:KNB), is pleased to announce that it has signed a production and supply agreement with PharmaCann Polska ("PharmaCann") under which PharmaCann will supply cartridges containing Kanabo's proprietary medicinal cannabis formulations for its VapePod inhalation device. The cartridges will be filled and prepared at PharmaCann's wholly owned facility in North Macedonia. This is a second key agreement directed towards establishing a European medicinal cannabis supply chain and builds on the previous announcement of a UK distribution agreement. Kanabo's CBD Wellness products are already being produced and distributed in the primary markets of UK and Germany.
PharmaCann, based in Warsaw, is a part of the PHCANN International Group. Its fully licensed compound in Skopje, North Macedonia comprises both an indoor cultivation facility and an EU-GMP standard extraction facility for production of products based on cannabinoids. According to the agreement, PharmaCann and Kanabo will establish a dedicated production line for medicinal formulas that will use filling equipment procured and supplied by Kanabo and Kanabo's production protocols. Under the agreement, PharmaCann provides an initial production capacity of up to 36,000 cartridges per month with the ability to further increase production when necessary.
The production and supply agreement gives Kanabo full visibility and control over product quality from hydroponic, pesticide-free cultivation through to extraction, filling and distribution of tamper-proof cartridges designed to work with its medical-grade VapePod inhalation device.
Avihu Tamir, CEO Kanabo Group Plc said: "Following the increased fund-raise achieved at the IPO, we are able to accelerate preparations for supply of medicinal cannabis products in addition to building our CBD Wellness business. I am delighted to work with PharmaCann which will enable us to provide medical cannabis vape products to thousands of patients safely and effectively using our medical grade VapePod device."
Yuval Soiref, Director of Business Development, PHCANN International commented: "As part of our expansion strategy, we are happy to sign this milestone agreement with Kanabo to bring innovative cannabis products to the UK, and Europe. I believe this will open a new era of medical delivery methods in the cannabis industry."
For further information, please visit http://www.kanabogroup.com/ or contact the following:
Kanabo Group Plc
+(972)52-3173-633
press@kanabogroup.com
Meirav Horn - Chief Financial Officer
Peterhouse Capital Limited (Financial Adviser)
Tel: +44 (0)20 7469 0930
Eran Zucker / Guy Miller / Allie Feuerlein
Peterhouse Capital Limited (Corporate Broker)
Lucy Williams / Charles Goodfellow
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).
About PHCANN INTERNATIONAL
PHCANN is a pharmaceutical company that applies global standards in the production of cannabis-based pharmaceutical extracts and final pharmaceutical forms. Using the Israeli and Canadian market experience, their mission is to ensure the availability of products containing cannabinoids of natural origin while maintaining strictly controlled pharmaceutical quality and to disseminate knowledge about its medicinal use.
About Kanabo Group Plc
Kanabo aims to create a new standard in the medical cannabis industry by building an ecosystem that improves the well-being of millions around the world by providing an alternative solution to the smoking of medicinal cannabis flowers. With a focus on the distribution of cannabis-derived products for medical patients, and non-THC products for CBD consumers, Kanabo has conducted extensive Research & Development in order to produce high-quality cannabis extract formulas, innovative medical-grade vaporizers, and various non-smoking consumption solutions - making use easy and accessible for anyone in need of treatment.