Last checked at 7 Oct 2021 07:00
Kanabo Group Plc
("Kanabo" or "the Company")
New Partnership Agreement
New development and distribution partnership with the Medocann Group
Kanabo Group Plc (LSE:KNB), a medical cannabis R&D Company that focuses on the distribution of cannabis-derived products for medical patients, and non-THC products for CBD consumers, announces it has signed an partnership agreement with MedoCann Pharma Ltd. ("Medocann") for the development of unique new products with exclusive distribution rights into the German and UK medical cannabis markets.
Medocann is an established producer of medical-grade cannabis products with an indoor hydroponic facility located in central Israel and a library of proprietary cannabis genetics all grown in a fully controlled environment, without the use of pesticides or insecticides. Medocann has an IMC GAP license for commercial propagation and commercial cultivation and is currently selling their premium products in Israel.
The partnership agreement between Kanabo and Medocann will focus on the co-development of new and novel strains from flowers and extracts made for specific medical indications through the combination of Kanabo's preclinical data on the effect of cannabis on different illnesses and Medocann's genetics bank, breeding and strain development expertise. The new strains and extracts will be used to launch new co-developed medical cannabis products ("Co-Developed Products").
The agreement includes the exclusive rights to distribute the Co-Developed Products into both the UK and German medical cannabis markets. The agreement stipulates that Medocann and Kanabo will use commercially reasonable efforts to have the Co-Developed Products available for sale in the target markets, based on 1,000kg of cannabis raw material over the first three years of the agreement, conditional on the existence of all required import and export regulatory documents.
The price at which Co-Branded Products will be sold, which will in any event be at least the then-current premium market price, which as of the date of the agreement is estimated at EUR 9.00 (Nine Euros) per gram.
Asaf Sella, CEO Medocann commented: "The genetics and the technology used to cultivate medical cannabis make a huge difference in the safety, the quality and the consistency of the medicine patients receive. We are delighted to partner with Kanabo, together we will develop new strains to treat specific indications and provide premium medical cannabis products, all originating in Medocann's indoor, hi-tech facility."
Avihu Tamir, CEO Kanabo added: "Medocann's hydroponic, precisely-grown cannabis is considered the best in Israel and is the only one cultivated without the use of Pesticides. Kanabo aims to bring these unique strains to patients in the UK and German markets through the Materia Malta production facility."
Kanabo Group Plc |
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Meirav Horn | Via Vox Markets |
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Peterhouse Capital Ltd |
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Eran Zucker / Guy Miller (Financial Adviser) | Tel: +44 (0)20 7469 0930 |
Lucy Williams / Charles Goodfellow (Corporate Broker) | Tel: +44 (0)20 7469 0930 |
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Vox Markets (Investor Relations) |
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Kat Perez | KanaboGroup@voxmarkets.co.uk |
About Kanabo Group Plc
Kanabo Group Plc is an R&D company currently selling a range of THC-Free Retail CBD Products in the Primary Markets and is in the process of developing further 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 here: https://www.voxmarkets.co.uk/listings/LON/KNB/