Update on Proposed Medicinal Cannabis RTO

11 January 2021

Spinnaker Opportunities plc

("Spinnaker" or the "Company")

Update on Proposed Medicinal Cannabis RTO

Further to previous announcements regarding the proposed reverse take-over of medicinal cannabis company Kanabo Research Ltd ("Kanabo") (the "RTO" or the "Proposed Acquisition"), Spinnaker notes the article published in today's Financial Times and the televised interview featured on Sky News, in which Kanabo describes its business and its intentions to list on the London Stock Exchange shortly.

As referenced in the article, the Board of Spinnaker can confirm that the Company, together with Kanabo, is currently undertaking an investor roadshow as part of the Proposed Acquisition.

Andy Morrison, Chairman of Spinnaker, said:

"The board of Spinnaker is pleased to see that the RTO is progressing well. We are particularly delighted with the range and quality of interest being shown from the UK investment community in the Proposed Acquisition, and are increasingly confident that shareholders can expect completion of the RTO shortly, subject to FCA and other relevant approvals."

For further information, please visit http://www.spinnakeropportunities.uk/ or contact the following:

Peterhouse Capital Limited (Financial Adviser and Broker)

Tel: +44 (0)20 7469 0930

Lucy Williams / Guy Miller / Eran Zucker

SI Capital (Placing Agent)

Tel: +44 (0)1483 413 500 / +44 (0) 203 871 4038

Nick Emerson / Greg Mahoney

Notes

Kanabo is creating a new standard in the medical cannabis industry to improve the well-being of millions around the world. The Company will focus on the distribution of Cannabis-derived products for medical patients, and THC-free CBD products for consumers. Kanabo has conducted extensive research & development at its research centre in Israel to develop high-quality Cannabis extract formulas, innovative medical-grade vaporisers, and various non-smoking consumption solutions, making it easy and accessible for anyone in need of treatment.

Kanabo has also continued research & development activities on a range of unlicensed Medical Cannabis Oils, which will be sold alongside its medical-grade vaporisers. It is intended that medicinal products will be sold as unlicensed medicines in the UK and Germany.