Kanabo Group PLC Update: New contract signed by Materia (8177I)
August 17 2021 - 2:00AM
UK Regulatory
TIDMKNB
RNS Number : 8177I
Kanabo Group PLC
17 August 2021
17 August 2021
Kanabo Group Plc
("Kanabo" or "the Company")
Update: New contract signed by Materia
The Board of Kanabo notes the recent announcement published by
Materia and are delighted that Materia's wholly-owned subsidiary
Materia Deutschland GmbH ("Materia Deutschland"), has entered into
an agreement with German medical cannabis manufacturer Eurox Pharma
GmbH to distribute German-produced medical cannabis extracts.
Extracts are the fastest growing format in Germany's medical
cannabis market, exhibiting approximately +62% sequential quarterly
growth at the beginning of this year.(1) As at the end of 2020,
medical cannabis extracts had been distributed across almost
one-fifth of public German pharmacies.(2)
According to the announcement, this agreement will importantly
add a new line of cannabis extracts products for Materia
Deutschland's curated portfolio and help accelerate the expansion
of its distribution network across Germany, including new
pharmacies that dispense extracts.
Nick Pateras, Managing Director, Europe at Materia, said, "This
is a strategic step forward in our preparation for the market's
increasing adoption of medical cannabis in the form of extracts.
Our sales team is already trained and equipped to win new pharmacy
customers with the addition of this new format."
The full announcement can be found on Materia's website (
http://www.materia.glob al).
Further Details
In an announcement published on 26 July 2021, Kanabo announced
the signing of a non-binding term sheet with Materia, to acquire
Materia's European businesses (the "Proposed Transaction"). The
closing of the Proposed Transaction remains subject to (among other
items) due diligence, the entering into of a definitive agreement,
the receipt of all requisite third party approvals and the drafting
and approval of a prospectus, as per the Listing Rules. The Company
and Materia are currently undertaking the due diligence process and
are working on reaching a definitive agreement. The Proposed
Transaction, if completed, would constitute a Reverse Take-over
under the Listing Rules ("RTO"). Upon the successful completion of
the RTO and publication of a prospectus, Kanabo anticipates that it
would subsequently re-apply for listing on the Standard Segment of
the Official List.
Kanabo Group Plc
Tel: +(972)52-3173-633
press@kanabogroup.com
Meirav Horn
Peterhouse Capital Limited (Financial Adviser)
Tel: +44 (0)20 7469 0930
Eran Zucker / Guy Miller
Peterhouse Capital Limited (Corporate Broker)
Lucy Williams / Charles Goodfellow
Vox Markets (Investor Relations)
kperez@voxmarkets.co.uk
Katrina Perez
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.
(1) GKV-Spitzenverband, Q1/21 vs. Q4/20.
(2) Insight Health Market Report.
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END
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