Vela Technologies #VELA – Investee company Kanabo Group #KNB half year results September 30, 2022 – Posted in: Blog, Vela Technologies Plc (VELA) – Tags: Agritec Ltd, Avihu Tamir, kanabo, knb, vela, vela technologies

Kanabo Group plc (LSE:KNB) the pan-European medical cannabis company that focuses on developing and commercialising cannabis-derived products for medical patients and wellness consumers, announces its half yearly results for the period ended 30 June 2022. 

Operating Highlights

· Acquisition of the entire share capital of the GP Service Ltd (“GPS”)

· Expanded sales and service teams across the group to support accelerated growth

· Formation of Agritec Ltd as a consulting company which will secure supply of high-quality medicinal cannabis to Kanabo

· Appointment of a UK specialist doctor as the clinical Director to manage medicinal cannabis compliance policies and procedures for GPS

Financial Highlights

· Revenue increased to £0.24m (H1 21: £0.02m) post acquisition of GPS

· Underlying operating loss, before exceptional costs relating to the placing and acquisition, of £2.77m (H1 21: £1.19m)

· Reported loss per share of 0.92p (H1 21:0.85p)

· Cash and cash equivalents as of 30 June 2022 of £4.96m (FY 21: £4.48m) 

Chief Executive, Avihu Tamir, commented; “The first half of 2021 was an extremely busy and productive period for the Company. Most importantly, the integration of GPS has gone according to plan, and I wish to give my thanks to all the staff at GPS for their assistance on making this as seamless as possible. 

Our highly differentiated value proposition of Telehealth with a fully compliant medicinal Cannabis prescription platform paves the way for us to leverage our IP to demonstrate the intrinsic value of full supply chain ownership, from manufacturing to delivery. We will now focus our efforts during the second half of the year to scaling our capacity to meet anticipated demand from both our primary and secondary healthcare and wellbeing markets.”

 

 

About Kanabo Group Plc

Kanabo Group Plc is a leading developer and distributer of cannabis-derived products and inhalation technologies for medical patients and wellness consumers. Kanabo Group Plc, which was the first medicinal cannabis company to complete an IPO on the London Stock Exchange, is a vertically integrated platform comprising cultivation consultancy, product R&D and formula development, and marketing and distribution. Its subsidiaries include:

· Kanabo Agritec Ltd, a cultivation consultancy supporting cannabis businesses in developing new farms through infrastructure, research, and product guidance. These farms deliver high-quality raw materials for Kanabo’s formulas and product line.

· Kanabo Research Ltd, a wholly owned subsidiary of Kanabo Group Plc, responsible for R&D, regulation, and quality assurance procedures.

· The GP Service – a Kanabo Group Plc owned telehealth provider, offering NHS approved online consultations, online prescriptions, treatment forms and access to both Kanabo medical-cannabis & wellbeing products.