#VELA TECHNOLOGIES PLC – INVESTEE CO. KANABO #KNB – FY RESULTS May 2, 2023 – Posted in: Vela Technologies Plc (VELA) – Tags: Full Year Results, kanabo, knb, medical cannabis, vela, vela technologies
Kanabo 
Group plc (LSE: KNB), the patient focused healthcare technology and medicinal cannabis company, announces results for the year results for the year ended 31 December 2022 (“FY 2022”).
Having delivered significant progress against its strategic objectives across FY 2022, Kanabo uniquely combines a digital healthcare platform that facilitates access to healthcare professionals, and a treatment portfolio which includes medicinal cannabis products, providing seamless access to high-quality medical treatments for pain management.
· Kanabo is now a fully focused health-tech company; combining a digital healthcare platform and treatment portfolio with a focus on medicinal cannabis products
· Successful integration of The GP Service and launch of an online pain management clinic, a key strategic pivot for the Group
· Now building a substantial operational base for future growth
2022 Key Highlights:
· Ongoing progress to improve the financial stability of the Group:
o Revenues increased 726% to £603k (2021: £73k)
o Operating loss totaled £6.8m (2021: operating loss of £4.6m)
o Cash at 31 December 2022 of £3.2m (31 December 2021: £4.4m)
o Raised £2.25m (in February 2022), by way of an oversubscribed Placing
· Acquisition of The GP Service Ltd (“GP Service”) now fully integrated into the Group, expanding the Group’s activities and skillset across the digital health services arena
· Launched two new ‘prescription only’ cannabis-derived formulations for pain management
· Launched a dedicated eCommerce platform, Kanabo. Store, focused initially at the UK market, with plans already underway to expand into additional European markets
· Formation of Kanabo Agritec – in which Kanabo holds a 40% share – dedicated to providing consulting services around the production, operation and management of medical cannabis production facilities
Post Period End and Outlook:
· Launch of Treat It, the Company’s new online clinic for pain management. The service allows patients direct access to high-quality medical treatments, including medicinal cannabis, and enables patients to take control of their own personalised care
· Appointment of MHA MacIntyre Hudson as the Company’s auditors
· Continue to deliver further ongoing strategic progress, which includes the process of obtaining CE Mark certification for the Group’s cannabis inhaler which remains on track
· Through aligning the growing demand for digital medical access and Kanabo’s knowledge of the medicinal cannabis industry, the Board remains confident in both short-term and medium-term growth prospects for the Company, and remains committed to developing a scaled business capable of fully exploiting a number of near term growth opportunities
Avihu Tamir, Chief Executive Officer of Kanabo, commented:
“2022 has proved to be one of the most strategically important years for our business, as we seek to further expand our operational footprint across both the medicinal cannabis and digital health services arenas.
“Our acquisition of GP Service will now provide the bedrock of our activities as we continue to evolve Kanabo into a wellness and healthcare specialist, whilst fully leveraging our market leading expertise in the development, and distribution of cannabis-derived medicinal products.
“2023 has started well, and we were delighted to announce the launch of our online medicinal cannabis clinic for pain management in March – leveraging our proprietary technology to provide access to pain management treatments for patients across the UK. I believe we now have the right strategic and operational focus to deliver further financial progress and I look forward updating all our key stakeholders throughout the year.”
Enquiries:
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Kanabo Group plc Avihu Tamir, Chief Executive Officer Assaf Vardimon, Chief Financial Officer
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via Vigo Consulting +44 (0)20 7390 0230 |
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Peterhouse Capital Ltd (Financial Adviser) Eran Zucker / Lucy Williams / Charles Goodfellow
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+44 (0)20 7469 0930 |
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Vigo Consulting (Financial Public Relations/Investor Relations) Jeremy Garcia / Fiona Hetherington / Verity Snow |
+44 (0)20 7390 0230
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