VELA TECHNOLOGIES #VELA INVESTEE COMPANY – KANABO GROUP #KNB – Final Results June 6, 2022 – Posted in: Blog, Vela Technologies Plc (VELA) – Tags: , , , , , ,

Kanabo Group Plc (LON: 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, is pleased to announce its Full Year Audited Results for the year ended 31 December 2021.

Period Highlights

  • Successful listing of the Company’s shares on 16 February 2021 to become one of the first medical cannabis companies on the London Stock Exchange, raising gross proceeds of £6 million

 

  • Production developments:

a.   Signed a production and supply agreement with PharmaCann Polska in March 2021 for the supply of cartridges containing the Company’s proprietary medicinal cannabis formulations for use with the VapePod inhalation device.

b.   Secured a further manufacturing agreement on 20 May 2021 with Pure Origin Limited to supply Kanabo’s CBD wellness product line from its facility in Wales.

c.   Completed a certified EU-GMP production line in June 2021 in partnership with Pure Origin Group.

 

  •  Product Developments:

a.   Kanabo’s medicinal cannabis cartridges became available to UK patients.

b.   Applied to undertake a bioavailability and efficacy trial of its proprietary Cannabis inhalation formulas used in conjunction with its VapePod delivery device.

 

  • Supply Chain and Distribution Developments:

a.   Launched the first medical cannabis product in the UK in July 2021, demonstrating the Company’s fully operational supply,        production, and distribution chain.

b.   Delivered the first shipment of the Company’s medical cannabis cartridges for distribution through LYPHE Group clinics and dispensaries.

c.   In September 2021, the Company’s CBD products became available for sale via HandpickedCBD.com, a leading UK eCommerce site dedicated to CBD.

 

·   Invested £0.75 million as a Pre-RTO investment in Hellenic Dynamics S.A.

 

 

Post Period Highlights:

·    Acquired The GP Service Limited, a UK-based private primary care telemedicine provider, for a net consideration of £13.5 million on 21 February 2022.

·    Signed a Memorandum of Understanding with Forbe Ltd on 9th March 2022 for the sale of the Company’s CBD products into Israel.

·    Launched the Company’s eCommerce platform, ‘The Kanabo Store’, for the distribution of CBD products to consumers. The roll-out will have an initial focus on the UK market before the website launches in Europe.

·    Raised £2.25 million through a placing of 28,125,000 new ordinary shares.

 

 

Outlook

Having completed its strategic acquisition of The GP Service, the Company is now in a position to grow the primary care tele-medicine business and be at the leading edge of an emerging medical cannabis tele-medicine market. This market segment is expected to grow strongly in FY22 as legislation evolves and medicinal cannabis continues to gain acceptance as a treatment for more indications and becomes more mainstream.

 

Furthermore, the Company is anticipating CE accreditation for its Vapepod medical device in 2022 paving the way for accelerated sales in Germany and other European markets. At the same time, within the next 12 months, the Company aim to expand product development to include products and delivery systems beyond vaporization.

 

 

Kanabo, CEO, Avihu Tamir, said:

“Since the beginning of 2021, we completed the reverse takeover transaction and successfully raised £6 million as one of the first cannabis-related businesses to list on the London Stock Exchange.

 

I believe 2022 will be another year of transformation growth as we work toward achieving CE accreditation for our vapePod and develop our vertically integrated business with investment and complementary acquisitions.

 

I am therefore confident Kanabo can expect to deliver significant revenue from the sale of CBD and medicinal cannabis over the next 12 months, well beyond anything the Company has seen to date and remains well positioned to become one of Europe’s leading compliant providers of both wellness CBD services and medicinal cannabis products in the UK and EU.

 

I therefore look forward to executing our business plan and achieving our future goals as Kanabo continues to work on several initiatives, that are expected to create significant value for shareholders”

 

 

For further information, please visit www.kanabogroup.com or contact the following:

 

 

Kanabo Group Plc

Tel: +972 52 3173 633

press@kanabogroup.com

Assaf Vardimon

 

Peterhouse Capital Limited (Financial Adviser)

Tel: +44 (0) 20 7469 0930

Eran Zucker / Lauren Riley