REG - Kanabo Group PLC - UK Medicinal Cannabis Distribution Agreement

KanaboAnnouncement

23/02/2021 07:00

RNS Number : 9642P
  
Kanabo Group PLC
  
23 February 2021
  
 

23 February 2021
 
Kanabo Group Plc
("Kanabo" or the "Company")
UK Medicinal Cannabis Distribution Agreement
 
Kanabo Group Plc (LSE:KNB), the medicinal cannabis company that recently debuted on the London Stock Exchange, is delighted to announce it has signed its first UK medicinal cannabis distribution framework agreement with Astral Health Limited ("Astral Health"). Astral Health is fully owned by LYPHE Group, which is part of Drug Science's Project Twenty21.
LYPHE Group has built a patient-access ecosystem that provides clinics, dispensing, import infrastructure and educational services to patients, doctors and the industry in the UK. It is one of the main players in the embryonic but fast-developing medicinal cannabis market in the UK.
Through this new framework agreement, it is intended that Kanabo's VapePod medicinal cannabis formula, under brand NOIDECS will be made available to Project Twenty21 patients. Project Twenty21 provides eligible patients with affordable medical cannabis treatment, monitored by Drug Science. The project aims to create the UK's largest body of evidence for the effectiveness and tolerability of medical cannabis. 
The initial formula which Astral Health will distribute under the name NOIDECS 400T, is based on the Israeli medical cannabis pharmacopoeia as a recommended ratio for pain management. Kanabo and Astral Health will work closely together to make the products available to patients over the next 3-6 months.
Under the framework agreement, Astral Health acquires rights to sell the Company's VapePod and certain medicinal cannabis oils in the United Kingdom. 
Avihu Tamir, Kanabo's CEO commented: 
"We believe this new product will be revolutionary for medical cannabis patients who need immediate relief of pain, and will replace the smoking of cannabis flowers as a medical delivery method, which is one of Kanabo's main targets."
Dean Friday, LYPHE's CEO commented: 
"We have seen the headlines, and we have witnessed the negative impact of opioids. Pain is not going to go away, so a more natural and caring approach to treating it must find centre stage. Thanks to our partnership with Kanabo we now have a metered dose product that can treat patients across the U.K. that suffer from chronic pain."
 
For further information, please visit http://www.kanabogroup.com/ or contact the following:
Kanabo Group Plc
Tel: +44 (0)7980 878561
Andy Morrison 
 
Peterhouse Capital Limited (Financial Adviser)
Tel: +44 (0)20 7469 0930
Eran Zucker / Guy Miller / Allie Feuerlein
Peterhouse Capital Limited (Corporate Broker)
Lucy Williams / Charles Goodfellow
 
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).
Notes
Kanabo is aiming to create 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.
 

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