RCS - Kanabo Group PLC - Germany Medical Cannabis Legislation Reform

KanaboAnnouncement

25/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240325:nRSY0422Ia&default-theme=true

RNS Number : 0422I  Kanabo Group PLC  25 March 2024

25 March 2024

Kanabo Group Plc

("Kanabo", the "Group" or the "Company")

 

Germany's Medical Cannabis Legislation Reform

 

 

Kanabo Group plc (LSE: KNB), a patient-focused provider of digital health
services and medical cannabis treatments, is pleased to announce the
commencement of a new chapter in medical cannabis following Friday's approval
by the German Bundesrat of a law reclassifying medical cannabis as a
prescription medication. This reform, removing medical cannabis from the
purview of the Narcotics Act (BtMG), signals a significant move towards a more
accessible and patient-centred medical cannabis market in Germany, which is
anticipated to become a cornerstone market for Kanabo.

The newly adopted legislation introduces a simplified patient prescription
process and lays the groundwork for substantial market growth. Highlights of
this legislative change include:

●     Reclassification as a Prescription Medication: Starting April
2024, medical cannabis will no longer be classified under the Narcotics Act
(BtMG), making prescriptions more straightforward and accessible.

●     Enhanced Patient Access: The reform is poised to increase patient
access to medical cannabis treatments, streamlining the prescription process
and reducing the regulatory complexity that previously hindered access.

●     Market Expansion Opportunities: These changes to the regulation
are expected to catalyze growth within the medical cannabis markets in the
European Union, presenting opportunities for strategic expansions.

 

Avihu Tamir, Chief Executive Officer of Kanabo, commented:

"This is a historic day for the medical cannabis industry. With Germany poised
to emerge as one of the world's largest markets for medical cannabis, Kanabo
anticipates significant growth opportunities within this evolving landscape.
We are in negotiations with strategic distributors for Kanabo's products that
the directors believe should materialise in the future and the Company will
update the market in due course."

 

This legislative milestone aligns perfectly with Kanabo's strategic objectives
to broaden our footprint across the EU, as outlined in our half-year report on
29 September 2023.

 

Enquiries:

                                                                  via Vigo Consulting

 Kanabo Group plc                                                 +44 (0)20 7390 0230

 Avihu Tamir, Chief Executive Officer

 Assaf Vardimon, Chief Financial Officer

 Ian Mattioli, Non-Executive Chair of the Board

 Peterhouse Capital Limited (Financial Adviser and Broker)        +44 (0)20 7469 0930

 Eran Zucker / Lucy Williams / Charles Goodfellow

 Vigo Consulting (Financial Public Relations/Investor Relations)   +44 (0)20 7390 0230

 Jeremy Garcia / Fiona Hetherington / Verity Snow

 kanabo@vigoconsulting.com

 

About Kanabo Group plc

Kanabo Group plc (LSE:KNB) is a digital health company committed to
transforming patient care through its innovative technology platform and
specialised treatment offerings. Since its inception in 2017, Kanabo has been
focused on researching, developing, and commercialising regulated medicinal
cannabis-derived formulations and therapeutic inhalation devices.

 

Kanabo's NHS-approved online telehealth platform, The GP Service, provides
patients with video consultations, online prescriptions, and primary care
services. Leveraging its telehealth capabilities, in 2023, Kanabo launched
Treat It, an online clinic focused on chronic pain management that provides
patients with secondary care.

 

With its two complementary business divisions, Kanabo has established itself
as an end-to-end digital health provider, offering telehealth consultations
and prescriptions alongside the delivery of tailored treatments.

 

The Company's partially owned subsidiary, Kanabo Agritec Ltd, is a cultivation
consultancy supporting cannabis businesses in developing new farms through
infrastructural, research, and product guidance. These farms deliver
high-quality raw materials for Kanabo's formulas and product line.

Visit www.kanabogroup.com (http://www.kanabogroup.com/) for more information.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAEAXDAAAXLEFA