RCS - Kanabo Group PLC - MoU with Forbe Ltd

KanaboAnnouncement

09/03/2022 07:00

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RNS Number : 1611E  Kanabo Group PLC  09 March 2022

Kanabo Group Plc

("Kanabo" or the "Company")

 

MoU with Forbe Ltd

 

MoU to distribute CBD in Israel as Minister of Health announces CBD will be
removed from the Dangerous Drugs Act

 

Kanabo Group Plc (LSE:KNB), the pan-European medical cannabis Company
focussing on the development and distribution of cannabis-derived products for
medical patients and wellness CBD consumers, announces it has signed a
Memorandum of Understanding ("MoU") with Forbe Ltd for the sale of CBD
products in Israel.

 

Forbe Ltd counts amongst its customers two of the largest national health
providers in Israel (directly and indirectly) and the second largest pharmacy
chain in the country.

 

Under the MoU, Kanabo will be responsible for procuring and processing CBD
products according to regulatory guidelines and Forbe will be responsible for
marketing, distribution and sales as well as acquiring the required licenses
and import approvals. Forbe will work exclusively with Kanabo to distribute
the products covered by the MoU.

 

CBD to be Excluded from the Dangerous Drugs Ordinance in Israel

The regulatory landscape for the sale of CBD in Israel is becoming
increasingly positive following the announcement on 3 March 2022 by the
Ministry of Health to exclude substances or products containing the CBD
component from the Dangerous Drugs Ordinance.

 

Furthermore, the Minister of Health stated in his resolution that over the
next two years, the Ministry of Health will promote research and development
activities, alongside the development of regulatory capacity in the Ministry's
departments, so that products containing CBD could be marketed in Israel.

 

Israel is therefore a significant addressable market for the Kanabo and Forbe
collaboration with a deregulated market estimated to be worth up to US$475m in
total by 2025 (according to a financial report from Deloitte, prepared for the
Manufacturers Association of Israel).

 

 

Madonna Hovel, CEO of Forbe Ltd commented; "I am delighted to sign this MoU
with Kanabo thereby taking us into the emerging CBD markets in Israel. Kanabo
Group plc has deep domain expertise in procuring and processing high-quality
CBD products. I'm proud of this collaboration between Forbe and Kanabo and I'm
sure it will position Kanabo as CBD market leader by providing our customers'
needs for high-quality products and services in this high growth market in
Israel."

 

Avihu Tamir, CEO of Kannabo Group plc, added; "This MoU with Forbe Ltd is a
key step in our stated strategy to become a leading Company within the CBD
consumer markets. We see Forbe Ltd as a key strategic partner in Israel as we
further develop and commercialise our CBD products for millions of customers."

 

 

 

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

 Kanabo Group Plc
 Avihu Tamir, CEO                                       Via Vox Markets
 Peterhouse Capital Ltd
 Eran Zucker / Lauren Riley (Financial Adviser)         Tel: +44 (0)20 7469 0930
 Lucy Williams / Charles Goodfellow (Corporate Broker)  Tel: +44 (0)20 7469 0930
 Vox Markets (Investor Relations)
 Kat Perez                                              KanaboGroup@voxmarkets.co.uk

 

 

About Kanabo Group Plc

Kanabo Group Plc is creating a new standard in the medical cannabis industry
to improve the well-being of millions of people around the world by providing
a better alternative to the smoking of medicinal cannabis flowers. Kanabo,
which was the first medicinal cannabis company to IPO on London Stock
Exchange, has a focus on the distribution of cannabis-derived products for
medical patients and non-THC products for CBD consumers. It has conducted
extensive Research & Development to produce high-quality cannabis extract
formulas, innovative medical-grade vaporizers, and various non-smoking
consumption solutions. Kanabo sells a range of medical cannabis products and
wellness CBD products in the Primary Markets, including its VapePod, which
delivers a metered dose with every inhalation.

 

About Forbe Ltd

Forbe Ltd. ("Forbe") is a company focussed on the provision of nutritional
supplements and associated medical devices for the consumer. Forbe was founded
and is currently managed by Madonna Hovel, Vice President of the federation of
the Israeli Chambers of Commerce (Tel Aviv & centre).

 

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