REG - Kanabo Group PLC - Appointment of Auditor

KanaboAnnouncement

19/08/2022 17:30

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RNS Number : 6779W  Kanabo Group PLC  19 August 2022

Kanabo Group Plc.

("Kanabo" or the "Company")

 

Appointment of Auditor

 

The Board of Kanabo Group Plc has appointed Jeffreys Henry LLP ('Jeffreys
Henry') as its new independent auditor with immediate effect.

 

The Board has approved the appointment of Jeffreys Henry as the Company's
auditor for the financial year ending 31 December 2022.

 

In accordance with Section 519 of the Companies Act 2006, the Company's
previous auditor, PKF Littlejohn LLP, has deposited the below statement with
the Company:

 

PKF Littlejohn LLP had been appointed as statutory auditor for the company for
a period of more than three consecutive financial years since the 31 December
2018 audit. As set out in paragraph 4.15 of the Financial Reporting Council's
2019 Revised Ethical Standard ("RES"), a cap on the level of fees from
permitted non-audit services is established in the fourth financial period of
the audit engagement. This cap came into effect for the financial year
commencing 1 January 2021 and is applied to all permitted non-audit services
which are not required by law or regulation.

 

During the financial year commencing 1 January 2021, PKF Littlejohn LLP
provided a range of non-audit services to the company. These services involved
a combination of those which are permitted, either as required by law or
regulation or not, and those which were not permitted.

 

The provision of non-permitted non-audit services was assessed as an
inadvertent breach as per the RES and reported as such within the audit report
issued for the financial year ended 31 December 2021.

 

However, as the value of the non-audit services not required by law or
regulation and those not permitted under the RES exceeded the fee cap, PKF
Littlejohn LLP is unable to continue as the company's independent auditors.

 

 

For further information, please visit http://www.kanabogroup.com/ or
https://www.voxmarkets.co.uk/listings/LON/KNB
(https://www.voxmarkets.co.uk/listings/LON/KNB) or contact the following:

 

 Kanabo Group Plc                            Via Vox Markets
 Avihu Tamir, CEO
 Peterhouse Capital Ltd (Financial Adviser)  Tel: +44 (0)20 7469 0930
 Eran Zucker / Lauren Riley
 Vox Markets Ltd (Investor Relations)        KanaboGroup@voxmarkets.co.uk
 Kat Perez                                   kperez@voxmarkets.co.uk
 RKM Communications Ltd (Media Relations)
 Nic Barnes                                  nic.barnes@rkmcom.com

 

 

About Kanabo Group Plc

Kanabo Group Plc, is a leading developer and distributer of cannabis-derived
products and inhalation technologies for medical patients and non-THC products
for CBD consumers. Kanabo Group Plc was the first medicinal cannabis company
to IPO on London Stock Exchange and is made up of supply-chain specialist
subsidiaries, from cultivation consultancy to R&D to formula development
and distribution, including:

·    Kanabo Agritec Ltd, 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.

·    Kanabo Research Ltd, a wholly owned subsidiary of Kanabo Group Plc,
responsible for R&D, regulation, and quality assurance procedures.

·    The GP Service - a Kanabo Group Plc owned telehealth provider,
offering NHS approved online consultations, online prescriptions, treatment
forms and access to both Kanabo medical-cannabis & wellbeing CBD products.

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