REG - Kanabo Group PLC - Business Update

KanaboAnnouncement

14/02/2023 07:00

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RNS Number : 7786P  Kanabo Group PLC  14 February 2023

14 February 2023

 

Kanabo Group plc

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

 

Business Update

 

Kanabo Group plc (LSE: KNB), a leading patient-focused HealthTech ecosystem,
uniquely combining innovative technology solutions and personalised medical
treatments, provides the following business update.

 

Business Highlights and Updates:

 

·    Fully integrated the strategic acquisition of The GP Service,
expanding the Company's activities across the digital health services arena;

·    Generated over 100% increase in consultations on GP Service platform
since acquisition;

·    Launched new cannabis-derived pain management formulations in the UK;

·    European CE approval for cannabis inhaler is on track, with an
approval expected in third quarter of 2023.

 

The Group has continued to make significant progress against its strategy of
building a HealthTech ecosystem that empowers patients to take control of
their health through our innovative solutions and access to personalised
medical treatments.

 

In 2022, we undertook a highly strategic acquisition of The GP Service, the
private telehealth provider, alongside strengthening the operational footprint
of the Group, which ultimately would enable the business to further capitalise
on several near-term growth opportunities going forward.

 

The GP Service's NHS-approved online telehealth platform, which provides
customers access to online consultations with registered doctors and a network
of ~4,500 pharmacies, is now fully integrated into the Group. This acquisition
has enhanced the foundations for Kanabo to expand its activities across the
digital health services arena and further strengthens its overall position in
the UK market.

 

Post-acquisition, the Group has invested in technology to support its suite of
digital health tools, including video consultations, digital prescriptions and
access to primary care services, resulting in steady growth in the number of
monthly users of our digital health services, with more than 100% increase in
the number of consultations on a monthly basis since the acquisition of the GP
service.

 

Across the Group's medical cannabis vertical, further product development and
new launches were delivered in 2022, including two new cannabis-derived
formulations for pain management. These new formulations - available via
prescription to patients in the UK - are the only products of their type
currently available in the UK market. In addition, the process of obtaining
European CE approval for the Group's unique meter-dose cannabis inhaler
continues to progress well. The submission has been undertaken in conjunction
with our manufacturing partner, and the Group hopes to be in a position to
provide an update in the coming months.

 

Outlook

 

As the Group moves into 2023, it continues to focus on executing its strategy
for growth.

 

Following the completion of the integration of GP Service, Kanabo is now
focused on extending its reach by increasing the number of pharmacies beyond
the ~4,500 currently in the network. With an existing patient network of
approximately 40,000 patients, the Group also intends to ensure the platform
is optimised to deliver secondary care and pain management treatment to these
patients.

 

The R&D team continues to focus on expanding Kanabo's product portfolio,
and we intend to launch additional formulations with low-THC compounds over
the coming months.  Furthermore, the R&D team is continuing the process
of obtaining European CE approval for the Group's unique meter-dose cannabis
inhaler, with an approval expected in the third quarter 2023. Once received,
the CE approval will afford Kanabo the opportunity to expand into other EU
markets, potentially through strategic distribution agreements.

 

 

Avihu Tamir, Chief Executive Officer of Kanabo, commented:

 

"I am proud of our achievements in 2022, and believe we are now
well-positioned to look forward with confidence as we head into 2023 to
deliver a more accessible healthcare experience for patients. This year, we
have made great strides to establish ourselves as a leader in patient access
to treatments that are not available through traditional channels. We are
leveraging the unique combination of innovative technology and personalised
medical treatments to deliver individualised solutions via our digital
healthcare platform and medical cannabis products.

 

"I am proud to lead a team of industry experts and thought leaders who drive
and implement our strategy with passion and dedication. I look forward to
providing a more comprehensive update on the full-year results."

 

 

Enquiries:

 

 Kanabo Group plc                                                  via Vigo Consulting

 Avihu Tamir, Chief Executive Officer                              +44 (0)20 7390 0230

 Assaf Vardimon, Chief Financial Officer

 Peterhouse Capital Ltd (Financial Adviser)                        +44 (0)20 7469 0930

 Eran Zucker

 Peterhouse Capital Ltd (Corporate Broker)                         +44 (0)20 7469 0930

 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

Founded in 2017, Kanabo Group Plc (LSE:KNB) is a patient-first HealthTech
ecosystem, focused on delivering high quality and innovative medical
treatments, via its leading-edge technology platform and disruptive product
offering.

 

The Company is a world leader in the research, development and
commercialization of regulated medicinal cannabis-derived formulations and
therapeutic inhalation devices.

 

Patient care is delivered via the company's NHS-approved online telehealth
platform offering video consultations, online prescriptions and access to
primary care services.  In January 2023, the Company successfully combined
its technological and product expertise to launch the Beta phase of its
medical cannabis business, initially for chronic pain management, under the
new Treat-It brand.

 

Kanabo Group is committed to evolving more accessible healthcare experiences
for every patient.

 

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

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