REG - Kanabo Group PLC - Expansion of Treat It to Mental Health Treatments

KanaboAnnouncement

28/03/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240328:nRSb6686Ia&default-theme=true

RNS Number : 6686I  Kanabo Group PLC  28 March 2024

 

28 March 2024

Kanabo Group Plc

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

 

Expansion of Treat It Clinic to Offer Mental Health Treatments

 

Kanabo Group plc (LSE: KNB) is pleased to announce the expansion of its online
clinic, Treat It, to include specialised mental health treatments. This
expansion comes at a time when national mental health infrastructure is under
extreme pressure, and this service will allow individuals who are suffering
from conditions such as anxiety, PTSD or ADHD to securely access to treatments
through the Group's digital health platform.

 

As with Treat It's existing pain management offering, the mental health
service will focus on secondary care, including prescriptions for alternative
medications such as medical cannabis. While studies on the efficacy of medical
cannabis in this area remain nascent, some evidence indicates that medicinal
cannabis may help alleviate symptoms of conditions such as PTSD.

 

Mental Health in the UK

In 2022, around one in six adults experienced moderate to severe depressive
symptoms, an increase from pre-pandemic levels. In the fourth quarter of 2023,
around 22% of the adult population experienced a high level of anxiety.  The
non-profit organisation PTSD Today estimates that around 1 in 10 people in the
UK, or around 6.6 million people, might experience PTSD during their lifetime.
Meanwhile, mental health services are underserved, with the national situation
being described as a crisis or an emergency. This new Clinic offering will
provide patients for whom other therapies and medications may not have worked
with new opportunities to treat their ailments.

 

Progression in Line with Half-Year Results

This achievement aligns with the Company's current corporate goals, as laid
out in its Half-Year Results (published 29 Sept 2023). In 2024, alongside
expanding its secondary care offerings to include specialist mental health
services, Kanabo has launched two in-pharmacy clinics (as announced on 15
January 2024) to establish a physical presence for its clinics. The Company
plans to continue this momentum by expanding its primary care services and
extending its footprint into the EU market in the near future.

 

Avihu Tamir, CEO, commented: "Since mental health is the second largest
indication for medical cannabis prescriptions in the UK, our expansion into
these services is poised to significantly increase our patient intake,
revolutionising access and treatment options for those in need."

 

Dr Mehran Afshar, Chief Clinical Director of Treat It, commented: "Mental
health is an integral part of overall well-being, yet it often remains
overlooked or stigmatised. By expanding our digital health platform to include
mental health treatments, we aim to provide patients with access to
alternative therapies and raise awareness and destigmatise these conditions.
Our multidisciplinary team will work closely with patients to develop
personalised treatment plans tailored to their unique needs and
circumstances."

 

 

 

 

 

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 (mailto: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 February 2023, Kanabo
launched Treat It - an online clinic an online clinic focused on pain
management and mental health treatments.

 

With its two complementary business divisions, Kanabo has established itself
as an end-to-end digital health provider, offering telehealth consultations,
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.

 

At Kanabo Group Plc, we are dedicated to providing patients with the highest
quality medical treatments and more accessible healthcare experiences.

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 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  MSCQVLBLZXLFBBZ