TIDMKNB
Kanabo Group PLC
16 June 2022
Kanabo Group Plc.
(" Kanabo " or the "Company")
New Subsidiary
First MoU for an Indoor Medical Cannabis Production Facility in
Spain
Kanabo Group Plc. (LON: KNB), a medical cannabis R&D Company
that focuses on the distribution of cannabis-derived products for
medical patients, and non-THC products for CBD consumers, announces
it has formed a new, partly owned, subsidiary to monetise the
Company's Intellectual Property and that the new subsidiary has
signed its first Memorandum of Understanding ("MoU") for an indoor
medical cannabis cultivation project in Spain.
Kanabo Agritec Ltd
Kanabo Group plc has formed an Israeli subsidiary company,
Kanabo Agritec Ltd. ("Agritec"), which Kanabo Research Ltd, a
wholly owned subsidiary of Kanabo Group plc., holds a 40%
shareholding together with certain additional control rights over
the strategic direction of the subsidiary
Agritec's sole purpose is to enter into agreements with third
parties at minimal cost to leverage the Company's Intellectual
Property for the cultivation, processing, and production of
cannabis products.
The strategic rationale for Kanabo is twofold:
-- Firstly, Agritec provides Kanabo with complementary near-term revenue opportunities
-- Secondly , Agritec will offer Kanabo improved security of
cannabis supply through a diverse range of suppliers, who will all
adopt Kanabo's high-quality manufacturing standards without Kanabo
having to fund or become directly involved in cannabis
cultivation.
Agritec's three other shareholders are co-founders Ophir Shimshi
and Eilon Bdil, experts in Cannabis regulation and cultivation and
R. P. Growing Technologies Ltd., who each hold 20% of the issued
share capital in Agritec.
R.P. Growing Technologies Ltd, is a Group of companies, which
includes Grow Tec Innovations Ltd (2018) & We Can Dry Ltd
(2018), which are both experienced in agricultural technology
projects, providing a wide range of services, from planning,
designing, engineering and/or manufacturing as well as complete
turnkey projects and high-level agricultural projects in field of
medical Cannabis.
Agritec, will be able to offer customers turnkey consulting
services relating to the:
-- Procurement, design and build of commercial scale medical cannabis cultivation facilities
-- Supply high-quality genetics and standard operating
procedures for optimal medical cannabis cultivation
-- Provide post-harvest services including offtake agreements with Kanabo Group plc
-- Design and draft reporting and documentation filing services with the local authorities
-- Provide local training and ongoing consulting services
First MoU for a 4,000kg Indoor Medical Cannabis Production
Project in Spain
Agritec has signed its first MoU for the design, build and
operation of a 4,000kg per annum indoor cultivation and processing
facility in Madrid, Spain. The proposed facility is to be focused
exclusively on medical cannabis.
As per the terms of the MoU, Agritec may may elect to receive up
to 20% ownership of the Project based on the achievement of agreed
milestones.
For further information, please visit
http://www.kanabogroup.com/ or
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 Tel: +44 (0)20 7469 0930
Adviser)
Eran Zucker / Lauren Riley
Vox Markets (Investor Relations) KanaboGroup@voxmarkets.co.uk
Kat Perez kperez@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.
The Company 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.
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END
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