Kanabo Group PLC higher as it signs first UK distribution agreement
The company said under the deal its VapePod formula will be available to patients using Project Twenty21, which aims to provide affordable medical cannabis treatment
() shares moved higher on Tuesday as the medicinal cannabis group said it has signed its first UK distribution agreement with Astral Health Limited.
Astral is part of LYPHE Group, a medical cannabis solutions specialist which provides clinics, dispensing, import infrastructure and educational services to patients, doctors and the industry in the UK.
Through the agreement, Kanabo said it intends for its VapePod medicinal cannabis formula, under the NOIDECS brand, will be available to patients using Project Twenty21, which aims to provide affordable medical cannabis treatment and create the UK’s largest body of evidence for the effectiveness and tolerability of medical cannabis.
The initial formula which Astral Health will distribute under the name NOIDECS 400T is based on the Israeli medical cannabis pharmacopoeia as a recommended ratio for pain management, Kanabo said, adding that it will work closely with Astral to make the products available to patients over the next 3-6 months.
Astral will also acquire the rights to sell Kanabo’s VapePod and certain medicinal cannabis oils in the UK as part of the agreement.
“We believe this new product will be revolutionary for medical cannabis patients who need immediate relief of pain, and will replace the smoking of cannabis flowers as a medical delivery method, which is one of Kanabo’s main targets”, Kanabo chief executive Avihu Tamir said in a statement.
Shares in Kanabo jumped 16.1% to 29.5p in early deals.
Read More: Kanabo Group PLC higher as it signs first UK distribution agreement