London Stock Exchange welcomes Kanabo Group PLC to the Main Market
London Stock Exchange today welcomes Kanabo Group Plc (“Kanabo” or the “Company”) to trading on the Main Market. Kanabo (LSE: KNB) successfully completed an IPO of £6 million that was oversubscribed, giving it a market capitalisation of approximately £23.4 million on admission.
Kanabo aims to create a new standard in the medical cannabis industry by building an ecosystem that improves the well-being of millions around the world by providing an alternative solution to the smoking of medicinal cannabis flowers. With a focus on the distribution of cannabis-derived products for medical patients, and non-THC products for CBD consumers, Kanabo has conducted extensive Research & Development in order to produce high-quality cannabis extract formulas, innovative medical-grade vaporisers, and various non-smoking consumption solutions – making use easy and accessible for anyone in need of treatment.
The formulas have been designed specifically for use with the VapePod®, Kanabo's cutting-edge cannabis oil vaporisation device that provides metered doses, allowing extremely accurate consumption. The VapePod is the first-ever medically certified vaporisation delivery system for cannabis extracts and is expected to be registered as a CE Medical Device in the European Union.
The company is currently selling initial products in the UK and Germany and is ready to scale up to meet market demands and projected sales and revenues. Given it is in advanced stages to receive the EU-registered CE mark, Kanabo is already in talks with several distributors who have taken an interest in partnering in the EU. Future products in development are on the horizon for the next year, particularly the second generation medically certified device, new medicinal cannabis oils, and clinical trials.
Kanabo’s goal is to lead the emerging markets of medical cannabis in the medical vaporisation category, providing a healthy alternative for many of the patients who are smoking cannabis today. Kanabo is committed to a high standard, having a certified medical device and an EU-GMP production, and has built great partnerships and will continue to build more.
Avihu Tamir, founder and CEO commented: “It’s an honour to be the first cannabis company to list by way of RTO on London Stock Exchange. Listed public cannabis companies are a “game changer” for the cannabis industry, which is predicted to be worth over €2 billion in Europe in the next four years. We are excited that the Medical Cannabis industry is set to take off in the UK and Europe, similar to the way it has in North America in recent years”
David Tsur, Company Chairman added: “We are proud of the support and confidence of the investors that joined our IPO. We have seen a big oversubscribed round, and we will be able to execute our milestones and bring significant value to the market.”