Kanabo Group Plc (“Kanabo”), the first medical cannabis company to IPO on London Stock Exchange, has signed a Letter of Intent to acquire Materia, a leading processor and distributor of medical cannabis and CBD wellness products across Europe. Kanabo’s Board of Directors (the “Board”) has been actively exploring new partnerships and opportunities to accelerate Kanabo’s growth and market penetration. The Board believes that Materia’s complementary infrastructure will be crucial to expanding and strengthening Kanabo’s existing supply value chain of medical cannabis and CBD products. Material has an established position in the European market, with subsidiaries in Malta, Germany, and the UK. Following the acquisition, Kanabo will control production, from the initial sourcing of raw materials and in-house manufacturing, all the way to distribution to pharmacies and the end consumer. This includes direct entry into Germany, whose market size was over €200M last year1, and is anticipated to remain the dominant market as the European market grows to a forecasted total size of €3.2BN by 2025.
Mmp News Author, Medical Marijuana Program Connection, 07/26/2021 06:28:00