TIDMKNB

RNS Number : 6157Z

Kanabo Group PLC

16 May 2023

16 May 2023

Kanabo Group Plc

("Kanabo" or the "Company")

Update: Amendments to The GP Service Limited Acquisition Agreement

Further to announcement made earlier today, the Company would like to make the following clarifications.

-- As announced on 21 February 2022, as part-consideration for the acquisition of The GP Service Limited, Kanabo was due to issue 12,574,931 new Ordinary Shares to MEIF WM Debt LP ("MEIF") on or around 22 August 2023, at an issue price of 12.65p per share.

-- Following the successful completion of the GBP2.74 million fundraise by the Company earlier this month, and with the consent of MEIF, the Company believes that it was beneficial for all stakeholders that the issuance date of these consideration shares should be extended to 31 December 2024.

-- All other terms of the original February 2022 agreement, aside from this extension date, remain the same, including t he number of shares to be issued, 12,574,931 and the issue price of 12.65p.

The Board of Kanabo gratefully acknowledges the de-facto commitment to the Company's long-term future being made by MEIF in consenting to this extension and considers that this removes any form of short-term share 'overhang' that the market may have believed existed with the original proposed August 2023 issuance date.

Alongside the successful closing of the recent fundraising and the appointment of Ian Mattioli as Non-Executive Chair, this is a further positive development which shows the strong belief stakeholders of the Company have in the future of Kanabo Group Plc.

For further information, please contact:

 
 Kanabo Group Plc                                        via Vigo Consulting 
                                                         +44 (0)20 7390 
 Avihu Tamir, Chief Executive Officer                     0230 
 Assaf Vardimon, Chief Financial Officer 
  Ian Mattioli, Non-Executive Chair of the 
  Board 
 Peterhouse Capital Ltd (Financial Adviser 
  and Broker)                                            +44 (0)20 7469 
  Eran Zucker/ Lucy Williams / Charles Goodfellow         0930 
 Vigo Consulting (Financial Public Relations/Investor 
  Relations) 
  Jeremy Garcia / Fiona Hetherington / Verity 
  Snow                                                    +44 (0)20 7390 
  kanabo@vigoconsulting.com                                0230

About Kanabo Group Plc

Kanabo Group Plc (LSE:KNB) is a healthtech company committed to revolutionising patient care through its innovative technology platform and disruptive product 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. The Company is a leader in its field, focusing on improving patient outcomes and providing more accessible healthcare experiences.

In March 2023, Kanabo successfully launched its Pain Clinic, Treat It, under the expert guidance of its technological and product expertise. Treat It initially focuses on chronic pain management using plant-based medicine and treatments that are currently unavailable through traditional channels.

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

Visit www.kanabogroup.com for more information.

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May 16, 2023 10:00 ET (14:00 GMT)

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