TIDMKNB
RNS Number : 7786P
Kanabo Group PLC
14 February 2023
14 February 2023
Kanabo Group plc
("Kanabo", the "Group" or the "Company")
Business Update
Kanabo Group plc (LSE: KNB), a leading patient-focused
HealthTech ecosystem, uniquely combining innovative technology
solutions and personalised medical treatments, provides the
following business update.
Business Highlights and Updates:
-- Fully integrated the strategic acquisition of The GP Service,
expanding the Company's activities across the digital health
services arena;
-- Generated over 100% increase in consultations on GP Service platform since acquisition;
-- Launched new cannabis-derived pain management formulations in the UK;
-- European CE approval for cannabis inhaler is on track, with
an approval expected in third quarter of 2023.
The Group has continued to make significant progress against its
strategy of building a HealthTech ecosystem that empowers patients
to take control of their health through our innovative solutions
and access to personalised medical treatments.
In 2022, we undertook a highly strategic acquisition of The GP
Service, the private telehealth provider, alongside strengthening
the operational footprint of the Group, which ultimately would
enable the business to further capitalise on several near-term
growth opportunities going forward.
The GP Service's NHS-approved online telehealth platform, which
provides customers access to online consultations with registered
doctors and a network of 4,500 pharmacies, is now fully integrated
into the Group. This acquisition has enhanced the foundations for
Kanabo to expand its activities across the digital health services
arena and further strengthens its overall position in the UK
market.
Post-acquisition, the Group has invested in technology to
support its suite of digital health tools, including video
consultations, digital prescriptions and access to primary care
services, resulting in steady growth in the number of monthly users
of our digital health services, with more than 100% increase in the
number of consultations on a monthly basis since the acquisition of
the GP service.
Across the Group's medical cannabis vertical, further product
development and new launches were delivered in 2022, including two
new cannabis-derived formulations for pain management. These new
formulations - available via prescription to patients in the UK -
are the only products of their type currently available in the UK
market. In addition, the process of obtaining European CE approval
for the Group's unique meter-dose cannabis inhaler continues to
progress well. The submission has been undertaken in conjunction
with our manufacturing partner, and the Group hopes to be in a
position to provide an update in the coming months.
Outlook
As the Group moves into 2023, it continues to focus on executing
its strategy for growth.
Following the completion of the integration of GP Service,
Kanabo is now focused on extending its reach by increasing the
number of pharmacies beyond the 4,500 currently in the network.
With an existing patient network of approximately 40,000 patients,
the Group also intends to ensure the platform is optimised to
deliver secondary care and pain management treatment to these
patients.
The R&D team continues to focus on expanding Kanabo's
product portfolio, and we intend to launch additional formulations
with low-THC compounds over the coming months. Furthermore, the
R&D team is continuing the process of obtaining European CE
approval for the Group's unique meter-dose cannabis inhaler, with
an approval expected in the third quarter 2023. Once received, the
CE approval will afford Kanabo the opportunity to expand into other
EU markets, potentially through strategic distribution
agreements.
Avihu Tamir, Chief Executive Officer of Kanabo, commented:
"I am proud of our achievements in 2022, and believe we are now
well-positioned to look forward with confidence as we head into
2023 to deliver a more accessible healthcare experience for
patients. This year, we have made great strides to establish
ourselves as a leader in patient access to treatments that are not
available through traditional channels. We are leveraging the
unique combination of innovative technology and personalised
medical treatments to deliver individualised solutions via our
digital healthcare platform and medical cannabis products.
"I am proud to lead a team of industry experts and thought
leaders who drive and implement our strategy with passion and
dedication. I look forward to providing a more comprehensive update
on the full-year results."
Enquiries:
Kanabo Group plc via Vigo Consulting
Avihu Tamir, Chief Executive Officer +44 (0)20 7390 0230
Assaf Vardimon, Chief Financial Officer
Peterhouse Capital Ltd (Financial Adviser)
Eran Zucker +44 (0)20 7469 0930
Peterhouse Capital Ltd (Corporate Broker)
Lucy Williams / Charles Goodfellow +44 (0)20 7469 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
Founded in 2017, Kanabo Group Plc (LSE:KNB) is a patient-first
HealthTech ecosystem, focused on delivering high quality and
innovative medical treatments, via its leading-edge technology
platform and disruptive product offering.
The Company is a world leader in the research, development and
commercialization of regulated medicinal cannabis-derived
formulations and therapeutic inhalation devices.
Patient care is delivered via the company's NHS-approved online
telehealth platform offering video consultations, online
prescriptions and access to primary care services. In January 2023,
the Company successfully combined its technological and product
expertise to launch the Beta phase of its medical cannabis
business, initially for chronic pain management, under the new
Treat-It brand.
Kanabo Group is committed to evolving more accessible healthcare
experiences for every patient.
Visit www.kanabogroup.com for more info.
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