LONDON–(BUSINESS WIRE) – Kanabo, one of Europe’s fastest growing medical cannabis research and development companies focused on the distribution of cannabis-derived products for medical patients and THC-free products for CBD users, has a partnership agreement with Medocann Pharma Ltd. signs development of new products targeting specific medical conditions. The deal gives Kanabo the exclusive distribution rights for the jointly developed products in the growing German and British cannabis markets.
Medocann is an established medical cannabis producer with an indoor hydroponic facility in central Israel and has a library of proprietary cannabis genetics. Medocan’s medicinal cannabis is grown in a fully controlled environment without the use of pesticides or insecticides. Medocann holds GACP and IMC-GAP certification for commercial propagation and cultivation and currently sells its ultra-premium products in Israel.
The partnership agreement between Kanabo and Medocann will focus on the joint development of new and novel products as well as the joint development of new and unique cannabis strains. These new strains and products will be targeted towards specific medical indications by combining Kanabo’s preclinical data on the effects of cannabis on various diseases and Medocann’s genetics bank, strain development expertise and innovative growing capabilities.
1,000 kg of the precisely grown cannabis flowers and extracts from Medocann will be integrated into co-branding products that will be offered for sale within the first three years of the agreement and, according to estimates by the Management Board, will generate total sales of up to 9 million euros. The agreement includes the exclusive rights to distribute the jointly developed products in both the UK and German cannabis markets.
The transaction will benefit from Kanabo’s proposed acquisition of Materia, which has a state-of-the-art EU GMP certified facility in Malta. Materia imports cannabis flowers from its global supply network, including non-EU GMP certified manufacturers, and then processes them into EU GMP certified medical cannabis products for subsequent export to distributors across Europe.
Asaf Sella, CEO of Medocann, commented, “The genetics and technology used to grow medicinal cannabis make a huge difference in the safety, quality and consistency of the drugs that patients receive. We are excited about the partnership with Kanabo, together we will develop new strains for the treatment of specific indications and for the provision of high-quality medical cannabis products, all of which come from Medocann’s indoor high-tech facility. ”
Avihu Tamir, CEO of Kanabo, added, “Medocann’s hydroponic, precision-grown cannabis is considered the best in Israel and often sells out within a few days. It is the only product on the market that is grown without the use of pesticides or insecticides. Kanabo aims to bring these unique strains, targeted for specific medical conditions, to patients in the UK and Germany through our Materia Malta manufacturing facility. ”
About Kanabo Group Plc
Kanabo Group Plc is a research and development company currently selling a range of THC-free CBD retail products in primary markets and is in the process of developing additional medicinal cannabis products. The company’s core strategy is to grow revenues from sales of its retail CBD wellness products and grow the Kanabo brand through its marketing initiatives.