Kanabo Group PLC MoU with Forbe Ltd
09 Mars 2022 - 8:01AM
RNS Non-Regulatory
TIDMKNB
Kanabo Group PLC
09 March 2022
Kanabo Group Plc
("Kanabo" or the "Company")
MoU with Forbe Ltd
MoU to distribute CBD in Israel as Minister of Health announces
CBD will be removed from the Dangerous Drugs Act
Kanabo Group Plc (LSE:KNB), the pan-European medical cannabis
Company focussing on the development and distribution of
cannabis-derived products for medical patients and wellness CBD
consumers, announces it has signed a Memorandum of Understanding
("MoU") with Forbe Ltd for the sale of CBD products in Israel.
Forbe Ltd counts amongst its customers two of the largest
national health providers in Israel (directly and indirectly) and
the second largest pharmacy chain in the country.
Under the MoU, Kanabo will be responsible for procuring and
processing CBD products according to regulatory guidelines and
Forbe will be responsible for marketing, distribution and sales as
well as acquiring the required licenses and import approvals. Forbe
will work exclusively with Kanabo to distribute the products
covered by the MoU.
CBD to be Excluded from the Dangerous Drugs Ordinance in
Israel
The regulatory landscape for the sale of CBD in Israel is
becoming increasingly positive following the announcement on 3
March 2022 by the Ministry of Health to exclude substances or
products containing the CBD component from the Dangerous Drugs
Ordinance.
Furthermore, the Minister of Health stated in his resolution
that over the next two years, the Ministry of Health will promote
research and development activities, alongside the development of
regulatory capacity in the Ministry's departments, so that products
containing CBD could be marketed in Israel.
Israel is therefore a significant addressable market for the
Kanabo and Forbe collaboration with a deregulated market estimated
to be worth up to US$475m in total by 2025 (according to a
financial report from Deloitte, prepared for the Manufacturers
Association of Israel).
Madonna Hovel, CEO of Forbe Ltd commented; "I am delighted to
sign this MoU with Kanabo thereby taking us into the emerging CBD
markets in Israel. Kanabo Group plc has deep domain expertise in
procuring and processing high-quality CBD products. I'm proud of
this collaboration between Forbe and Kanabo and I'm sure it will
position Kanabo as CBD market leader by providing our customers'
needs for high-quality products and services in this high growth
market in Israel."
Avihu Tamir, CEO of Kannabo Group plc, added; "This MoU with
Forbe Ltd is a key step in our stated strategy to become a leading
Company within the CBD consumer markets. We see Forbe Ltd as a key
strategic partner in Israel as we further develop and commercialise
our CBD products for millions of customers."
For further information, please visit
http://www.kanabogroup.com/ or contact the following:
Kanabo Group Plc
Avihu Tamir, CEO Via Vox Markets
Peterhouse Capital Ltd
Eran Zucker / Lauren Riley (Financial Tel: +44 (0)20 7469
Adviser) 0930
Lucy Williams / Charles Goodfellow Tel: +44 (0)20 7469
(Corporate Broker) 0930
Vox Markets (Investor Relations)
Kat Perez KanaboGroup@voxmarkets.co.uk
About Kanabo Group Plc
Kanabo Group Plc is creating a new standard in the medical
cannabis industry to improve the well-being of millions of people
around the world by providing a better alternative to the smoking
of medicinal cannabis flowers. Kanabo, which was the first
medicinal cannabis company to IPO on London Stock Exchange, has a
focus on the distribution of cannabis-derived products for medical
patients and non-THC products for CBD consumers. It has conducted
extensive Research & Development to produce high-quality
cannabis extract formulas, innovative medical-grade vaporizers, and
various non-smoking consumption solutions. Kanabo sells a range of
medical cannabis products and wellness CBD products in the Primary
Markets, including its VapePod, which delivers a metered dose with
every inhalation.
About Forbe Ltd
Forbe Ltd. ("Forbe") is a company focussed on the provision of
nutritional supplements and associated medical devices for the
consumer. Forbe was founded and is currently managed by Madonna
Hovel, Vice President of the federation of the Israeli Chambers of
Commerce (Tel Aviv & centre).
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