LONDON--(BUSINESS WIRE)--Kanabo, one of Europe’s fastest-growing medical cannabis R&D companies that focuses on the distribution of cannabis-derived products for medical patients, and non-THC products for CBD consumers, has signed a partnership agreement with the Medocann Pharma Ltd. to develop new products that will target specific medical conditions. The deal gives Kanabo exclusive distribution rights to the co-developed products into the growing German and UK cannabis markets.
Medocann is an established medical-grade cannabis producer with an indoor, hydroponic facility located in central Israel and has a library of proprietary cannabis genetics. Medocan’s medical cannabis is grown in a fully controlled environment, without the use of pesticides or insecticides. Medocann has GACP & IMC GAP certification for commercial propagation and cultivation and is currently selling its ultra-premium products in Israel.
The partnership agreement between Kanabo and Medocann will focus on the co-development of new and novel products as well as on the co-development of new and unique cannabis strains. These new strains and products will be targeted at specific medical indications through the combination of Kanabo’s preclinical data on the effect of cannabis on different illnesses and Medocann’s genetics bank, strain development expertise and innovative cultivation capabilities.
1,000kg of Medocann’s precisely grown cannabis flowers and extracts will be integrated into co-branded products that will be available for sale within the first three years of the agreement, which the board estimates will generate sales of up to €9m in aggregate. The agreement includes the exclusive rights to distribute the co-developed products into both the UK and German cannabis markets.
The deal will take advantage of Kanabo’s intended acquisition of Materia, which has a state-of-the-art EU GMP certified facility in Malta. Materia imports cannabis flower from its global supply network, including non-EU GMP certified producers, and then processes it into EU GMP certified medical cannabis products for subsequent export to distributors across Europe.
Asaf Sella, CEO Medocann commented: "The genetics and the technology used to cultivate medical cannabis make a huge difference in the safety, the quality and the consistency of the medicine patients receive. We are delighted to partner with Kanabo, together we will develop new strains to treat specific indications and provide premium medical cannabis products, all originating in Medocann's indoor, hi-tech facility."
Avihu Tamir, CEO Kanabo added: "Medocann's hydroponic, precisely-grown cannabis is considered to be the best in Israel and often sells out within days. It is the only product on the market that is cultivated without the use of pesticides or insecticides. Kanabo aims to bring these unique strains that target specific medical conditions to patients in the UK and Germany through our Materia Malta production facility."
About Kanabo Group Plc
Kanabo Group Plc is an R&D company currently selling a range of THC-Free Retail CBD Products in the Primary Markets and is in the process of developing further Medical Cannabis Products. The company’s core strategy is to increase revenues from the sale of its Retail CBD Products in the wellness sector and to grow the Kanabo brand through its marketing initiatives.