Spinnaker Opports - Update on Medicinal Cannabis RTO
("Spinnaker" or the "Company")
Update on Medicinal Cannabis RTO
Further to the commentary provided in the Results announcement on 11 March and ahead of the Company's AGM on
A Share Purchase Agreement for the transaction was executed on
During the COVID-19 pandemic, Kanabo has implemented appropriate policies to protect the health of its staff and to manage costs. In the meantime, business development activities directed towards expanding the list of qualified suppliers of raw materials and sales through its distributor network in the target markets have continued in line with Kanabo's business plan.
The Boards of both Spinnaker and Kanabo remain confident of the fully legal position of the proposed business and both companies continue to press for early and satisfactory conclusion to the current regulatory processes.
Commenting on the situation,
"This is pioneering work and we continue to believe that helping to open the new and exciting medicinal cannabis sector to investors in
For further information, please visit http://www.spinnakeropportunities.uk/ or contact the following:
Tel: +44 (0)20 7469 0930
Tel: +44 (0)1483 413 500 / +44 (0) 203 871 4038
Blytheweigh (Financial PR)
Tel: +44 (0) 207 138 3224
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Notes to Editors
Kanabo is an
Kanabo is currently undertaking a pilot sales scheme to measure key performance indicators in relation to the sale of its range of THC-free CBD products. It is ready to scale up to meet market demands and projected sales and revenues and to grow the Kanabo brand through its marketing initiatives.
Kanabo's future long-term strategy involves continued research and development activities to develop a range of Unlicensed Medical Cannabis Oils, which will be sold alongside its vaporisation device, the VapePod Medical. It is intended that medicinal products will be sold as unlicensed medicines in the
This information is provided by RNS, the news service of the
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