Kanabo Group PLC (LSE:KNB) shares added 8.5% on Tuesday as investors weighed up the promise that its cannabis inhaler will gain European CE approval in the third quarter of 2023.
According to today’s press business update, Kanabo’s submission has been undertaken in conjunction with its manufacturing partner, and the group hopes to be in a position to provide an update “in the coming months”.
Once received, the CE approval will afford Kanabo the opportunity to expand into other EU markets, potentially through strategic distribution agreements.
The business update also mentioned a 100% increase in consultations on its GP Service platform since last year’s acquisition, plus the launch of new cannabis-derives pain management formulations in the UK.
Chief executive Avihu Tamir of Kanabo said: "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.”
At the time of writing, Kanabo shares were changing hands at 3.8p with a market value of £15.5mln