Update re: Investment & MoU with Hellenic Dynamics

RNS Number : 1611H

Kanabo Group PLC

02 August 2021

 

2 August 2021

Kanabo Group Plc

("Group" or "the Company")

Update re: Investment & MoU with Hellenic Dynamics

The Board of Kanabo notes the recent announcement published by U.K. SPAC ("UK SPAC") and are delighted that UK SPAC have entered into a binding sale and purchase agreement with the shareholders of Hellenic Dynamics S.A ("Hellenic Dynamics"). We believe that this acquisition will help Hellenic to work towards its goal of becoming a major cultivator of medicinal cannabis in Europe.

The full announcement can be found on the UK SPAC's website: http://www.ukspacplc.com/

The Memorandum of Understanding ("MoU") between Kanabo and Hellenic is detailed in the announcement published by Kanabo on 24 May 2021. In addition to signing the MoU and as previously announced, Kanabo has acquired an interest over £750,000 worth of shares in Hellenic Dynamics which the Company will receive as part of the proposed listing of Hellenic Dynamics at a minimum 30% discount to the Prospective RTO listing price.

We look forward to working with Hellenic Dynamics to finalise the supply agreement for Cannabis flowers pursuant to the MoU between the companies whereby Kanabo will buy up to 1000kg per year of EU GMP certificated cannabis flowers with pre-defined THC or CBS contents, subject to customary regulatory approvals.

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Kanabo Group Plc

Tel: +(972)52-3173-633

[e-mail]

Meirav Horn

Peterhouse Capital Limited (Financial Adviser to Kanabo)

Tel: [phone]

Eran Zucker / Guy Miller

Peterhouse Capital Limited (Corporate Broker to Kanabo)

Lucy Williams / Charles Goodfellow

About KANABO GROUP PLC

Kanabo aims to create a new standard in the medical cannabis industry by building an ecosystem that improves the well-being of millions around the world by providing an alternative solution to the smoking of medicinal cannabis flowers. With a focus on the distribution of cannabis-derived products for medical patients, and non-THC products for CBD consumers, Kanabo has conducted extensive Research & Development in order to produce high-quality cannabis extract formulas, innovative medical-grade vaporizers, and various non-smoking consumption solutions.

 

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