Driven by safety and precision
Kanabo Group has listed on LSE Main Market raising £6m in an oversubscribed fundraising via an RTO and is poised to step up execution of the growth strategy for its high quality metered-dose vaporiser, VapePod®, which is specifically developed to give precision dosing of proprietary cannabinoid extract formulations for health and wellness markets. The rationale is driven by developing and commercialising premium products defined by safety, quality and user experience set against a highly dynamic market.The company has already achieved significant milestones and is focused on market-ready retail products via its cannabidiol (CBD) formulations used exclusively with VapePod®. Kanabo is initially targeting a share of Europe’s CBD market that analysts estimated at $318m in 2018 and is forecast to rise over 500% to $1.7bn by 2023.
Kanabo is also developing VapePod® Medical in conjunction with unlicensed medical cannabis extracts. While there are no legal or regulatory requirements for marketing medical cannabis products in the target European markets, the company is planning to run human trials on its high-quality medicinal products as it believes this will significantly differentiate its offering.
Considerable momentum for medical cannabis: positive market dynamics include that the economic slowdown created by the pandemic can motivate governments to drive medical and recreational reform in Kanabo’s key target markets. The recent $7.2bn acquisition of cannabinoid therapeutics firm GW Pharma by Jazz Pharma validates the therapeutic potential and positions Kanabo Group to participate at the start of an exciting new era of opportunity. UK medical cannabis market projections are for 6-fold growth to c £1bn by 2024.
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