Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2023-05-07

New chairman of Kanabo Group

Along with a £3 million financing, Kanabo Group plans to announce the appointment of Ian Mattioli as its new non-executive chairman. In overall, Kanabo Group was the first cannabis company to stage an IPO on the London Stock Exchange.

Additionally, Mattioli, co-founder and CEO of the pensions and wealth management firm Mattioli Woods, will invest £500,000 in Kanabo shares. Some people anticipate that current management and stockholders will take part in the share sale. David Tsur will take over as deputy chair, and Mattioli will replace him. With a market value of less than £14 million, Kanabo has recently experienced a wave of board change.

What is behind changes at Kanabo Group?

In overall, Kanabo produces medical cannabis products and operates an NHS-approved telehealth service. It introduced Treat It in March, a service aimed at managing chronic pain with plant-based medication and therapies not available through conventional channels. Over the past year, the company’s stock has fallen by about a third. Investors of Kanabo Group should be satisfied with the hiring of new chairman, Mattioli, a City veteran.

The UK government is intending to legalise medicinal cannabis products. Thus, legalisation may lead to market increase and should correspond with Kanabo’s most recent action. The global cannabis market has been expanding. By 2024, the UK’s medical cannabis industry is expected to be worth USD1.2 billion. The creation of non-prescription alternatives for diseases including anxiety, insomnia, and pain are among Kanabo’s research interests.

The hiring of Mattioli could help Kanabo in achieving its objective of dominating the UK cannabis market. Mattioli has experience serving as a director of different publicly traded businesses and has held executive positions at several financial services organizations. The shareholders of Kanabo will be looking to Mattioli for advice on the company’s strategic course and assistance in navigating the challenging regulatory environment in which it operates. In order for the business to succeed and reach its objectives, the fundraising effort must be a success.

Related

Legal job opportunities in Germany’s cannabis industry

Where to cultivate industrial hemp in Europe?

POPULAR

Sustainability and growth in the hemp&cannabis industry: Synbiotic