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Kanabo Group (KNB) Shares Rise After Launching CBD Line in the UK

Updated: 22 Sep 2021

Kanabo Group (LON: KNB) shares are gaining on Wednesday after the company confirmed its CBD products are now available for sale via a UK eCommerce site.

The site, named HandpickedCBD, is a large CBD dedicated site in the UK, listing 50 brands and more than 500 products from oils, edibles, drinks, topicals, vapes and capsules. 

HandpickedCBD is wholly owned by Materia. Kanabo recently agreed on a deal with Materia to acquire its European assets.

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Kanabo feels that the listing on the site adds a level of credibility to its brand, with each vendor thoroughly vetted by Handpicked CBD according to specific criteria.

Kanabo CEO, Avihu Tamir, said: “We are delighted to offer our CBD wellness line through Handpicked CBD. Consumers now have access to the most potent yet non-intoxicating CBD formulas with only the highest quality of ingredients. 

“Kanabo's R&D team has created these fast-acting formulas with the health and wellness of consumers in mind. We believe this agreement clearly demonstrates how closely the companies are already working together to bring Kanabo's proprietary products to market and accelerate the path to commercial sales volumes.”

Kanabo shares are currently up 3.41% at 18.2p after reaching a high of 19p earlier in the session. However, the company's shares have fallen over 70% from their post-IPO highs.

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