Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of medical cannabis R&D company Kanabo Group are climbing after it announced an agreement with Pure Origin Limited and its affiliates for EU GMP manufacturing.
Kanabo will utilise Pure Origin's expertise in good manufacturing practices (GMPs) to ensure that finished products are effective and safe for market distribution.
The deal will see Pure Origin and its affiliates manufacture, package and supply Kanabo's CBD wellness product line from their EU GMP manufacturing facility in Wales.
“The partnership for Kanabo's CBD wellness product line with EU GMP manufacturing, ensures that consumers will continue to receive the highest quality of consistent, traceable, safe, and compliant products,” stated Kanabo.
Pure Origin and Kanabo will set up a dedicated production line for the VapePod's CBD Wellness formulas, utilising Kanabo's equipment, production protocols, and intellectual property.
Kanabo will supply Pure Origin with raw materials for the preparation of CBD formulations and final packaging. The current production line will initially have a capacity of 44,000 units per month, with the ability to increase production as needed.
London listed Kanabo said the agreement is a prelude to a full international product launch following a three month pilot period.
Kanabo Group's share price currently trades 5.85% above Wednesday's close at 19.9p after initially climbing to 20.4p earlier in the session.
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