The Kanabo Group PLC (LON: KNB) share price rose 10.9% after releasing a business update detailing its achievements during the 2022 calendar year. The company highlighted its acquisition and integration of the GP Service, a private telehealth provider.
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The company noted that it had fully integrated GP Service into its operations and was now offering telehealth services to patients across the UK. The firm noted that it had invested significant resources in upgrading the service’s underlying technology to include video consultations, access to primary care services and digital prescriptions.
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Investors cheered the news as the telehealth service now has a network of about 40,000 patients and has partnered with about 4,500 pharmacies to fill prescriptions issued by the doctors who are part of the telehealth services.
Kanabo has transformed from a cannabis company into a HeathTech ecosystem following the GP Service acquisition. Still, the company has a portfolio of medical cannabis products and launched two new pain-management products derived from cannabis in 2022.
The company’s research and development team is working on other products and expects to launch more cannabis-based products with low-THC compounds this year.
Investors will be keen to see if Kanabio can meet the high expectations it has set for itself in today’s update. Kanabo has also applied for the CE marking for its unique meter-dose cannabis inhaler in the EU and expects to receive the designation in Q3 2023.
The CE mark would allow Kanabo to expand from the UK into other European countries, most likely via strategic distribution agreements.
Avihu Tamir, Kanabo’s CEO, commented: “I am proud of our achievements in 2022, and believe we are now well-positioned to look forward with confidence as we head into 2023 to deliver a more accessible healthcare experience for patients. This year, we have made great strides to establish ourselves as a leader in patient access to treatments that are not available through traditional channels. We are leveraging the unique combination of innovative technology and personalised medical treatments to deliver individualised solutions via our digital healthcare platform and medical cannabis products.”
*This is not investment advice.
The Kanabo share price rose 10.86% to trade at 3.88p, from Monday’s closing price of 3.50p.
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