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Kanabo acquires slice of Hellenic Dynamics ahead of London Stock Exchange listing

The two companies have signed an agreement and have pointed to ‘broader potential relationship’

Sean Seddon

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Two cannabis companies making an impression on the London Stock Exchange have gone into business together.

Kanabo, the first company to list on the capital’s prestigious market, has signed an agreement with the company poised to be the latest to follow suit: Hellenic Dynamics.

The Greek-based cultivation firm announced their intention to raise capital via the LSE last week.

Under the terms of the agreement, Israel-based Kanabo will buy up to 1,000kg of EU GMP certified cannabis material from Hellenic Dynamics.

Kanabo will use the plant matter to extract THC and CBD oil for its medical use vape application.

As part of the deal, Kanabo has also acquired an interest amounting to over £750,000 worth of shares in Hellenic Dynamics which it will receive as part of the firm’s proposed listing.

According to a statement, the deal signals ‘the desire of both parties to see this investment as part of a broader potential relationship between the two companies’.

Avihu Tamir, CEO of Kanabo, said: “The MoU with Hellenic and the subsequent investment is part of Kanabo’s strategy to quickly grow its core business whilst pursuing complementary, synergistic, acquisitions and investments in the medical cannabis space, leveraging our position as a quoted company.

“We welcome the enthusiastic support of investors for our approach.”

Davinder Rai, vice president of Hellenic Dynamics, said: “This agreement and investment in the business underscores the quality and scale of our specialist cultivation ambitions.

“We look forward to working closely with Kanabo and this deal highlights the demand and growth opportunity for Hellenic in the European medical cannabis market.”

Sean Seddon is the editor of Cannabis Wealth / Got a story? Email sean@handwmedia.co.uk / Follow him on Twitter: @seddonnews

News

Weekend digest: Six big stories from the cannabis world you might have missed

Get caught up on all the essential stories you need to know about from this week.

Sean Seddon

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Another week, another rollercoaster in the fast-moving world of cannabis.

At Cannabis Wealth, we’ve been following all the big industry and policy news in a week which has seen some important developments..

Meanwhile, over at Cannabis Health, our in depth coverage of the ongoing growth of cannabis as a medical and wellness product continues

Been busy and want to get caught up in a hurry?

Here are the six things you need to read to stay in the loop this week.

Tiger King cannabis?

A new high profile figure is reportedly set to enter the cannabis industry: Joe Exotic.

The self-proclaimed ‘Tiger King’ shot to infamy after a Netflix series lifted the lid on his colourful lifestyle and criminal activities.

Exotic – whose legal name is Joseph Allen Maldonado-Passage – is currently serving a 22-year prison sentence for trying to hire a hitman to kill animal rights campaigner Carole Baskin and a range of animal cruelty offences.

Read more here.

Epilepsy treatment free in Ireland

MGC Pharmaceuticals has scored a major win as the Irish government confirms its epilepsy treatment will be covered by the country’s health service.

Ireland has expanded its medical cannabis programme in recent years.

CannEpil, an experimental drug derived from cannabis, is a high CBD, low THC treatment for drug resistant epilepsy.

Ireland has had a limited medical cannabis programme since 2019 but took the significant step in January of this year of incorporating into the national the health service (the HSE).

You can read the full story here.

End of CBD in China?

A Canadian CBD firm is pulling out of China, the latest sign the giant market is being closed to the industry.

The country of 1.4 billion people had a growing cosmetic CBD market which was able to flourish thanks to a 2015 decision to allow the compound to be used in consumer applications.

But Beijing authorities have reversed their decision and it could be curtains for China’s CBD sector.

Read more here.

Push for reform

Industry experts have welcomed a Government taskforce call for reform to UK medical cannabis regulations.

The Taskforce on Innovation, Growth and Regulatory Reform (TIGRR) has made two key recommendations that, if implemented, could be a major boost for the UK’s medical cannabis industry.

TIGRR was set up to review the nation’s existing legislation and seek out new opportunities in the country’s “new-found regulatory freedom” post-Brexit.

Read more here.

Medical cannabis and Tourette’s 

In 2018, Jim Finch was involved in a serious car accident which left him severely injured and battling a number of complex neurological conditions.

Overnight he went from being a young, fit and healthy dad to suffering constant motor and  vocal tics and coprolalia, as a result of his Tourette’s syndrome.

Read about his experiences with medical cannabis here.

‘Stop the suffering’

Campaigner Hannah Deacon is calling on the Prime Minister to “stop the suffering” of children who need NHS access to medical cannabis.

Three years on since her son was granted access to medical cannabis in the UK, Hannah Deacon will return to Downing Street today in the hopes of meeting with the Prime Minister again.

On 19 June 2018, Alfie Dingley became the first patient in the UK to receive a permanent license which meant he could be prescribed medicinal cannabis on the NHS.

Read more here.

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CBD

Health House signs deal to bring CBD toothpaste to the UK market

The medical cannabis distributors have signed a deal with Zelria to bring SprinjeneCBD toothpaste to Britain.

Sean Seddon

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A CBD toothpaste is set to hit the UK market after a trans-Atlantic agreement was struck.

Zelira Therapeutics has signed a deal with UK-based Health House International to distribute the SprinjeneCBD product.

Under the terms of the deal, a minimum of $250,000 worth of the product will be introduced into the British market thanks to the exclusive partnership.

The toothpaste is already available to customers in the US and the move bolsters Zelira’s efforts to break into a market with ‘significant growth opportunities’.

Health House, which is listed on the Australian Stock Exchange, are specialists at distributing medical cannabis products in the UK, Europe and Australia.

Zelira Therapeutics managing director, Dr Oludare Odumosu said: “Zelira took a very strategic position in the cannabinoid-based consumer product segment with the successful launch of our first SprinjeneCBD oral care toothpaste product in the US.

“Health House International has established distribution networks in emerging markets such as the UK, and will be a key channel as we continue to grow our global distribution footprint.

“Through distribution partners like Health House International, Zelira is able to reach larger market segments and accelerate the delivery of quality CBD oral care products globally.”

The deal was struck this week and can progress quickly as applications like toothpaste which are not ingested do not need to apply for validation under the novel foods process.

Tony Samios, Health House’s CEO for the UK and Europe, claimed the product may be able to fight common dental problems.

He said: “The Zelira CBD toothpaste brand manufactured by Springjene in the US, represents a unique product offering in Oral Healthcare, which adds to Health House’s existing range of cannabis products.

“It is made up of patented formulation of zinc, black seed oil and CBD which are thought to fight conditions like gingivitis and reduce gum inflammation, and to which the addition of CBD could make this even more effective.

“We are pleased to be able to bring this product into the UK market and distribute it to our range of clients. Test marketing to date suggests very strong interest in this product.”

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International

Canadian CBD firm pulls out of China as Beijing cracks down on market

China had a blossoming CBD cosmetics industry – but it has been stopped in its track by the government.

Sean Seddon

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A Canadian CBD firm is pulling out of China, the latest sign the giant market is being closed to the industry.

The country of 1.4 billion people had a growing cosmetic CBD market which was able to flourish thanks to a 2015 decision to allow the compound to be used in consumer applications.

While ingestible CBD products have never been formally permitted, four different cannabis extracts were approved for us on the ‘inventory of existing cosmetic ingredients‘.

In March, the Beijing-based regulator signalled it would move to reverse this decision, a bitter blow to the booming business.

It was confirmed on May 28 when all previously allowed cannabis extracts were added to the ‘list of prohibited use cosmetic ingredients‘.

The result is the retreat of international firms who had been hoping to crack the potentially lucrative market,

Yooma Wellness Inc, a Toronto-based CBD firm announced on Thursday it would be ceasing operations in China with immediate effect.

It said online marketplaces in China have already taking steps to restrict the sale of CBD products by imposing online controls.

Lorne Abony, chairman of Yooma, said: “The government’s decision to ban the use of CBD and other cannabinoids in cosmetics eliminates the progress made by Yooma in selling CBD skincare and beauty products to Chinese consumers.

“However, we do not anticipate this change will lead to any revenue shortfall for Yooma this year, as the company is experiencing significant growth in other markets which has exceeded our expectations, and we expect any longer-term impact on Yooma’s business to be minimal as we focus more of our attention on these other promising markets.”

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