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Kanabo makes £14m acquisition of telehealth GP service

The acquisition will establish a fully compliant channel to market for Kanabo’s medical cannabis products for patients.

Kanabo has made the strategic acquisition of the leading private telemedicine and online primary healthcare service provider in the UK – The GP Service.

With the aim to be the market leader for medical cannabis in Europe, the UK deal will see Kanabo develop The GP Service platform to become one of Europe’s first digitally-led and legally compliant providers for Kanabo’s medical cannabis products and CBD services following regulatory approval.

Founder and CEO of Kanabo, Avihu Tamir, commented: “Today’s acquisition of the GP Service is part of our strategy to use M&A alongside organic growth to build a pan-European company, and to offer help to millions of consumers and medical patients for conditions including chronic pain, anxiety and central nervous system diseases.

“We are very much looking forward to working with the highly skilled team at GP Service to support the growth of their business in the rapidly growing telemedicine market in the UK and beyond.”

Read more: Kanabo and Materia – innovating the cannabis supply chain in Europe

GPS is an approved provider on the NHS digital framework for video and online consultations. Through the service patients will be able to book an appointment with a UK registered GP for £39.99 and have prescriptions delivered to one of 4,200 pharmacies within an hour for £7.49.

As the first medical cannabis company to IPO on the London Stock Exchange, Kanabo has been advancing its strategy throughout 2021 to achieve its aim of becoming a European medical cannabis market leader.

The company signed an agreement with Hellenic Dynamics to buy up to 1,000kg of EU GMP certified cannabis material that will be used to extract THC and CBD oil for its medical use vape application, and also acquired over £750,000 worth of shares in the company.

It later made its acquisition of Materia, which operates a state-of-the-art EU GMP certified facility and has subsidiaries in Malta, Germany and the UK. The deal will see the import and selling of medical cannabis products to German pharmacies through Materia Deutschland, and will utilise Materia’s innovation in the supply chain to bring products into other European markets.

In October 2021, Kanabo also signed a partnership agreement with Medocann Pharma to develop unique cannabis strains for the UK and German markets.

Read more: Kanabo and Medocann to develop unique cannabis strains for UK and Germany

Kanabo, which has developed the VapePod – the world’s first medical-grade vapouriser, has also been making progress with its medical cannabis products, having launched a new extract formula that will give thousands of UK patients access to pain relief in a metered dose, and moved its CBD-based smoking cessation formula one step closer to full patent approval.

The latest acquisition will see Kanabo breaking into a new market that has seen dramatic growth since the start of the Covid-19 pandemic. The global telemedicine market is now forecast to grow by 23 per cent to $14.9bn (~£10.96bn) by 2024, with the UK market for private virtual GP services being estimated to be worth £1bn.

Kanabo has stated that it hopes to make a substantial contribution to improving outcomes for thousands of patients in the UK and Europe through the acquisition by improving access to its products.

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