A HealthTech company behind cannabis-based treatments has raised more than £2.5 million in a share placing.
Kanabo Group plc, founded in 2017, has developed cannabis-derived formulations and therapeutic inhalation devices.
Its NHS-approved online telehealth platform, The GP Service, provides patients with video consultations, online prescriptions and primary care services.
£2m has been invested in the company by Irish alternative asset management fund Seamróg Em Multi-Strat Sub-Fund, with the remaining £540,000 coming from officers and directors of the company itself.
“We are delighted to be announcing this fresh capital injection, which further endorses the strength and quality of our business and highlights the confidence we have in our growth strategy,” said CEO Avihu Tamir.
“This raise will not only accelerate the roll-out of our online platform but will also enable our team to pursue a number of exciting commercial opportunities.”
The company plans to expand its digital health services division, expand its pharmacy network and invest in developing pain management solutions using medicinal cannabis products and other treatments that are not available through traditional channels.