A European medicinal cannabis company has swooped to acquire The GP Service, a private telemedicine and online primary healthcare service provider, in a £14 million deal.
Kanabo focuses on the development and distribution of cannabis-derived products for medical patients and wellness CBD consumers. It has completed a £2.25 million fundraising via broker Peterhouse Capital.
GPS is an approved provider on the NHS digital framework for private video and online consultations and is able to electronically deliver prescriptions to a network of 4,200 pharmacies including major high street chains and independent pharmacies.
Kanabo, the first medicinal cannabis company to IPO on the LSE, says the acquisition will facilitate the rapid growth of the existing GP digital and telemedicine business and also establish a new channel to market for Kanabo’s products for medical patients.
It intends to develop the GPS platform to become one of Europe’s first digitally-led and legally compliant providers for Kanabo’s products and wellness CBD services following regulatory approval.
“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,” said Avihu Tamir, founder and CEO of Kanabo.
“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 tele-medicine market in the UK and beyond.”
Atul Devani, CEO of The GP Service, added: “The GP Service was incorporated with the aim of offering patients an innovative and cost-effective solution to access primary healthcare services conveniently and efficiently.
“With further support and investment from Kanabo we look forward to expanding our core service to cover a range of other medical conditions and further enhance our electronic prescription offerings in the coming months across a number of territories.”
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