Avihu Tamir CEO of Kanabo Group #KNB & Deepak Anand, CEO of Materia discuss the significance of the commercial production licence for their Malta facility
Avihu Tamir CEO of Kanabo Group #KNB
& Deepak Anand, CEO of Materia discuss the significance of the commercial production licence for their Malta facility
Kanabo Group Plc (LSE:KNB), a medical cannabis R&D Company that focuses on the distribution of cannabis-derived products for medical patients, and non-THC products for CBD consumers, notes the recent announcement published by Materia. Kanabo are delighted that Materia's wholly-owned subsidiary, Materia Malta Operating Ltd. ("Materia Malta"), has received its Licence for the Production of Cannabis for Medicinal and Research Purposes (the "Licence") from the Malta Medicines Authority.
The receipt of the Licence is the final requirement for Materia Malta to begin commercial production and export of medical cannabis for commercial purposes. Materia Malta, which is already EU GMP certified, has an annual throughput capacity of 6,000kg, representing a potential sale value of €36M based on a blended average sales price across several key European markets.
Materia Malta has now begun the process of importing its first batch of raw material for commercial production and will begin fulfillment of its supply commitments across Europe imminently, starting with the initial target markets of Germany, Malta and the UK. The first product has already been successfully registered on the narcotics licence of Materia Deutschland GmbH ahead of its import into and across Germany.
About Kanabo Group Plc
Kanabo Group Plc is an R&D company currently selling a range of THC-Free Retail CBD Products in the Primary Markets and is in the process of developing further Medical Cannabis Products. The company's core strategy is to increase revenues from the sale of its Retail CBD Products in the wellness sector and to grow the Kanabo brand through its marketing initiatives.