Business
New Subsidiary
New Subsidiary.
About this update from Kanabo Group Plc
[{"type":"text","content":"\n \n \n Kanabo Group\n Plc.\n \n \n (\"\n Kanabo\n \" or the \"Company\")\n \n \n \n \n New Subsidiary\n \n \n \n \n \n \n \n \n \n First MoU for an Indoor Medical Cannabis Production Facility in Spain\n \n \n \n \n Kanabo Group Plc. (LON: 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, announces it has formed a new, partly owned, subsidiary to monetise the Company's Intellectual Property and that the new subsidiary has signed its first Memorandum of Understanding (\"MoU\") for an indoor medical cannabis cultivation project in Spain.\n \n \n \n \n \n Kanabo Agritec Ltd\n \n \n Kanabo Group plc has formed an Israeli subsidiary company, Kanabo Agritec Ltd. (\"Agritec\"), which Kanabo Research Ltd, a wholly owned subsidiary of Kanabo Group plc., holds a 40% shareholding together with certain additional control rights over the strategic direction of the subsidiary\n \n \n \n \n \n Agritec's sole purpose is to enter into agreements with third parties at minimal cost to leverage the Company's Intellectual Property for the cultivation, processing, and production of cannabis products.\n \n \n \n \n \n The strategic rationale for Kanabo is twofold:\n \n \n ·\n Firstly,\n Agritec provides Kanabo with complementary near-term revenue opportunities\n \n \n ·\n Secondly\n , Agritec will offer Kanabo improved security of cannabis supply through a diverse range of suppliers, who will all adopt Kanabo's high-quality manufacturing standards without Kanabo having to fund or become directly involved in cannabis cultivation.\n \n \n \n \n \n Agritec's three other shareholders are co-founders Ophir Shimshi and Eilon Bdil, experts in Cannabis regulation and cultivation and R. P. Growing Technologies Ltd., who each hold 20% of the issued share capital in Agritec.\n \n \n \n \n \n R.P. Growing Technologies Ltd, is a Group of companies, which includes Grow Tec Innovations Ltd (2018) & We Can Dry Ltd (2018), which are both experienced in agricultural technology projects, providing a wide range of services, from planning, designing, engineering and/or manufacturing as well as complete turnkey projects and high-level agricultural projects in field of medical Cannabis.\n \n \n \n \n \n...