Kanabo, the first medicinal cannabis company to IPO on the LSE, purchased The GP Service, a provider of online services for general medical consultations and prescriptions, as part of its European expansion to create a new compliant channel to market its products for medical patients. Through extensive R&D Kanabo has developed high-quality Cannabis extract formulas, innovative medical-grade vaporizers and other non-smoking consumption solutions, making it easier and more accessible for anyone seeking treatment. The company aims to improve the lives of individuals with chronic pain, anxiety and central nervous system diseases by distributing a high standard of medical and well-being cannabis products alongside non-THC goods for CBD consumers.
The global telemedicine market is forecast to grow by 23% to $14.9 billion by 2024 and the UK's virtual medical services is expected to be worth £1 billion. The acquisition of GPS provides Kanabo with an established digital and telemedicine business that can be used to facilitate its growth plan and expand its distribution network.
*Kanabo GP Limited, a subsidiary of Kanabo Group PLC, a Main Market listed pan-European medical cannabis company, acquired The GP Service (UK) Limited business through a share for share transaction in February 2022.
