[source: Kanabo Group]
Kanabo Group (KNB ), a pan-European medical and wellness cannabis company, announced it has been selected as a steering group member for the development of a British Standard for CBD non-tobacco Vape products.
Headquartered in the UK, with research and development facilities centered in Israel, the pan-European Kanabo Group is focused on developing and commercialising cannabis-derived products for medical patients and wellness CBD consumers.
CDB Vape is an alternative method to consuming CBD, which has traditionally been dominated by food and cosmetic products. There is little standardisation at present, mainly focused on the safety of electronic components in CBD Vape products.
The British Standards Institution (BSI) has thus announced a Publicly Available Specification (PAS), expected to be published in early 2023, to develop a standard for the safety, quality, and performance of CBD Vape products. This will ensure consumer protection and foster future sector growth.
PAS is a sponsored standardisation document defining best practices, compiled and co-developed by industry experts and stakeholders (aka a steering group). Kanabo's appointment to PAS 13956 speaks to the company's growing reputation in the medical and wellness cannabis sectors.
Kanabo said it would reach out to the UK Government's Medicines and Healthcare products Regulatory Agency to highlight the PAS publication and share its own standards for testing the safety and efficacy of CBD products, in the hope that they will inform the establishment of national standards.
Avihu Tamir, CEO, commented: "We are delighted to be included within this PAS steering group. We have always taken a safety-first approach to our CDB products and delivery devices, which includes educating consumers about our products and their quality. We always undertake stringent safety and efficacy studies as part of our product development programmes and are unique in the industry in making these results available to the public. These important developments will provide consumers with confidence and ultimately shape the CBD Vape industry."
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Today's announcement is a testament to Kanabo's growing influence in the European medical and wellness CBD field as well as a recognition of the company's RND investments in the sector. Since inception, Kanabo's RND has focused on high-quality cannabis extract formulas and medical-grade vaporisers. Its products and formulas meet pharmaceutical-grade production standards, which is what earned it its spot on PAS 13956.
Kanabo's appointment to the steering group will leverage this experience and RND, including clinical and validation activities, safety, and efficiency tests. The resulting BSI document will provide standard specifications defining safety, quality and performance of CBD Vape products in order to ensure consumer protection, following Kanabo's own self-regulated standards. The British Standard should further accelerate the development of the CBD medical and wellness sector in the UK and Europe.
Kanabo has had a transformational 2022 so far. The company successfully acquired GP Service for £13.5m, enabling it to bring medicinal cannabis prescriptions to the mainstream in the UK. It also raised £2.46m via an equity placing, leading to a strong £4.96m cash position at the end of 1H22, ensuring it is well-funded to continue its expansion and vertical integration strategy.
Furthermore, Kanabo signed an MoU with Forbe Ltd for the sale of cannabis-derived wellness products in Israel, and formed a new subsidiary, Agritec, to secure supply of medicinal cannabis. Israel's deregulated market is now estimated at up to US$475m, providing Kanabo with ample opportunity for growth.
Additionally, the launch of Kanabo's UK ecommerce site should streamline sales of its wellness products across Europe, the UK, and Israel.
Kanabo's revenues are set to continue growing in 2H 2022 in 2023 as income from GP Service builds momentum and the company gets closer to achieving CE accreditation for its VapePod medical device.
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