Spinnaker Opportunities plc (“Spinnaker” or the “Company”)
Proposed Reverse Take-Over of Medicinal Cannabis Company Suspension of Listing
Further to the announcements in the last quarter of 2018, discussing a refocusing of the Company’s acquisition strategy towards the cannabis processing industry, and the appointment of Peterhouse Capital as financial adviser and joint broker, Spinnaker Opportunities plc (LON: SOP), the Standard Listed investment company, is pleased to announce that it has signed a non-binding Heads of Terms to acquire the entire issued share capital of Kanabo Research Limited (“Kanabo”), for new shares in the Company (the “Acquisition”).
Kanabo, found at http://www.kanaboresearch.com/, is a multi-national medicinal cannabis oil company, with a growing portfolio of activities in Israel, Switzerland and Germany.
Kanabo Highlights:
Focused on the European legal, medicinal cannabis market
Four components to its business:
Formulation of medicinal cannabis oil
Distribution of the first medically approved vaporiser
Interests in cannabis cultivation and production
A ‘market ready’ supply chain
Strong management team with over 30 years’ combined experience in:
Bio-pharmaceutical research and development
Clinical research
Marketing
Cannabis extraction
Medicinal devices
The Acquisition, if completed, would result in Spinnaker shareholders having a minority interest in the enlarged group (the “Group”) and would constitute a Reverse Take Over (“RTO”) under the Listing Rules. Therefore, the Company has requested an immediate suspension pending its listing.
Spinnaker Chairman, Andy Morrison, said:
“Kanabo represents a unique and exciting opportunity for Spinnaker stakeholders, thanks to its integrated market-ready supply chain, with its interests in the medicinal cannabis industry right the way from production and cultivation, to the distribution of a medicinal-grade vaporizer via which medicinal-grade cannabis oil is dispensed.
“We are absolutely delighted that we have reached this preliminary agreement with the Kanabo board and look forward to working with them to conclude a transaction which will result in the listing on the London market of one of the first, if not the first, operational cannabis company.”
Kanabo CEO Avihu Tamir commented:
“Conclusion of this proposed merger with Spinnaker will represent a major milestone for Kanabo, enabling us to accelerate the European roll out of our medically validated cannabis oil formulas and delivery devices. Europe is on track to become the largest marketplace for legal cannabis in the world, with an anticipated valuation of €115.7 billion by 2028. Kanabo’s products are designed to meet the higher quality and medical production standards required across the EU, and we are eager to expand our product development and distribution activities through this opportunity with Spinnaker in order to bring safe, trusted cannabis solutions to European patients and consumers.”