09:08:42 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Kaneh Bosm Biotechnology Inc (2)
Symbol KBB
Shares Issued 144,849,108
Close 2018-08-27 C$ 0.62
Market Cap C$ 89,806,447
Recent Sedar Documents

Kaneh Bosm to acquire licensed pot producer in Denmark

2018-08-28 06:38 ET - News Release

Mr. Michael Martinz reports

KANEH BOSM EXPANDS EUROPEAN CANNABIS FOOTPRINT WITH DANISH CULTIVATION AND MANUFACTURING LICENSE

Kaneh Bosm Biotechnolgy Inc. has entered into a definitive agreement with Danavian Cannabis Ltd. to acquire 100 per cent of Danavian's issued and outstanding shares.

Danavian controls licences for cannabis cultivation and manufacturing in the Kingdom of Denmark. Kaneh Bosm's entry into Denmark mirrors industry peers such as Canopy Growth Corp., Green Organic Dutchman Holdings, Aurora Cannabis Inc. and Canntrust Holdings.

Danavian has engaged an Israeli cannabis organic cultivation and management company, Sababa Sciences Inc. Sababa Sciences will provide end-to-end management including the implementation of advanced Israeli agricultural technologies for high-quality medical cannabis treatments. Danavian and Sababa Sciences have designed a 55,000-square-foot, fully automated greenhouse facility that will meet IMC-GAP, ISO:9001 and European GMP standards. Finished cannabis and cannabis derivatives produced by Danavian will be sold through Denmark's retail pharmacy network.

On Jan. 1, 2018, Denmark legalized medical cannabis following a unanimous vote by the Danish parliament. Since legalization, the Danish government has displayed strong support for cannabis development, in the forms of research grants and tax incentives.

Danavian holds claim to premier European cannabis assets, domiciled in a jurisdiction with a highly skilled agriculture and manufacturing work force. Davavian also boasts various industry relationships that will complement future development potential throughout Scandinavia. Continued development of Danavian's Danish cannabis portfolio will help serve both local and export market demand. Danavian is tactically positioned in immediate proximity to Germany, allowing for direct imports of CBD products, as well as medical cannabis flower.

Eugene Beukman, chief executive officer of Kaneh Bosm, states: "Kaneh Bosm now holds claim to one of 12 highly coveted Danish cannabis cultivation and manufacturing licences. Denmark has proven to be an environment conducive to the continued development of sustainable and forward-thinking cannabis enterprises. The company looks forward to capitalizing on Denmark's tactical position within the European Union and well-funded health care system."

The acquisition of Danavian will create material synergises with Kaneh Bosm's existing European distribution channels and cultivation capabilities. This agreement further enhances the company's vertically integrated, European seed-to-sale aspirations. Danavian and Sababa Sciences plan to apply for local approvals to manufacture and distribute Sababa's patented, formulated products.

Under the terms of the agreement, the company will issue approximately 37,878,787 common shares of the company and pay a cash fee of $2,944,820.

The company also announces it has elected not to conclude its previously announced transaction in Slovenia.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.