By Laura McGuire
The first medical cannabis company to list on the London-stock exchange is set to draft in a financial services veteran as its chair and unveil a multimillion pound fundraising initiative this week.
Kanabo Group, which creates medical cannabis for conditions such as Multiple sclerosis and operates a telehealth service approved by the NHS, is set to announce on Tuesday thatIan Mattioli will become its new non-executive chairman, according to reports first published in Sky News.
Mattioli who currently heads up pensions and wealth management company, Mattioli Woods, is also set to invest £500k in Kanabo shares as part of a “cash call”.
Insiders told the outlet that shareholders and existing management will also be participating in the share sale.
Mattolio, who is also an non-executive chairman of K3 Capital Group plc, will replace David Tsur, who has chaired Kanabo since it went public in February 2021 as he moves to become deputy chair.
It comes as the group posted revenues of £603k last year up 726 per cent in 2021, at the time, Avihu Tamir, chief of Kanabo, told investors that 2023 had “started well”.
Tamir said: “I believe we now have the right strategic and operational focus to deliver further financial progress and I look forward to updating all our key stakeholders throughout the year.”
It’s understood that Mattioli’s appointment will be well received by investors as Kanabo’s stocks have tumbled by nearly a third over the last year.
The group also recently waved goodbye to its non-executive director Dan Poulter – who stepped down at the end of March.
City A.M has approached Kanabo Group for a comment.
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