Tamir with refined cannabis liquid
(Picture: Kanabo)Medicinal cannabis company Kanabo has bought online private doctors’ consultation network The GP Service in a £14 million deal.
Kanabo said the acquisition would help patients access cannabis products to treat conditions such as chronic pain and anxiety.
A well as the purchase, Kanabo - the first medicinal cannabis company to float on the London Stock Exchange - has completed a £2.25 million fundraising arranged by its broker Peterhouse Capital.
Kanabo’s founder and chief executive Avihu Tamir said: “Today’s acquisition of the GP Service is part of our strategy to use M&A alongside organic growth to build a pan-European company, and to offer help to millions of consumers and medical patients for conditions including chronic pain, anxiety and central nervous system diseases.
“We are very much looking forward to working with the highly skilled team at GP Service to support the growth of their business in the rapidly growing tele-medicine market in the UK and beyond.”
GPS is an NHS approved provider of video and online consultations that can electronically deliver prescriptions to a network of 4,200 pharmacies including major high street chains and independent pharmacies. All its GPs are UK based and registered with the GMC.
Patients pay a set price of £39.99 for an appointment within half an hour and then get a prescription sent to one of the pharmacies within an hour for £7.49.
Chief executive Atul Devani said: “With further support and investment from Kanabo we look forward to expanding our core service to cover a range of other medical conditions and further enhance our electronic prescription offerings in the coming months across a number of territories.”
