Nabis Holdings Acquires 49% Stake In Israel-Based Cannova Medical
Canadian cannabis investment company Nabis Holdings (OTC:INNPF) will acquire 49 percent of Israel-based Cannova Medical, with the option to buy the rest of the company.
Nabis will buy 2.26 million shares of Cannova, or 49 percent, for $1 million in cash and will issue 5.91 million shares. The investment company also has the option to buy the remaining 51 percent for a nominal cash payment and 7.39 million shares that will be held in escrow and released subject to achieving of certain milestones.
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Why This Is Important
Cannova is focused on developing cannabis delivery technology. Its main product is a sublingual strip that is infused with cannabinoids and other natural active ingredients for better dosage control and a variety of effects.
The acquisition of a 49-percent stake gives Nabis Holdings the exclusive distribution rights for Cannova's sublingual strips in North America.
"Cannova's patent protected solution allows the user to get a customized, personal combination of THC, CBD, and other active ingredients that meet their personal, unique requirements in real time, and thus changing the way Cannabis is consumed," said Nabis CEO Shay Shnet.
"Their cutting-edge platform designed for home use looks similar to a countertop espresso/coffee machine, however, it possesses next generation ability to combine various active ingredients. With the acquisition of Cannova's unique technology, we will be well positioned to capitalize on the growth in popularity of consumable cannabis."
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