Kanabo to acquire the European business of Materia.

Kanabo, a medical cannabis company, agreed to acquire the European business of Materia, an independent processor and distributor of medical cannabis. Financial terms were not disclosed. "Materia's unique innovative supply chain will bring new production capabilities; it will provide strong distribution channels in the German market and offer new strategic agreements with premium cultivators around the world. Together with Kanabo's R&D and commercialization capabilities, I expect this enlarged group to become the biggest public cannabis company in the UK and EU and puts us in a unique position as the multibillion pound medicinal cannabis market begins to grow in Europe," Avihu Tamir, Kanabo CEO.