London-listed Kanabo has bought a GP services company to help patients in accessing medicinal cannabis for some £14m.
Kanabo, the first medicinal cannabis company to list on the London Stock Exchange, is set to use deal to bolster its telemedicine offering for patients with chronic pain, anxiety and central nervous system diseases.
The capital’s cannabis darling has also raised £2.25m, in a funding round led by Peterhouse Capital, as it reaps the rewards of a shift in attitudes towards medicinal cannabis in the UK.
The deal with GP Services (GPS), one of the country’s top private telemedicine and digital healthcare services providers, further cements cannabis-derived products within the healthcare industry.
The deal will also see patients be able to get an appointment with a UK registered GP within half an hour, Kanabo said, as well as a have a prescription sent to one of 4,200 pharmacies within an hour, for a set cost.
GPS, an approved provider on the NHS digital framework, offers video and online consultations and has ties with both high street pharmacy chains as well as independent dispensaries.
It follows telemedicine taking off amid the Covid-19 pandemic, with the UK market for virtual GP services estimated to be worth around £1bn.
The global market is anticipated to swell to around £10.9m ($14.9m) by 2024, according to Kanabo.
CEO of GPS, 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.”