+1-888-308-5802     
News Contact Us

Nabis acquires 49% of cannabis solution provider Cannova Medical

Author : Paroma Bhattacharya | Published Date : 2019-06-03 

Nabis Holdings Inc., a leading Canadian investment company, recently announced acquisition of 2,260,500 common shares of Cannova Medical Ltd., an innovative solution provider for cannabis consumption. The acquired shares represent 49% interest of Cannova Medical Ltd. Also, Nabis plans to acquire the remaining 51% interest at the option of Nabis, cites source.

For the record, Israel-based Cannova Medical has developed an alternate solution for consumption of cannabis. The method involves use of a sublingual strip infused with a variety of active cannabis substance. The product allows users to control dosage quantities effectively and to combine natural active ingredients with cannabis to create products for variety of needs & lifestyles. As per the transaction, Nabis Medicals is expected to have Exclusive Distribution rights in North America.

Shay Shnet, CEO and Director of Nabis Holdings Inc., was reportedly quoted saying that Cannova Medical’s innovation of sublingual strips changes traditional thinking on cannabis consumption. The innovative solution appeals to consumers that look for convenience as compared to existing forms of consumption that include smoking, ingestion of oil & evaporation.

Nabis is focused on rapidly expanding into limited-license states. Cannova has changed the way Cannabis is consumed with its patent protected solution that allows customized combinations of CBD, THC & other active ingredients to meet unique requirements of consumers. Nabis will be better positioned to capitalize on growth of consumable cannabis with the acquisition of Cannova’s unique technology, Shnet added.

Omri Schanin, Cannova founder and CEO, expressed enthusiasm on teaming up with Nabis to provide accurate, safe & discrete ways to consume Cannabis. The experience & established network of cannabis related portfolio of Nabis team will boost up Cannova’s growth.

As per sources close to the matter, Nabis will pay US$1,000,000 to Cannova for 49% interest & will issue an aggregate of 5,911,111 of its common shares to Cannova. To exercise the option to acquire remining 51% interest, Nabis must make a nominal cash payment & issue 7,388,888 common shares to Cannova shareholders, which will be held in escrow & is subject to Cannova’s performance milestones. The transaction is subject to customary closing conditions along with obtaining necessary approvals.

Source credits: https://www.globenewswire.com/news-release/2019/06/03/1862930/0/en/Nabis-Holdings-Announces-Acquisition-of-49-of-Cannova-Medical-A-Creator-of-Innovative-Solutions-for-Cannabis-Consumption.html

About Author

Paroma Bhattacharya

Paroma Bhattacharya

Paroma Bhattacharya, having completed her post-graduation in Journalism and Mass Communication, started her career in writing with resourceful and informative content development across diverse fields. Having dealt in myriad topics ranging from business to real estate, she now pens down articles for fractovia.org and other portals. She can be contacted at- [email protected] | https://twitter.com/paromab1

Related News

Pharma giant Pfizer to acquire Array BioPharma valued at $11.4 billion

Published Date: 2019-06-19         Author: Paroma Bhattacharya

Pfizer Inc., the New York-based pharmaceutical multinational, has reportedly announced that it will acquire Array BioPharma Inc., a commercial stage company focused on the discovery, development and commercialization of small molecule medicines to treat cancer and other crucial diseases. As per t... Read More

In-store credit firm Sunbit raises $26 million in a Series B funding

Published Date: 2019-06-14         Author: Paroma Bhattacharya

Sunbit, a Los Angeles based financial technology company recently raised $26 million in a Series B equity funding round, led by Zeev Ventures, an early stage venture fund, managed by Oren Zeev with participation from prior investors such as Chicago Ventures, Group 11 and other existing investors, re... Read More

Cannabis firm Coda Signature raises $24.4M in Series A funding round

Published Date: 2019-06-13         Author: Paroma Bhattacharya

The Colorado-based Coda Signatures – a manufacturer of cannabis infused edibles, concentrates and topicals – has reportedly raised USD 24.4 million in the Series A funding round led by Granite Hill Partners. As per trusted sources, Mazakali, Salveo Capital and Gotham Green Partners we... Read More

© 2019 Fractovia. All Rights Reserved