+1-888-308-5802     
News Contact Us

Nabis acquires 49% of cannabis solution provider Cannova Medical

Author : Pankaj Singh | 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

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Sir Richard Branson to contribute £200M to stabilize Virgin Atlantic

Published Date: 2020-07-14         Author: Pankaj Singh

British business magnate Sir Richard Branson had reportedly announced that he intends to contribute a sum of £200 million as part of the £1 billion plan to stabilize Virgin Atlantic without taxpayers’ money. Sources state that he will use the funds raised by selling a £396 mi... Read More

The Electric Cycle Company announces plans to move to bigger premises

Published Date: 2020-07-13         Author: Pankaj Singh

After a successful launch of a £70,000 crowdfunding campaign to renovate its shop and workshop, the Scottish e-bike firm Electric Cycle Company has reportedly announced its plans to move to a 4000 sq. ft., carbon-neutral Edinburgh-based premise, which will be the largest e-bike shop in the UK.... Read More

Cipla launches generic version of Remdesivir at a price of ₹4,000

Published Date: 2020-07-10         Author: Pankaj Singh

Cipla Limited, the multinational pharmaceutical company, has reportedly launched a generic version of the remdesivir drug (Cipremi) at a price of ?4,000 per 100 mg vial, making it among the least priced COVID-19 treatment available across the globe. According to sources familiar with the knowledg... Read More

© 2020 Fractovia. All Rights Reserved