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.