Nabis Holdings Inc (CSE:NAB), a cannabis investment company, said Tuesday that it has completed the acquisition of a 49% stake in Cannova Medical Ltd., which has a patented cannabis delivery technology platform.
The Vancouver cannabis investment company bought 2,260,500 shares representing a tidy 49% stake in Cannova Medical.
Nabis retains the option to acquire the remaining 51% of Cannova. If it decides to exercise that interest, Nabis must make a nominal cash payment and issue an additional 7.4 million shares to Cannova shareholders, held in escrow and subject to certain performance milestones.
Israel-based Cannova Medical’s line of cannabis sublingual strips overcome delivery and dosing challenges, providing easy-to-use, non-smoke solutions for consuming different types of cannabis or CBD formulations. Cannova’s controlled release oral thin films lead to dosing accuracy, enhanced efficacy, and safety in the delivery of cannabinoids.
“Our goal for strategic investments at Nabis is to enter multiple aspects of the cannabis sector including related technology,” said Nabis Holdings CEO Shay Shnet. “We are thrilled to have closed our 49% interest acquisition enabling the Cannova team to bring this disruptive technology to market at an increased pace.”
READ: Nabis Holdings makes strategic stake in Israeli cannabis consumables company
Cannova is also developing the NovaJet Pro, an innovative, counter-top machine that enables clients to create customized film strips in the convenience of their homes. With the NovaJet, clients will be able to receive accurate and tailored sublingual strips with specific measured quantities of cannabinoids and other natural substances.
According to the purchase agreement, Nabis will enjoy exclusive distribution rights to both Cannova’s sublingual strips, as well as the company’s NovaJet printing machine. The products will be marketed to both the recreational and medical markets.
“The combination of cannabis with smart and innovative technology is key to the future of both medical and recreational cannabis usage,” said Cannova Medical founder CEO Omri Schanin. “We are excited to work with the Nabis team leveraging their extensive experience and capabilities to help us reach our growth goals faster.”
In addition to the US and international cannabis sector, Nabis Holdings invests in assets across multiple industries, including real property, securities and cryptocurrency.
Contact Uttara Choudhury at [email protected]
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