Spinnaker buys Israeli cannabis firm

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Kanabo Research has agreed to be bought by cash shell Spinnaker Opportunities in what could lead to the first listing of a cannabis company on London’s main stock market and help the Israeli firm raise cash for clinical trials and newer products.

Spinnaker says that the companies have agreed to a proposed reverse takeover, which would allow Tel Aviv-based Kanabo to bypass traditional listing rules.

Spinnaker did not disclose the deal value in a statement. However, in an email, the company’s chairman, Andy Morrison, said the deal size was “comfortably within” £5m to £30m (US$6m-US$39m) range identified for an acquisition.

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