Kanabo Group, which went public in 2021, will disclose the appointment of City veteran Ian Mattioli alongside a £3 million cash call.
This week, the first cannabis company to list on the London Stock Exchange will appoint a seasoned City executive as its chairman and announce a multimillion-pound fundraising effort.
Kanabo Group, which produces medical cannabis products and operates a telehealth service approved by the NHS, will announce Ian Mattioli as its new non-executive chairman on Tuesday.
Mr. Mattioli, co-founder, and CEO of the pensions and wealth management firm Mattioli Woods, will also invest £500,000 in Kanabo shares as part of a £3 million capital call.
According to informants, existing management and other shareholders will also participate in the share sale.
He will replace David Tsur, who has served as Kanabo’s chairman since the company went public in February 2021 and is now the company’s vice chairman.
Mr. Mattioli’s hiring is likely to be well received by investors who have witnessed the stock price of Kanabo decline by nearly a third in the past year.
The current market value of the company is less than £14 million.
In recent months, there has been a series of boardroom departures.
In March, Kanabo introduced Treat It, a new service centered on the management of chronic pain using plant-based medication and treatments unavailable through conventional channels.
A spokesman refused to comment on Mr. Mattioli’s appointment or the organization’s upcoming fundraising efforts.
