Pharmoken acquires Kenson’s distribution business in Europe – the capital market

Medical Cannabis Company

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Reports that it has entered into an agreement with

Kenson
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For the acquisition of its activity in the field of distribution and marketing of CBD products in Europe, for NIS 3 million. Pharmoken expects that the acquisition will allow them to market on the continent as early as the second half of the year 2021 the products developed by it, with Kenson’s products already being distributed in Europe. NIS 256,000 of the consideration will be paid in cash and the rest in the form of Parmocan shares that Kenson will receive.

Kenson, which does not grow or manufacture, has developed a digital platform for marketing cannabis products, and also operates through distributors in certain countries including Portugal, Bulgaria and Romania. At Pharmokan, they also plan to market cannabis products in Europe through Kenzon, including THC, once their export from Israel is approved and subject to regulatory approvals.

Pharmoken was established in 2008 in the field of growing and marketing cannabis strains, extracting oils from the product and manufacturing other finished products for the pre-medical field and the cosmetics market. Pharmocene is also developing equipment for the production process of cannabis products.

“Expanding our global operations in the evolving field of CBD-based products and Hemp seed oil represents a business leap that is expected to positively impact the company’s revenue,” he said. Pharmaken CEO, Gil Hovash. “We estimate that as the issue of CBD activity as well as export permits from Israel in the field of THC and other European countries are regulated, Farmoken will benefit from a further significant increase in revenue and profit.”