Nabis Holdings to Acquire 49% of Israeli Cannabis Company Cannova Medical

Canadian Securities Exchange-listed Nabis Holdings Inc., a Canadian company focused on cannabis investments, will be acquiring a 49% stake in Israel-based Cannova Medical Ltd., the former announced Monday. Nabis will pay Cannova $1 million and also issue Cannova 5,911,111 common shares of Nabis, according to the company’s statement. Following the acquisition, Nabis will have exclusive distribution rights for Cannova’s product in North America.

Incorporated earlier this year, Cannova develops a strip for oral administration of active cannabis substances, to allow producers to more effectively control dosage quantities and safety in the delivery of cannabinoid products.