Cannbit News
7 articles
growth-positive
Teva Israel CEO quits to head medical cannabis co Cannbit
Avinoam Sapir has been appointed CEO of Cannbit Pharmaceuticals, an Israeli medical cannabis company. Sapir, who previously worked at Teva Pharmaceutical Industries, will replace former MK Ifat Kariv. Cannbits share price increased by 13% on the news, resulting in a market cap of NIS 222 million. The company aims to become a major player in the global market and maintain its leading position in Israel. Cannbit recently acquired Tikun Olam, another Israeli medical cannabis company.
Management Changes
growth-positive
After buying Tikun Olam, Cannbit raises NIS 26.4m
Cannbit Pharmaceuticals Ltd. raised NIS 131 million in 2019, more than all other TASE-listed cannabis companies combined. The company recently completed a merger with Tikun Olam Israel and conducted a public offering, which was slightly oversubscribed. Cannbit plans to use the proceeds to repay debt, expand its cannabis growing farm and processing plant, and for overseas activity. The acquisition of Tikun Olams activity in Israel cost $23 million and 5% of Cannbits shares. The company now faces challenges in regaining customers and launching its independent product. Cannbit projects NIS 140 million in revenue in 2020, with 60% coming from exports.
CustomersInvestmentAcquisition
growth-positive
Israeli Cannabis Outfit Cannbit Launches Cancer Study
Cannbit Ltd. is launching a study to test a cannabis-based treatment for three aggressive types of cancer. The study will be led by cannabis research pioneer Raphael Mechoulam of the Hebrew University of Jerusalem. Hadassah University Hospital-Ein Kerem and Sheba Medical Center will collaborate on the study. Cannbit will invest $400,000 in the study, plus another $2 million towards a commercial drug license. In return, Cannbit will receive exclusive commercial license for the drug for the duration of the patent. The study will involve molecules found effective in fighting melanoma, neuroblastoma, and Glioblastoma.
PartnersInvestment
growth-positive
Cannabis Producer Cannbit Raises Almost $9 Million in Public Offering
Israeli cannabis producer Cannbit Pharmaceuticals Ltd. has raised NIS 31.4 million ($8.73 million) in a public offering of 19% of its registered capital. The company will now petition the Tel Aviv Stock Exchange to move from the maintenance list to the primary list.
Public Trading
growth-positive
Cannabis Firm Namaste Acquires 10 Percent Share Equity Of Israeli Cannabis Producer
Canadian cannabis firm Namaste Technologies has acquired 10 percent of Israeli medical cannabis producer Cannbit. Cannbit will merge with a company listed on the Tel Aviv Stock Exchange, with Cannbit retaining 85 percent ownership of the combined public entity. Namaste has established a supply arrangement with Cannbit to export cannabis to the Canadian market, pending approval by Health Canada and the Israeli government. Namaste will also work with Cannbit to expand its Israeli-based vaporizer sales platform.
AcquisitionPartners
growth-positive
Namaste closes acquisition of 10% share equity of Israeli-based cannabis producer Cannbit Ltd
Namaste Technologies Inc. has signed a subscription agreement to acquire 10% of the issued share capital of Israeli licensed producer of medical cannabis, Cannbit Ltd. The investment is valued at NIS 2,500,000 or approximately CAD $908,000. Cannbit has also signed a binding agreement to complete a merger with a company listed on the Tel Aviv stock exchange. Namaste has established a supply arrangement with Cannbit to export cannabis to the Canadian market and will expand its Israeli-based vaporizer sales platform. The transaction validates Namastes strategy of sourcing quality cannabis products abroad and introducing them to the Canadian market. Namaste aims to secure supply channels of high-quality medical cannabis for its subsidiary, Cannmart Inc.
AcquisitionPartners
https://www.xn--4dbcyzi5a.com/en/2018/04/The-Israeli-Israeli-cannabis-shares-should-be-checked/
