Israel has been the center of some of the strongest research on cannabis, but for years remained in the research only field. That is beginning to change as more Israeli companies are raising money and more cannabis is being imported to the country.
Pharmaceutical company Panaxia Labs Israel Ltd. (TASE: PNAX) said that it completed a successful fundraising round of 17 million ILS (Israeli shekels) or approximately $4.6 million by today’s currency exchange. The private placement consists of common stock and warrants to Israeli Institutional Investors: the provident funds, mutual funds, and portfolio management entities of Mor Investment House and Noked Capital Hedge Fund. Total gross proceeds raised, including the exercise of the option by the company, are 23 million ILS.
In connection with the offering, the company issued 6,319,703 shares of the company’s common stock at a purchase price per share of 2.69 ILS, and warrants to purchase an additional 5,055,762 shares of common stock at an exercise price of 4.00 ILS per share.
The company said it intends to use the proceeds from the financing to advance the execution of its strategic plans, especially the export, the marketing, and the sales in Europe. Among the investors: Panaxia Israel’s Chairman, Mr. Jonathan Kolber, CEO Dr. Dadi Segal, General Manager Assi Rotbart, LL.B., CTO Dr. Eran Goldberg, Mr. Ran Nussbaum, and additional Israeli and foreign investors. Exercise of the option is subjected to, among other conditions, the approval of Panaxia Israel shareholders’ meeting.
The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) said that it completed its first international cannabis shipment from Canada into Israel. The Canadian cannabis company said that it partnered with Breath of Life International Ltd., Israel’s largest and a leading producer of medical cannabis and cannabis products, to offer Truverra-branded premium medical cannabis to patients in Israel.
“This transaction represents a new international revenue opportunity for Supreme Cannabis and builds Truverra’s global medical brand in one of the most sophisticated medical cannabis markets in the world,” said Colin Moore, Interim President and CEO of Supreme Cannabis. “With the support of BOL Pharma, we navigated both Canada and Israel’s complex regulatory landscapes to achieve compliance with regulatory authorities in both countries, including Health Canada, the Canadian Food Inspection Agency and Israel’s Ministry of Health and Ministry of Agriculture and Rural Development. We benefitted from BOL Pharma’s skilled team, international experience and solidified the position as a leading medical cannabis company in Israel. As we pursue capital-light international opportunities, we will continue to look to Jeff Adams, Truverra’s CEO, and his exceptional team to build Truverra’s medical brand globally.”
“We are pleased to address the growing demand for premium indoor grown medical cannabis products in Israel through our first cannabis import from Canada. Supreme Cannabis is a partner that shares our high standards for quality and respect for patients and consumers,” said Dr. Tamir Gedo, CEO of BOL Pharma. “On March 30, Truverra products became available across pharmacies in Israel and we are already receiving positive feedback from patients.”
BOL Pharma has been involved in researching and developing cannabis-based products for 13 years. It is the largest medical cannabis company in Israel and the only one to handle all stages of cultivation and production, ensuring compliance with the strictest standards set by the Israeli Ministry of Health and EU-GMP conditions. BOL Pharma is distributing Truverra’s medical cannabis in 10-gram containers to its network of pharmacies across Israel.