Medical cannabis firm names Barak as chairman
The Israeli medical cannabis and therapeutic firm InterCure has appointed former prime minister Ehud Barak as its new chairman, the company announced Tuesday.
InterCure is the only company listed on the Tel Aviv Stock Exchange company that holds a license for the entire medical cannabis production chain. It acquired the medical cannabis company Canndoc earlier this month and is soon changing its name to Canndoc Pharma,
Barak will be responsible for InterCure’s global growth strategy and the development of international business, working approximately 40 hours per week and earning $10,000 per month.
Barak will also benefit from a share-option scheme worth up to 5% of the company at NIS 3.20 per share, a premium of 60% on the company’s pre-announcement share value at the Tel Aviv Stock Exchange.
Besides the production of medical cannabis, InterCure manufactures and sells personal therapeutic devices, including RESPeRATE, a non-drug hypertension treatment approved by the US Food and Drug Administration (FDA), and InTone, a non-invasive treatment for heart failure.
Shares in InterCure rose by nearly 25% on Tuesday following the announcement of Barak’s appointment. The company says it is currently examining going public on the NASDAQ stock market.
The company says it is currently examining the possibility of going public on the NASDAQ exchange.
“I am happy to join the senior management team of the company,” said Barak, who will replace Shlomo Shalev after four years at the helm of the company. “Medical cannabis has proven potential to assist and to improve the lives of many sick people across the world, and key Western countries have adopted or are adopting it as an established medical treatment.
“The company is ideally placed to break into these markets. It is my intention to lead the international growth strategy of the country and to play an active part in its business development in order to transform Canndoc Pharma into the world leader in its field,” Barak added.
Canndoc CEO Roei Zerahia welcomed Barak’s appointment.
“The management of Canndoc welcomes with happiness and pride that Mr. Ehud Barak will be joining as company chairman, and is sure that his abilities and international connections will greatly assist the company management in achieving its vision to become one of the leading global companies in the field of medical cannabis,” Zerahia said.
With this latest appointment, Barak adds InterCure to his growing post-politics portfolio of business interests.
The former prime minister is also chairman of Carbyne, a national emergency communication platform. In July, cybersecurity start-up Toka, which was co-founded by Barak, raised $12.5 million only two months after it was founded.