Is­raeli med­i­cal cannabis plans Nas­daq list­ing in 2019

The Jerusalem Post - - BUSINESS&FINANCE - • By STEVEN SCHEER

In­terCure, which re­cently en­tered the med­i­cal cannabis mar­ket, plans to list on Nas­daq by mid-2019, its con­trol­ling share­holder, Alex Rabi­novitch, said on Thurs­day.

In­terCure, an Is­rael-based hold­ing com­pany of small med­i­cal firms that bought med­i­cal cannabis de­vel­oper Can­ndoc in Septem­ber, is in the process of hir­ing bankers, pre­par­ing a prospec­tus and meet­ing with po­ten­tial in­vestors, Rabi­novitch told Reuters.

“We con­sider our­selves a pharma grade cannabis leader and the ma­jor mar­ket for pharma play­ers is Nas­daq,” Rabi­novitch said, de­clin­ing to say how In­terCure will raise funds.

In­terCure, whose chair­man is former prime min­is­ter Ehud Barak, is al­ready traded in Tel Aviv with a mar­ket cap­i­tal­i­sa­tion of NIS 437 mil­lion ($117m.) after its shares rose 1,300% so far this year to 5.30 shekels per share.

Last month, the com­pany raised NIS 45m. ($12.1m.) in a pri­vate fund­ing round led by Rabi­novitch and joined by Gary Fegel, the founder of pri­vate eq­uity firm GMF Cap­i­tal. Last week it raised an­other $5m. with par­tic­i­pa­tion from Adam Neu­mann, CEO and co-founder of WeWork.

The com­pany sells from a farm in the north of Is­rael, but it is build­ing farms in 10 other coun­tries in Europe and else­where to take ad­van­tage of new reg­u­la­tions that rec­og­nize med­i­cal cannabis as a drug that can be pre­scribed by a doc­tor and picked up at phar­ma­cies.

At the same time, Is­rael’s med­i­cal cannabis in­dus­try is await­ing the ap­proval of gov­ern­ment ex­port li­censes.

Rabi­novitch said In­terCure is ex­pand­ing Can­ndoc’s pro­duc­tion to 100 tons in the next 18 months, from about five ton now. “It’s a big num­ber and will make us one of the big­gest play­ers in the world so we need [more] cap­i­tal,” he said.

In meet­ing in­vestors, he said that some ini­tially have con­cerns but be­come more re­cep­tive once they un­der­stand the com­pany works with doc­tors and phar­ma­cies and their prod­uct is a reg­u­lar medicine.

(Reuters)

(Reuters)

An em­ployee sorts freshly har­vested cannabis buds at a med­i­cal mar­i­juana plan­ta­tion in north­ern Is­rael last year.

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