Sodastream CEO Daniel Birnbaum is investing in cannabis technology company Seedo (OTC: SEDO). He has also been appointed to Seedo's management board.
Seedo has developed an automatic home or commercial system for growing cannabis in a controlled way untouched by human hand.
Birnbaum's investment is estimated to be NIS 2 million. This is his second cannabis investment in the past week. A few days ago, he announced his participation in a syndicate headed by Barak Rosen, a controlling shareholder in real estate company Canada Israel, investing in Cannabit. Market sources say that Birnbaum is interested in Cannabit as a potential producer of cannabis as a consumer product, perhaps to be an ingredient in light beverages, an area that he of course knows very well.
Seedo's product is perhaps more similar to Birnbaum's current area of business. Like a Sodastream appliance, which customers buy in order to produce beverages easily and simply, Seedo hopes that its product will be the appliance that home growers will use to provide a constant supply of cannabis effortlessly, in those countries where such a thing is permissible, of course.
Daniel Birnbaum has been CEO of Sodastream since 2007. He put the company on a path of growth and international brand recognition, culminating in the sale of the company to PepsiCo last year. Under his leadership, Sodastream grew from a company bought for $6 million to a valuation of $3.3 billion, with 3,000 employees and annual sales of $3 billion in 46 countries.
Published by Globes, Israel business news - en.globes.co.il - on March 12, 2019
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