Following in the footsteps of famous Israeli army generals, police chiefs, sportsmen and politicians, rock star and musician Aviv Geffen has joined Israel's fast growing cannabis industry. Geffen has been appointed as a marketing and public relations consultant to Intelicanna (TASE: INTL) (formerly Tefen Management Consulting Services) and will be the face of the company's advertising campaign, which he will develop together with the company's marketing and advertising staff.
Geffen will receive 100,000 share options at an exercise price of NIS 6.60 per share, a 28% premium on the company's share price at start of trade yesterday morning.
Intelicanna cultivates cannabis and develops unique products. The company is led by CEO Ori Weiss and chairman Yona Levy and is controlled by Weiss and Elliot Pharma. Intelicanna has a market cap of NIS 168.5 million.
While Geffen's poet and journalist father Yehonatan is a famous rebel associated with the recreational drug culture of the 70s and 80s, one of Geffen's most famous songs has the lyrics "I hate alcohol and smoking hashish." However, he was one of many celebrities and senior Israeli figures who wrote a public letter to Minister for Internal Security Gilad Erdan in 2016, calling for the decriminalization of cannabis use.
Geffen said, "We naturally met with many cannabis companies but Intelicanna had the brightest people in terms of knowhow, experience, ability and true vision. I'm joining the medical cannabis revolution that is sweeping everybody along with it. Medical cannabis is here to stay and the innovation and the novelty will not wear off and will bring about the future strength of the sector."
Intelicanna is in the process of setting up a farm in Israel and at the same time is operating in Portugal where it recently signed an agreement with Moraz for cosmetics products, which are still illegal in Israel. Intelicanna hopes to be able to transfer its knowhow overseas.
Published by Globes, Israel business news - en.globes.co.il - on June 19, 2019
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