Ori Yehudai, formerly CEO of flavors and specialist food ingredients company Frutarom, which was sold to IFF for $7.1 billion, has notified cannabis company Sadé Group that he is stepping down from his activity in it.
Yehudai joined Sadé, which deals in the entire cannabis production process, from seed and growing to laboratory research and final cannabis-based pharmaceutical products, in mid-May. It is not clear whether Yehudai's resignation from his executive chairman role will also involve the withdrawal of his investment in the company, which has so far raised some NIS 50 million from various investors.
Talking to "Globes", Yehudai said of the cannabis industry, "Cannabis is interesting, but as a long term prospect for building an industry. In the short term, it can be a financial investment, but realistically speaking, it will take time and substantial resources to build a genuine company."
Yehudai, a highly respected executive, has spoken in the past about his concerns for Israeli industry and the need to build global companies.
Published by Globes, Israel business news - en.globes.co.il - on July 7, 2019
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