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Asif 420 to supply cannabis to North American customer

Cannabis
Cannabis
25 Oct, 2018 14:14
שלח תגובה במיילGali Weinreb

The company said that the customer had placed a $90 million order for supply in the next two years.

Asif 420, a cannabis company founded four months ago that aims to grow cannabis and manufacture special cannabis products overseas, has reported an agreement with a North American concern. Asif 420 says that the customer placed a $90 million order for supply in the next two years. The agreement will be implemented only if and when the company begins manufacturing and exporting its products from the country in which it operates.

Asif 420, managed by CEO Gilad Ophir, has recruited as advisors former Minister of Health and former Minister of Justice Haim Ramon; Yoram Drori, president of advertising firm Dror Shlomi; and Evan Horowitz, founder and CEO of the Weed Club California-based cannabis index.

Ophir says that which country the company is establishing its cannabis growing activity in and what stage its activity has reached cannot be revealed, but adds that Asif 420 is planning to start selling its products in 2019. According to Ophir, the company uses advanced information systems, among other things in order to select the markets in which it will grow the cannabis and where it is worthwhile selling it. Asif 420 says that it intends to develop cannabis-based health products, cosmetics, and oils, and will operate in the Canadian market.

A month ago, stock exchange shell KMN Capital (TASE: KMNK) announced that it had signed a binding agreement with Asif 420. If KMN's shareholders approve this agreement, Asif 420's shareholders will receive 60% of KMN Capital. KMN's current market cap is NIS 15.3 million, and its share is not responding at present, because it is on the TASE (Tel Aviv Stock Exchange) watch list.

The cannabis market has been red hot in recent days, after Canada made cannabis fully legal, resulting in a shortage in the country. Companies that manage to start activity in the coming year will almost certainly be able to export their goods to Canada for the recreational market.

The volume of sales in the early days indicates that demand is even greater than estimated. Two or three years from now, however, the global supply now being built up will be enough to meet the demand in Canada and overtake the demand in countries planning to legalize cannabis during this period. This is the background for the signing of Asif 420's agreement.

Haim Ramon is not the only ex-politician who believes in cannabis. A few weeks ago, it was reported that former Prime Minister Ehud Barak had been appointed chairperson of InterCure Ltd. (TASE: INCR-L), which merged into itself active cannabis company Canndoc Pharma. Ramon and Drori are advisors at Asif 420, but Barak is active chairperson of InterCure, and will be paid accordingly.

Full disclosure: Vered Ramon Rivlin, editor of the "Lady Globes" magazine, is Haim Ramon's wife.

Published by Globes, Israel business news - en.globes.co.il - on October 25, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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