Avisror Group is to invest NIS 12 Million in medical cannabis company Univo (TASE: UNVO) and its Amit Farm for the cultivation of medical cannabis produce. NIS 6 million will be for approx. 1.2 million shares at NIS 4.89 per share, a 52% premium on the closing price of the share on the previous trading day and 0.5 million stock options at an exercise price of NIS 4.5 per share. Avisror Group will also loan NIS 6 million to Amit Farm, in consideration for an allocation of 23% of Amit Farm shares. Following the completion of the allotment, subject to the required approvals, Univo will hold 51% of Amit Farm.
Univo owns a facility for the manufacture of medical cannabis products under the new Ministry of Health regulations and IMC-GMP standards, as well as a medical cannabis farm that is currently under construction.
Univo has just begun commercial production of medical cannabis products after gaining IMCA and GMP certifications
Univo CEO Golan Bitton said, "Having received the approvals required for full commercial operations, under the new GMP-standard regulations, we are enhancing Univo's financial stability and acting to expedite the construction of Amit Farm."
Published by Globes, Israel business news - en.globes.co.il - on October 31, 2019
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