After reporting over the past few days that it has fulfilled the terms for buying the stock market shell of former contewnt technology platform Vonetize (TASE: VNTZ), the Barazani family have appointed Haim Ramon, the former Minister of Justice and Minister of Health, as chairman.
In his new role, Ramon will work 40 hours per month (subject to shareholders approval) for NIS 15,000 per month and share options worth 3% of the company's equity. Until year, Ramon has served as a director of Direct Insurance and its holding company. In the past year he has served on the board of directors of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and as a consultant to several companies including Keter Plastic.
Under new management, Vonetize plans engaging in the medical and recreation cannabis market in the US in states where the drug is fully legalized. Vonetize reports that it plans initially operating in Colorado through its subsidiary Aspen Forest.
Adv. Ilan Gerzi, a senior partner and head of the capital market group at the Pearl Cohen law firm who accompanied the process of merging the operations with Vonetize said, "This is a precedent-setting move that has never been seen before in Israel."
Published by Globes, Israel business news - en.globes.co.il - on July 9, 2020
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