Former Israeli Prime Minister Ehud Olmert is joining Israeli medical cannabis company Univo Pharmaceuticals Ltd. (TASE: UNVO) as an investor and professional advisor, the company has announced. Since the start of the year, Univo has received licenses for the cultivation, R&D, production, and distribution of cannabis products.
Univo owns 74% of the Amit Cannabis growth farm and has signed an exclusive agreement to develop the formulation for Veoli’s new cannabis inhaler. Univo is currently traded on the Tel Aviv Stock exchange.
As well as being a former prime minister Olmert has served as health minister and is currently the head of Israel’s Public Council for Healthy Lifestyles. He also leads a private venture capital firm that invests in top medical technology companies in Israel. Olmert will reportedly earn a salary of $10,000 per month plus share options for 3%-4% of the company to be fully realized two years from their date of allocation.
Univo conducts all of its research in-house and will continue to develop its new 750 square meter facility, which is currently under construction and includes an on-site R&D laboratory. Using this facility, Univo will continue to grow high-quality cannabis while developing a diverse product line using innovative technologies and unique medical cannabis strain genetics..
Olmert said, “The tech revolution has entered the medical cannabis space and is expediting all R&D, manufacturing, and even regulatory procedures, with the goal of relieving pain for patients suffering from a spectrum of diseases. Israel is stepping up and joining the world’s most progressive nations in developing a pivotal local industry that has the potential to contribute to global medical cannabis R&D efforts. After I examined Israel’s top medical cannabis companies, I chose to contribute my experience and knowledge to Univo, because I believe that Univo has the best chance of becoming an independent entity when it comes to manufacturing and distributing top cannabis-based products."
Olmert is the second former Israeli prime minister to jump on the medical cannabis bandwagon. Ehud Barak was appointed chairman of medical cannabis company Intercure last September.
“I am proud of this partnership with a fierce leader with a distinguished track record,” said Ido Hagag, one of Univo’s key investors. “I have no doubt that Mr. Olmert’s connections with global markets and his capabilities in the health sector will help steer our company towards improving patient care world wide.”
Univo cofounder and CEO Golan Bitton added, “After Mr. Ehud Olmert took a close look at the top names in the Israeli medical cannabis sector, and after visiting our factory, which is the most technologically advanced when it comes to manufacturing and distributing cannabis-based products to the world, he had no doubt he would choose to work with Univo exclusively. We’re proud to have Mr. Olmert supporting our vision and putting his trust in our manufacturing and supply chain. This is a major milestone for Univo that soon enough will soon bear fruit.”
Published by Globes, Israel business news - en.globes.co.il - on April 3, 2019
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