Medical cannabis co Together's market cap soars to NIS 500m

medical cannabis

The company is not yet growing any cannabis, and does not yet have any plant to process it.

Hype share Together's (TASE: TGDR) share price was down 5% on the TASE, following the completion of the deal to merge the emerging cannabis activity of Globus Pharma into the stock exchange shell that was Together before the merger. The largest parties at interest in Together at present are the shareholders in Globus Pharma: Guy Attia (28%), Nissim Bracha (25.5%), and Nir Sosinsky (21%), who were allocated a total of 75% of the shares in the stock exchange-listed company as part of the merger. Following the offering and today's drop in the share price, Together's market cap stood at NIS 470 million, following a leap of nearly 600% in the share price in three months on huge trading turnovers.

Globus Pharma is a young company with a license to grow cannabis in Israel and overseas, plus marketing agreements with a number of international concerns that have undertaken to buy the plant from it when it is produced. Globus Pharma, however, has not actually grown any cannabis, and has therefore not built a plant to process the product. Israel does not yet permit cannabis exports, so activity in Israel meanwhile has limited potential. In foreign activity, which does not require export approval from Israel, establishment of a hothouse in a foreign country is taking place through a third party.

Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2018

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

medical cannabis
medical cannabis
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