Former Israeli prime minister Ehud Barak is to be appointed chairman of InterCure Ltd. (TASE: INCR), which invests in biotech and life sciences companies.
Barak will head InterCure's global growth strategy and international business development. He will receive compensation costing $10,000 monthly for 40 hours work a month. Barak will also be entitled to an options plan amounting to 5% of the company at an average strike price of NIS 0.32, representing a premium of some 60% on InterCure's current share price.
InterCure, which is changing its name to Canndoc Pharma after buying medical cannabis company Canndoc, is the only company on the Tel Aviv Stock Exchange that holds a permanent license covering the entire medical cannabis value chain. It bought 100% of Canndoc, which has been engaged for ten years in medical cannabis research and in cultivating cannabis for thousands of patients with the various indications approved by the Ministry of Health, and it has collaborations in place in Israel and internationally.
"I am happy to be joining the company's senior management," Barak said. "Medical cannabis has proven potential to aid and improve the lives of many patients around the world, and Western countries have adopted and are adopting it as a recognized medical treatment. The company is well positioned to break into these markets. I intend to lead the company's international growth strategy and to take an active part in its business development with the aim of turning Canndoc Pharma into a global leader in its field."
Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2018
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