Teva Israel CEO quits to head medical cannabis co Cannbit

Avinoam Sapir

Avinoam Sapir has been appointed CEO of Israeli medical cannabis company Cannbit.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) SVP and general manager Teva Israel cluster Avinoam Sapir has stepped down and been appointed CEO of medical cannabis company Cannbit Pharmaceuticals Ltd. (TASE: CNBT). He will replace former MK Ifat Kariv. Sapir joined Teva in 2002 and has held many positions including VP business development. He was also chairman of Sanara Ventures, a joint investment fund with Philips Healthcare.

Cannbit's share price jumped 13% on the news, giving a market cap of NIS 222 million. The company said that Sapir was chosen to meet the challenges set by the company and to make it a major player on the global market, while consolidating its position as a leading company in Israel.

Sapir said, "This is a thrilling field and I am convinced that it can bring good news and healing to millions of patients in Israel and worldwide."

Cannbit recently acquired Israeli medical cannabis company Tikun Olam.

Published by Globes, Israel business news - www.globes-online.com - on April 20, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Avinoam Sapir
Avinoam Sapir
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