Together buys medical cannabis co Cannabliss for NIS 14m

Yohanan Danino Photo: Together
Yohanan Danino Photo: Together

Cannabliss has major knowhow and experience in developing medical cannabis products, and managing a factory.

Together Pharma (TASE: TGDR), which specializes in cultivating and producing medical cannabis, has reported the acquisition of Cannabliss, a medical cannabis pioneer in Israel and manufacturer of other oils and products according to formulations, which it has developed. Under the terms of the deal, Together will pay Cannabliss's shareholders NIS 4 million in cash and an allocation of 5% of Together's shares worth about NIS 10 million as well as options to buy 3% of Together's shares subject to meeting targets.

Cannabliss has ten years knowhow and experience in treating thousands of customers, managing a medical cannabis products factory, and R&D activities.

In addition, over the past decade Cannabliss has conducted unique cooperation with the Hadassah Medical Center at Ein Kerem in which the hospital has operated a distribution center providing diagnosis, treatment and training for patients by qualified nurses for users of medical cannabis.

Together Pharma chairman Yohanan Danino said, "The Cannabliss deal is a major strategic step and a central part of Together Pharma's business plan. This step will bring to full expression the relative advantages of the company in R&D and manufacturing medical cannabis products. This acquisition will have a significant contribution to Together's positioning as a leading company on the world cannabis map."

Together Pharma CEO Nissim Beracha said, "We are delighted that the management and employees of Cannabliss are joining Together. They bring with them comprehensive experience and knowhow in taking part in R&D and manufacturing cannabis products for thousands of patients and conducting joint R&D with the Hadassah Medical Center. These added values, as well as unique Intellectual Property, support our existing capabilities in cultivating, manufacturing and reproducing medical cannabis in Israel and abroad, with a base for international commercial and marketing cooperation."

Cannabliss's management will continue to manage the company under Together Pharma. Cannabliss will continue to operate the existing distribution center and to provide a response to its customers as well as to strive to increase the number of patients, asmong other things through Pannaxia, until the launch of the new factory that Together will build in compliance with the new GMP standard and according to the new Medical Cannabis Unit regulation, which Cannabliss will manage after it is launched.

Cannabliss CEO Moshe Ihea said, "We have found in Together, the appropriate human and business platform for realizing Cannabliss's vision and developing future products. The management team, and sound infrastructure that Together has established, and its deployment to enter international markets are very appropriate to its company profile and marketing strategy and we believe that the combination of the major knowhow and experience that we have gained together with the vision and sound base of Together are a guarantee of joint success and prosperity."

Published by Globes, Israel business news - en.globes.co.il - on June 13, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Yohanan Danino Photo: Together
Yohanan Danino Photo: Together
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