Ehud Barak to Earn $10,000 a Month Chairing Medical Cannabis Firm

The former PM and active Labor politician will also receive stock options convertible into 5% of the company's stock

Yoram Gabison
Yoram Gabison
Send in e-mailSend in e-mail
Ehud Barak in 2017; grey beard and hair, wearing wire frame glasses, light blue shirt and dark blue jacket, seated, and smiling.
Ehud Barak Credit: Ofer Vaknin
Yoram Gabison
Yoram Gabison

Former prime minister Ehud Barak has been named active chairman of the medical cannabis company InterCure. InterCure shares soared following the announcement in early trading in Tel Aviv on Tuesday.

Barak's function will be international business development, and to shape strategy for the company's global growth. The former PM and active Labor politician will earn $10,000 a month and will receive stock options convertible into 5% of the company's stock, said InterCure.

>> Opinion: The left demands perfection instead of seeing Ehud Barak as the leader he is

The strike price for Barak averages 3.20 shekels per share, which is a heady 60% premium over Intercure's opening share price on Tuesday.

Barak stated that he is delighted to be joining the company's management, and noted the potential that medical cannabis has for helping the sick. "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," he stated.

Previously, InterCure acquired the full controlling interest in Canndoc, which has an active licensing throughout the medical cannabis production chain, from research to marketing. The company's products are sold to Israelis for uses approved by the Health Ministry, and it has various collaborations in Israel and beyond. Thanks to adhering to the strictest IMC-GAP standards, Canndoc products can be sold in pharmacies.

At this point InterCure is thinking about dual-listing on Nasdaq (or another American market), based on the growing world demand for medical marijuana. It is also in the process of changing its name to Canndoc Pharma.

The global market for medical cannabis is projected to reach $150 billion a year, according to UN estimates.

InterCure also owns 17.25% of Regenera Pharma of Rehovot, which is developing novel drugs and is in Phase III testing of a drug for people who suffered stroke of the optic nerve, and Phase II testing of a drug for Alzheimer's disease. Intercure also owns 9.3% of Novellusdx, which is developing a way to improve the efficacy of cancer treatments.

Click the alert icon to follow topics:

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.
From $1 for the first month

Already signed up? LOG IN

ICYMI

The Orion nebula, photographed in 2009 by the Spitzer Telescope.

What if the Big Bang Never Actually Happened?

Relatives mourn during the funeral of four teenage Palestinians from the Nijm family killed by an errant rocket in Jabalya in the northern Gaza Strip, August 7.

Why Palestinian Islamic Jihad Rockets Kill So Many Palestinians

בן גוריון

'Strangers in My House': Letters Expelled Palestinian Sent Ben-Gurion in 1948, Revealed

AIPAC

AIPAC vs. American Jews: The Toxic Victories of the 'pro-Israel' Lobby

Bosnian Foreign Minister Bisera Turkovic speaks during a press conference in Sarajevo, Bosnia in May.

‘This Is Crazy’: Israeli Embassy Memo Stirs Political Storm in the Balkans

Hamas militants take part in a military parade in Gaza.

Israel Rewards Hamas for Its Restraint During Gaza Op