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.
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.
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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.