Business in Brief

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Cellcom, Pelephone abandon joint 4G plans

Cellcom Israel and Bezeq’s Pelephone unit said on Sunday they were abandoning attempts to develop a joint fourth-generation cellular network but would try to collaborate within the restrictions placed on them by regulators last week. Both the Communications Ministry and the Antitrust Commissioner have said they would oppose a plan by the two companies, which envisioned a third operator, Golan Telecom, piggybacking on the network. However, the two companies said they did expect to get approval to build a joint third-generation network with Golan. The companies hope to save costs by collaborating but the Communications Ministry said it would undermine competition. (Amir Teig)

Global Cannabis to invest in Israel’s BreedIT

Global Cannabis Ventures, a U.S. company that describes itself as “pursuing opportunities in the legal cannabis industry internationally,” will invest up to $800,000 in BreedIT. BreedIT, a maker of software for plant breeders, said on Thursday that Global Cannabis’ Intiva Parma unit, which invests in companies developing pharmaceuticals from cannabinoids, invested $200,000 in the company and might put in as much as $600,000 more. “Our motivation for the investment was our belief in BreedIT’s opportunity to become a global leader in the breeding and licensing of high quality cannabis seeds,” said Intiva CEO Richard Greenberg. BreedIT shares fell 1.2% to 42 cents in New York on Friday. (Dror Reich)

Tel Aviv shares end higher; Kamada plunges

The Tel Aviv Stock Exchange ended higher Sunday, overcoming sharp drops for Israel Chemicals (see story on this page) and Kamada, its two most heavily traded shares. The benchmark TA-25 index finished up 0.4% at 1,383.97 points whiles the TA-100 finished with an 0.25% gain at 1,246.83. Turnover was a thin 532 million shekels ($153.8 million). Kamada plunged 36% to a close of 30.12 shekels after reporting over the weekend that an experimental drug failed in a key trial. Allot Communications rallied, adding 5.6% to end at 46.36 shekels and TowerJazz added 4.3% to 31.60, marking a rise of nearly 21% over the past six sessions. (Shelly Appelberg)