Brief

Canadian Cannabis Company Namaste Acquires 10% Share in Israeli Cannabis Producer

Cannbit produced medical-grade cannabis. On Sunday, it finalized a deal to list on the Tel Aviv Stock Exchange by merging with a shell company

Canadian cannabis company Namaste Technologies Inc. acquired 10% of the issued share capital of Israeli cannabis producer Cannbit Ltd. for around $689,000 (NIS 2,500,000), Namaste announced Monday. On Sunday, Cannbit has finalized an agreement to merge with a Tel Aviv-listed shell company. As part of their deal, Namaste is set to begin exporting Cannbit’s cannabis to the Canadian market, pending regulatory approval.

Cannabis (illustration). Photo: Getty Images