Cannabis E-commerce Venture Seeks to Merge with Tel Aviv Shelf Company
A group of Israeli businessmen, investors, and tech entrepreneurs turned its sight to cannabis, a fast-growing local industry and a lucrative niche for companies seeking to leverage the hype on capital markets
13:5418.02.19
A group of Israeli businessmen, investors, and tech entrepreneurs turned its sight to cannabis, a fast-growing local industry and a lucrative niche for companies seeking to leverage the hype on capital markets. They are setting up an e-commerce platform for cannabis-based products and seeking to merge with Tel Aviv shelf company User Trend Ltd.
Growing cannabis. Photo: Bloomberg Other group members include Noam Lanir, CEO of investment firm Livermore Investment Group, Alon Carmeli, founder of web monetization company Babylon Ltd., in which Lanir was a controlling stakeholder.
Together, the investors will own a combined 59% of the company’s stocks.
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The group includes Ofer and Benny Shabtai, former stake owners in messaging company Viber, brother-duo Hadar and Nir Shamir who jointly own hedge fund Shamir Capital, and Ran Nussbaum, co-founder of Israel-based venture capital firm Pontifax Ltd.
Growing cannabis. Photo: Bloomberg The deal is conditional on raising NIS 8.5 million (approximately $2.35 million) through the issue of shares.
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- Cannabis Outfit Recruits Israeli Nobel Laureate for Board
- Israeli Government Approves Cannabis Export Reform
- Israeli Company Spikes Popcorn, Pizza, and Iced coffee With Cannabis
Cannabis stocks have skyrocketed on the Tel Aviv stock exchange over the past 18 months, leading to a bevy of mergers. There are currently 17 cannabis-related firms listed on the exchange.
