Brief

Cannabis Producer Cannbit Raises Almost $9 Million in Public Offering

The Israeli company will now petition the Tel Aviv Stock Exchange to move from the maintenance list to the primary list

Israeli cannabis producer Cannbit Pharmaceuticals Ltd. has raised NIS 31.4 million ($8.73 million) in a public offering of 19% of its registered capital, the company announced in a filing to the Tel Aviv Stock Exchange Thursday. The company offered 1.745 million shares at NIS 18 ($5) per share. The company opened the offering at 11:00 a.m. Israel time and closed it at 6:00 p.m.

 

The company will now petition the exchange to move from the maintenance list to the primary list.

 

Cannabis. Photo: Shutterstock