Medical cannabis firm Together Pharma was able to secure a NIS 10 million loan and NIS 10m. in working capital from Bank Mizrahi-Tafahot in exchange for the equivalent of stock options, according to a Monday press release.
Noting his company was “first to secure funding from an insurance company,” Together founder and CEO Nissim Bracha added that they are “working to expand the investing foundation in the company.”
Together currently operates two medical cannabis greenhouses in Israel and Uganda and is able to produce roughly 30 tons annually. The company is currently building a processing and packaging center close to its Israeli greenhouse. The firm intends to handle distributing its own products to pharmacies across the nation.
The firm intends to sell 10 grams of their product for roughly NIS 100 (roughly $30), The Jerusalem Post reported in October.
Due to the COVID-19-induced financial slump, various players in the Israeli market such as the Tel Aviv Stock Exchange and the Bank of Israel had encouraged “lifting barriers” between institutional investors and less traditional investments such as medical cannabis and hi-tech.