Canomed: Investment of tens of NIS in the growth facility – the capital market

Medical Cannabis Company

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Reports that the subsidiary of BioPharm has signed a non-binding memorandum of understanding with an American corporation that will invest an estimated amount of tens of millions of shekels in the company’s indoor growing facility in Tziporit.

The corporation, ST BioSciences (which will begin trading on NASDAQ soon), will bear all the costs of setting up the growth facility, which will include a processing and packaging plant according to EU-GMP standards, as well as the establishment of an R&D laboratory.

In return, BioSciences will be entitled to 60% of the rights in the various activities at the facility, including cultivation, processing, storage and tomorrow. The corporation will also be entitled to 49% of the rights in the medical cannabis product trading hall that Biopharm has received initial approval to establish, as well as half of the rights in a pharmacy to be established in the facility, which the parties will bear equally in set-up costs.

At the same time, BioSciences will be given exclusive distribution rights for the sale of BioPharm’s CBD products, in vending machines for the sale of these products that the American corporation is interested in importing to Israel. BioPharm, for its part, will be entitled to shares in the amount of 1% fully diluted by the corporation, a rate that will be maintained even after it enters the NASDAQ as part of a merger into a stock exchange skeleton.