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Israeli Cannabis Company Breath of Life to Launch Toronto IPO

Stock MarketsMay 29, 2019 01:40PM ET
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© Reuters. - Cannabis companies continue to flock to the Toronto Stock Exchange, including an Israeli grower looking to export to many parts around the globe.

Last week, Breath of Life International became the first Israeli marijuana cultivator to apply to launch an initial public offering with the TSE.

The company, which is commonly known as BOL Pharma, grows medical cannabis and produces cannabinoid products that are supplied to patients and pharmacies in Israel. It is aiming to produce for export markets in Europe, Canada and Australia. It is focused on becoming a global leader in pharmaceutical drugs intended to address “unmet medical needs of patients in therapeutic areas, including central nervous system disorders, pain and palliative care management, and inflammation and autoimmune disorders,” the company said in a statement.

The marijuana company is working with researchers in Israel and has several products currently under development.

BOL Pharma has 377,000 square feet of greenhouse space and manufacturing operations in Revadim, Israel. It is also expanding existing operations in Portugal.

Another Israeli cannabis company, Kalytera Therapeutics (TSXV:KLY), is listed on the TSX Venture Exchange.

In a separate announcement, the large American hemp company Charlotte's Web Holdings (CSE:CWEB) has announced it will be moving to Canada’s largest stock exchange at the end of trading tomorrow.

The manufacturer of hemp-based cannabidiol, or CBD, wellness products will graduate to the TSE from the Canadian Securities Exchange, where its shares are currently traded.

This move comes in the wake of the recent federal legalization of hemp production in the United States. The TMX Group, which operates the TSX and the TSX Ventures exchange, restricts companies from listing on the exchange where cannabis and cannabis-related production is federally restricted. The passage last December of the U.S. Farm Bill, which legalized hemp production in the U.S., removed that hurdle.

Charlotte’s Web will be simultaneously delisted from the CSE at the end of trade tomorrow.

The company, which is headquartered in Boulder, Colo., issued its first-quarter earnings yesterday, reporting a 66% jump in revenues to US$21.7 million, compared with US$13.1 million the same quarter last year.

Net revenues for the quarter were US$2.3 million, down from US$3.1 million in the same period the previous year.

Shares of Charlotte’s Web were trading down Wednesday morning in both Canada and the U.S. amid a broader market slump.

Israeli Cannabis Company Breath of Life to Launch Toronto IPO

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