Ehud Barak’s Cannabis Stock Options Worth Over $1 Million
The stock of Israeli medical cannabis company InterCure has gone up 58.2% since the appointment of former Israeli Prime Minister Barak to the role of chairman.
The stock of Israeli medical cannabis company InterCure, Ltd., has gone up 58.2% since the appointment of former Israeli Prime Minister Ehud Barak’s to the role of chairman. Tel Aviv-traded Intercure announced the appointment on September 25, prompting the stock to go up 24.76% by that day’s end. Barak is set to lead Intercure’s global expansion strategy and will earn $10,000 for 40 hours per month, the company said. Within two weeks, Barak’s stock options, convertible into 5% of Intercure’s stock, had gone up 82% which gives Barak’s option a total value of more than $1.1 million (NIS 4 million).
In September, Intercure, which functions as a holding company, acquired Israeli cannabis cultivator Canndoc Ltd. for an undisclosed amount. Canndoc is licensed in Israel to produce and market medical cannabis and its products. Intercure also holds a 17.25% stake in Israel-based clinical stage company Regenera Pharma Ltd., which develops drugs for a wide range of neurological conditions, and a 9% stake in Jerusalem-based NovellusDx Ltd., which develops biological cancer treatments.