Cannabis Producer Cannbit Snags THC Research Pioneer Raphael Mechoulam

Israeli cannabis producer Cannbit Ltd. has appointed cannabis research pioneer Raphael Mechoulam as chairman of the company's scientific advisory committee, the company announced in a stock exchange filing Sunday.

Mechoulam, a professor of medicinal chemistry at the Hebrew University of Jerusalem, was the first person to identify the main psychoactive constituent in cannabis, THC. Mechoulam is also the subject of a 2015 documentary titled The Scientist.

Israel is one of few countries in the world to permit conducting experiments with medical marijuana which made its universities and hospitals a hotbed for research in this field. In January, the Israeli government approved a long-awaited reform to allow the export of medical cannabis and its product.

Cannbit’s facility spans 4,000 square meters and is located in Neot Hakikar, just south of the Dead Sea. In June, Canadian cannabis company Namaste Technologies Inc. acquired 10% of Cannbit’s issued share capital.