Cannabis-Focused Accelerator and Services Company iCAN Receives a $3 Million Convertible Loan

Israeli accelerator and services company iCAN: Israel-Cannabis has raised a $3 million secured convertible loan from a group of investors led by Toronto-based Plaza Capital, iCAN announced Tuesday. The convertible securities, at a rate of 8.0% per annum, were made according to a valuation of $20 million.

In January, during the World Economic Forum in Davos, iCAN hosted a three-day cannabis event at the Canada pavilion. Israel’s former prime minister Ehud Barak, who was appointed the chairman of Israeli medical cannabis company InterCure Ltd. in September, attended the event. Another participant was Anthony Scaramucci, the founder and co-managing partner of New York-based SkyBridge Capital, who also briefly served as the director of communications for U.S. President Donald Trump.