Cannabis Producer Cannbit Raises Almost $9 Million in Public Offering

Israeli cannabis producer Cannbit Pharmaceuticals Ltd. has raised NIS 31.4 million ($8.73 million) in a public offering of 19% of its registered capital, the company announced in a filing to the Tel Aviv Stock Exchange Thursday. The company offered 1.745 million shares at NIS 18 ($5) per share. The company opened the offering at 11:00 a.m. Israel time and closed it at 6:00 p.m.

The company will now petition the exchange to move from the maintenance list to the primary list.