Medical Cannabis Company Together Pharma to Acquire Jerusalem-based Cannabliss for $3.9 Million

Tel Aviv-listed Together Pharma Ltd., an Israel-based company focused on growing, exporting, and distributing medical cannabis, is acquiring Jerusalem-based Cannabliss Ltd. for NIS 14 million ($3.9 million), the former announced in a filing to the Tel Aviv Stock Exchange Thursday.

Founded in 2009, Cannabliss develops and manufactures smoke-free cannabis products, such as oils, candies, and cookies. The company maintains a research and development cooperation agreement as well as a distribution center in conjunction with the Hadassah Ein Kerem hospital in Jerusalem.

Together Pharma was created from a merger in December 2017 between Tel Aviv-listed shelf company Together Startup Network Ltd. and Globus Pharma, an Israel-based company that has received highly sought-after government permits required for growing and marketing medical marijuana in Israel. In a July announcement, Together Pharma said it was setting up a skincare subsidiary in partnership with Israeli cosmetics and skincare company Premier Dead Sea Cosmetics Laboratories.