Former Israeli Representative to UN Hops on Cannabis Wagon
Dan Gillerman will step in as the chairman of Israel-based medical cannabis company Pharmocann
Tzally Greenberg | 14:59 24.11.2019
Dan Gillerman, who served as the Israeli representative to the United Nations between 2003 and 2008, has been appointed as the chairman of Tel Aviv-listed medical cannabis company Pharmocann Ltd., the company announced in a stock filing Sunday. Gillerman was also formerly the chairman of the Federation of Israeli Chambers of Commerce, and a board member at Israel’s Bank Leumi, First International Bank of Israel, and the Bank of Israel. He currently holds several roles, including chairman of the America–Israel Friendship League. Founded in 2008, Pharmocann is one of Israel’s veteran medical cannabis growers and has a market capitalization of NIS 173.98 million (approximately $50 million). The company reported revenues of NIS 8.9 million (approximately $2.5 million) for the first six months of 2019, up from NIS 6.9 million (approximately $2 million) in the first six months of 2018, and a net loss of NIS 47.6 million (approximately $13.7 million) due to listing expenses, compared to a net income of NIS 4.5 million (approximately $1.3 million).