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Over the years, Israel has grown into an international giant in the cannabis industry. Recent regulatory reforms approved by the Israeli Ministry of Health allowed physicians to prescribe cannabis to patients as a first-line treatment. Israel has seen a significant increase in the number of licensed medical cannabis patients in the wake of the war in Gaza, particularly those linked with PTSD and pain management, reported Marijuana Moment citing a local Israeli cannabis news publication.
ICD Pharma, Tikun Olam Cannbit (OTC:TKUNF) and Syqe Medical Ltd., a cannabis inhaler maker that previously received a $20 million investment from the tobacco giant Philip Morris which now plans to acquire it in a deal worth up to $650 million. Then there's IM Cannabis Corp. (CSE:IMCC) (NASDAQ:IMCC), the first Israeli cannabis company to debut on the NASDAQ in 2021 are just some of the companies operating in Israel and are ready to capitalize on evolving cannabis policies.
North American cannabis giants are also taking part in the burgeoning market. Curaleaf International, a division of Curaleaf Holdings, Inc. (OTC:CURLF), exported more than one metric ton of medical cannabis to Israel as part of a larger supply deal with BOL Pharma in 2021. Canadian marijuana giant Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) followed suit, completing its largest cannabis shipment to Israel worth CA$10 million ($7.8 million) in 2022.
This comes as a surprise in that Israel, a technology and medical tech innovator, has been conducting extensive research on medical cannabis, focusing on adherence, safety and effectiveness of medical cannabis.
Now, SciSparc Ltd. (NASDAQ:SPRC), a cannabinoid-focused pharmaceutical company headquartered in Tel Aviv, is looking to expand in the burgeoning market. The company said on Wednesday that it has signed a non-binding letter of intent to merge with a leading vehicle importer with revenues over $52 million for the first half of 2023. SpiSparc did not disclose the name of its new potential partner.
The merger is expected to be consummated via a reverse triangular merger, under which SciSparc will establish a new wholly-owned Israeli subsidiary, which would in turn merge with and into the vehicle import company, leaving it as the surviving company.
Once and if the merger is completed, SciSparc will transfer its technologies and product candidates about pharmaceutical activities, with all associated obligations and liabilities, to a separate legal entity or the new enterprise.
SciSparc said it will explore the possible distribution of the entity’s shares as dividends in kind to its shareholders.
The company also said that its potential partner would become its wholly-owned subsidiary under the merger deal.
Following the closing of the deal, the combined company would continue to trade on the Nasdaq Capital Market under a new name to be agreed upon by both parties.
In addition, after the closing and the contemplated closing of a concurrent financing round, the vehicle importer company’s equity holders will hold approximately 80% of the combined company’s share capital. Upon closing, the combined company would transfer $3 million in cash to the vehicle importer company.
