Cannabis Firm Namaste Acquires 10 Percent Share Equity Of Israeli Cannabis Producer

June 18, 2018 | Canadian cannabis firm Namaste Technologies announced Monday it had acquired 10 percent of the issued shared capital of Israeli medical cannabis producer Cannbit for NIS 2,500,000 ($688,000.) Cannbit has also signed a binding agreement to complete a merger with a company listed on the Tel Aviv Stock Exchange, the statement from Namaste says. Cannbit will retain 85 percent ownership of the combined public entity. According to the agreement, Namaste has established a “supply arrangement” with Cannbit to export Cannbit’s cannabis to the Canadian market, pending approval by Health Canada and the Israeli government. Namaste will also engage with Cannbit to expand the company’s Israeli-based vaporizer sales platform.