Ex-Israeli Air Force Commander Named Chairman of Medical Cannabis Producer Cannbit

Former Israeli Air Force Commander Eitan Ben-Eliyahu was appointed chairman of Israeli cannabis producer Cannbit, an announcement that was made after the ex-military figure bought NIS 1.5 million ($417,000) worth of stocks in the company, CTech by Calcalist reported late last week.

Ben-Eliyahu had previously invested in the firm, along with SodaStream CEO Daniel Birnbaum and Israeli Knesset member Yifat Kariv. Birnbaum made a NIS 5 million ($1.38 million) investment in the Israel cannabis company in March.

Ben-Eliyahu served as IAF commander from 1996-2000. He recently stepped down as chairman of Israeli company Aeronautics Defense Systems Ltd. after holding the position since 2012, CTech reported.

Cannbit signed a Memorandum of Understanding (MOU) with Canadian cannabis company Namaste Technologies in December 2018, which will see the company help Cannbit establish cannabis ventures outside of Israel as well as raise funds from private foreign investors, Globes reported. The Israeli daily said the Israeli firm has licenses to grow cannabis outside of the country but is now in the process of establishing facilities in Israel. Cannbit will also introduce Namaste to Israeli cannabis companies for investment purposes.

Namaste acquired 10 percent of the issued shared capital of Cannbit for NIS 2,500,000 ($688,000) in June 2018.

Ben-Eliyahu is the latest former public figure to have jumped on the medical cannabis bandwagon. The Israeli government approved the medical cannabis export law in January 2019, paving the way for the country to become a leading medical cannabis exporter.

Last week, Yaakov Peri, a former head of the Israeli security agency Shin Bet and former Israeli minister of science, technology, and space, joined CANN-IL as president and partner of the new medical cannabis research firm.

Last month, former IDF chief of staff Dan Halutz was named the chairman of the board of directors of CFR, a newly founded company aiming to enter the medical cannabis industry in Israel.

Also in May, Univo Pharmaceuticals announced that former Israeli prime minister Ehud Olmert would join as an investor and adviser.

Former Israeli Police chief Yohanan Danino is currently a chairman at Israeli medical cannabis company Together Pharma and former Israeli air force commander Ido Nehushtan is chairman of cannabis insurance company Cannasure Insurance Services.

In September 2018, former Israeli prime minister Ehud Barak was appointed chairman of the board for medical cannabis firm Canndoc/InterCure Pharma.