Atlas Global signs agreement with cannabis distributor and two cannabis pharmacies in Israel
February 8, 2023 By Grow Opportunity Staff
(Globe Newswire) Vancouver — On February 6, 2023, Atlas Global Brands Inc. signed a definitive share purchase agreement for the acquisition, through its wholly owned subsidiary, Cambrosia Ltd., of a 51 per cent interest in (i) an Israeli licensed cannabis “trading house,” intended to serve as the company’s hub for imports to and distribution within Israel, and (ii) two pharmacies licensed to dispense medical cannabis in Israel, for consideration consisting of up to 2,800,702 common shares of Atlas.
“We are pleased to sign this agreement which brings us a step closer to expanding our footprint in Israel. Increasing our capabilities across the value chain in Israel is core to our growth strategy, and this transaction increases our control of the distribution of Atlas’ brands, while bringing a strong product portfolio to the market. With the recent announcements made by the Israeli Ministry of Health (IMH) to potentially transition from a medical cannabis licensing model to cannabis prescriptions, Atlas is well positioned to provide greater access to many more patients in Israel.” — Bernie Yeung, CEO of Atlas Global
The acquired businesses
Upon completion of the transaction, the company will acquire 51 per cent of the outstanding securities of the following businesses:
- An Israeli licensed cannabis trading house, strategically located in Tel Aviv. The company plans to use this trading house as its hub for the import, storage, and distribution of cannabis in Israel. A Trading House is an entity licensed to purchase, trade and store cannabis. To the best of Atlas’ knowledge, this is the only trading house in Tel Aviv.
- Two pharmacies licensed to dispense medical cannabis, one in Tel Aviv and the other in Jerusalem, in prime locations. Unlike most cannabis pharmacies in Israel, these pharmacies were designed for the sale of cannabis from the outset. It is believed that these pharmacies will help position Atlas as a premium supplier of cannabis in the Israeli market and expand Atlas’ retail presence in Israel.
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