Medical Cannabis Company
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It reports that it is considering double listing on a foreign stock exchange, including on the NASDAQ or New York through Spock. Article link https://www.news1.news/news/2021/02/unibo-may-issue-through-spock-on-nasdaq-the-capital-market.html
The purpose of the listing according to Unibo is to expand the investor base and support activities outside Israel.
If this does happen and Bionibo chooses Wall Street and Spock’s option, it will be the second Israeli medical cannabis company to do so, following the merger of Intercure’s Kandok with the skeleton of the Canadian real estate company’s subversive real estate acquisition reit. $ 300 million, and in order to complete it, the skeleton raised about $ 225 million from existing shareholders as well as about $ 65 million from new investors.
Unibo recently published preliminary results for 2020, with its estimate that revenues for the entire year will be about NIS 33 million, while in the second half of the year they will be 130% higher than those of the first half. According to Unibo, the company maintains a high growth rate and profitability and the increase in its revenues is beyond the growth rate of the market.
Unibo has a factory that produces medical cannabis products in the new regulation of the Ministry of Health. Article link https://www.news1.news/news/2021/02/unibo-may-issue-through-spock-on-nasdaq-the-capital-market.html
The company sells IMC-GMP products to about 138 pharmacies in Israel, as well as owns a commercial distribution center and owns a medical cannabis growing farm. Article link https://www.news1.news/news/2021/02/unibo-may-issue-through-spock-on-nasdaq-the-capital-market.html
The company is traded at a value of about NIS 100 million, after an increase of 7% since the beginning of the year.
“In light of Unibo’s activity in 2020 and anticipating another year of growth in 2021, we have decided to examine listing on a foreign stock exchange in order to bring the story of Unibo’s growth to international investors as well,” Said Golan Bitton, CEO of Unibo. “After several years in which the cannabis field has belonged to a relatively small number of investors around the world, investment in the field is moving to the mainstream and we are witnessing the entry of international institutional investors to companies that have proven high quality cannabis production and revenue growth.”
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