Israel’s largest medical cannabis producer, Breath of Life International Ltd., better known by its acronym BOL, has reportedly filed a preliminary prospectus for a proposed initial public offering (IPO) of shares on the Toronto Stock Exchange (TSX).
The move will make BOL Pharma the first Israeli medical cannabis company to list its shares on the TSX. Notably, Kalytera Therapeutics Inc., another Israeli medical marijuana firm, has its shares presently listed on Canada’s public venture capital exchange for emerging companies- TSX Venture Exchange.
BOL Pharma, one of the first licensed medical marijuana cultivators in Israel, is working in collaboration with medical centers and research facilities across the country to support a clinical program that would help address conditions ranging from central nervous system disorders to pain care management and autoimmune diseases.
Boasting 377,000 square feet of operational greenhouses and cultivation, as well as 65,000 square feet accredited manufacturing center headquartered in Revadim, the firm is presently looking to expand its operations in Portugal. During the filing of the prospectus, the company said that it is aiming to achieve an annual manufacturing capacity of over 870,000 kg of dried cannabis in Israel and Portugal combined by the end of 2020.
In case you weren’t already aware, Israel is considered a pioneer in marijuana research. In fact, Hebrew University’s Prof. Raphael Mechoulam is credited with kickstarting the field in 1964 when he discovered the primary psychoactive compound, tetrahydrocannabinol (THC), in cannabis.
Cannabis was first approved for medicinal purposes in Israel in 1992, though a national program was set up 15 years later in 2007. A new framework for the regulation of medical marijuana, however, was set up in June 2016 to achieve better standardization and increase accessibility.
The following are the conditions (liberties) set up by the new framework which came into force in April, 2019:
- All pharmacies can get the license to sell medical marijuana.
- No fixed limits on the number of patients that can be prescribed the drug.
- More physicians can prescribe medical marijuana to patients.
Notably, the number of medical marijuana patients in Israel is expected to increase to 120,000 by 2022, estimates BOL Pharma.