Cannbit moves on cannabis biz in $42M deal
September 17, 2019- Share:
Cannbit is said to have agreed a $42 million deal to buy medical cannabis company Tikun Olam. The Israeli acquirer will reportedly spend an additional $18 million if its market cap reaches $1 billion within five years. Tikun Olam's founder Yitzhak Cohen is believed to have sought $100 million for the Tel Aviv-based business. Cohen was reputedly forced to sell Tikun Olam due to accusations that he had links to criminal organizations.