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Jul 25, 2019

Special Cannabis Update | Recreational Cannabis Companies Granted Permission to List on the Tel Aviv Stock Exchange

The Israel Securities Authority (the "ISA") and the Tel Aviv Stock Exchange ("TASE") have recently approved the listing of companies acting in the field of recreational Cannabis (for use outside Israel's borders) on the TASE.

The Cannabis Industry is a dynamic and fast growing industry. Israel is establishing itself as a leader in the Cannabis Industry, developing innovative technology, enacting forward thinking regulations, and now its capital markets are also setting precedents in the field.

To date the TASE has been considered a prime market for medicinal Cannabis funding activity. The latest revolutionary decision by the ISA and the TASE's to approve the listing on the TASE of companies acting in the field of recreational Cannabis opens new possibilities for companies acting in the Cannabis Industry, and supports Israel's position as a leader in the global Cannabis Industry.

We at Herzog, Fox & Neeman ("HFN") played a major role in this new exciting development, acting on behalf of our Israeli and international clients in the Cannabis Industry opposite the Israeli Ministry of Justice, the ISA and the TASE. Utilizing our rich cross-disciplinary knowledge and experience working with and opposite the Israeli authorities, our team at HFN drafted the comprehensive legal opinion that supported the basis for the Israeli authorities' decision to approve the listing on the TASE of companies developing the field of recreational Cannabis.

For our clients and partners interested in listing companies focusing on recreational Cannabis, or exploring other related possibilities, the Israeli market has now become more accessible.

For advice relating to these developments and Cannabis' legal position, in Israel and internationally, please contact our Corporate, Capital Markets and Securities Practice or our Cannabis Desk.

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