The cannabis company announced this morning the appointment of the former police commissioner as its chairman.
Gali Weinreb
After InterCure appointed Ehud Barak, the prime minister, defense minister and former chief of staff, as chairman, and after CannAssure appointed chairman Ido Nehushtan, the former commander of the air force, (669.7 + 11.25%) Chairman Yohanan Danino, former Commissioner of the Israel Police. Nino was also chairman of Migdal Insurance, and today he serves as chairman of Cyberd and as a consultant to other companies in the field, including Black-Cube and SOSA NY. He also serves as a consultant to Mackenzie.
Following the announcement, the share price rises 5.5% and the company is traded at a value of NIS 300 million.
Cannabis companies are multidisciplinary companies that require knowledge in agriculture, pharmacy, medicine, regulation and law, business development and marketing. In addition, cannabis companies require significant security and therefore maintain close contact with the police. Danino noted in the press release that “Tasferet has built assets of great economic potential in the past year, both in the scope of facilities and growing farms in Israel and abroad, and in signing agreements worldwide. I intend to promote research and development activities as well as unique technologies to develop next-generation cannabis products for patients. “
Danino will receive a monthly salary of NIS 36,000 for at least 40 hours of work per month (similar to that of InterCure Chairman Ehud Barak) and will receive shares and options in three packages.
“Employees no longer perceive themselves as another screw in the system and companies have to adapt to it”
The first package, which will be ready within 90 days of Danino’s entry into the position, includes shares worth NIS 1.4 million already on paper, and options exercisable at NIS 5.3 (the base price), 18% lower than today’s share price. If they were realized today, is about 465 thousand shekels.
The two second packages will mature in January 2020 and January 2021, respectively. Every January, 232 shares (currently worth NIS 1.4 million) and 465,000 options will be issued, which in both cases are now out of the money.