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Cannabis does not take off: Ido Nehushtan leaves Kanshur - Walla! Of money

2021-08-19T12:59:01.580Z


Since Nehushtan took over as chairman, Kanashur's share has fallen by about 74%, leading the company to trade at a value of about NIS 52 million, compared to about NIS 127 million at the time he was appointed to the position.


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Cannabis does not take off: Ido Nehushtan leaves Kanshur

Since the former Air Force commander took over as chairman of the medical cannabis company, its share has fallen by about 74%, leading it to be traded at a value of about NIS 52 million, compared to about NIS 127 million when he entered the position. Capital market sources claim that the source In a move close to another position

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  • Ido Nehushtan

  • Medical Cannabis

  • Cannabis

Roast Greenberg

Thursday, 19 August 2021, 15:22 Updated: 15:50

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It is considered one of the most promising areas, attracting some well-known officials, igniting the imagination of investors and also opening quite a few wallets, but data from the past year show that the smoke emitted by cannabis companies stems mainly from cash burning, and the hopes of legalization.



Some see this as the reason for the resignation of former Air Force commander Ido Nehushtan, from his position as chairman of the medical cannabis company Knashur, after only two years and 8 months in the position.



Knashour did not state in the report to the stock exchange the reason for Nehushtan's resignation. The latter was the focus of interest for acquisition by local and foreign investors, and it should be noted that it ended 2020 with revenues of only NIS 3.5 million, along with an operating loss that deepened to NIS 27.9 million, and a net loss that also deepened to NIS 28.5 million. Shekel for that year.



The total remuneration of the five senior executives of the company, however, was about NIS 4.5 million, of which about NIS 1.2 million was given to the company's CEO, Ran Amir, and about NIS 1 million to the chairman, Ido Nehushtan.

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Maj. Gen. Ido Nehushtan during his time as commander of the Air Force (Photo: Nimrod Saunders)

Why did Nehushtan resign?

It will be recalled that in mid-July last year, the company reached a confrontation with the cannabis company Conomed, which is under the main control of the others Kfir and Manor Gindi (who together hold 34.34%), and recently demanded NIS 460,000 for damages.



The source of the conflict between the two is medical cannabis products that were grown by Kanomed and sold to Kanashur as part of an agreement signed between them on July 27, 2020 and began, according to the company's report then, on November 15, 2020, for a period of 3 years.



It is not clear whether this affair has anything to do with the surprising seizure, as there are sources who claim that Nehushtan resigned due to a close move to another position in which he is currently concentrating his efforts, and draw attention to the company's expected revenue for 2021, estimated at NIS 34 million.



Some further claim that his resignation was also contributed by the focus of the future of local industry on legalization, for which their determination has previously expressed opposition. In this context, it should be noted that Knashur has never indicated or reported any intention to operate in the field of non-medical cannabis.

The Cannabis Leisure Market: Legalization, which their determination opposes, has become the industry's great hope.

It is not certain that this is the reason for the resignation (Photo: ShutterStock)

"Confident in the ability of the company's management to lead forward to the challenges of the future"

Nehushtan took office as chairman Knasor on February 7, 2019 with options for 2.7% of the company, when the hemp industry was the hottest stock market and led to a variety of political and security figures are known.



But after that investors remained high only Hmntz'iz, which could not satisfy with the construction, Knasor, since it declined by -74.5% since Nehushtan took office, and brought the company to the value of about 52 million where it is currently trading.



the magic of Nehushtan investors, it seems, was short-term, Since about 4 days after he took over as chairman, the company's share jumped by 27.78%, and if you look at the 'copper effect' since it was first announced that he intends to join the company reported about a month earlier, it is a jump of 44.83%, to a record value of about 163 a million shekels. The problem is that since that stock's share has steadily fallen by about 80%, to a value even lower than Nehushtan's entry into it - about NIS 127 million.



Ido Copper: "I was privileged to lead Knashour together with the company's management since its inception. Today, after about two years and 9 months of hard work, Knashor stands as a company with high professional abilities, proven workmanship and excellent reputation. I am confident in the company's management ability. the Board of Directors and Chairman of the Board is expected to continue to lead the company forward to future challenges. "



parent company of Knasor, Solbar food technologies, merged skeleton Direct Capital stock exchange during 2019, and is now the main controlling shareholder of the Company, owns approximately 48.51 One of its controlling shareholders, valued at NIS 25.2 million, is one of the controlling shareholders in Silver, a former pilot and Air Force man, Shimon Bar-Kama, who originally asked Nehushtan to fill the position, while starting October 10 this year, he will replace him.

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Source: walla

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