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The Gindi brothers leave cannabis and return to the real estate field - Walla! Money

2022-05-22T09:22:15.522Z

Kanumud, which is controlled by the Gindi brothers, was one of the hot names in the field of medical cannabis, but the changes that took place in the industry made them decide to return to the sources and the field that grew them: real estate.



The Gindi brothers leave cannabis and return to real estate

Kanomed, which is controlled by the Gindi brothers, was one of the hot names in the medical cannabis field, but the changes that took place in the industry led them to decide to return to the sources and the field that grew them: real estate.

Roast Greenberg

22/05/2022

Sunday, 22 May 2022, 12:07 Updated: 12:14

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Returning to the sources: The public cannabis company

Kanomed, which is mainly controlled by the brothers Kfir and Manor Gindi (34.34% together), announced this morning (Sunday) a non-binding memorandum of principles for merging real estate and urban renewal for 50% of its shares.

The end of its main activity in the field of medical cannabis, and in its place brings the next hot thing that is gaining momentum in the stock market - the real estate field, which is also the quarry of the Gindi brothers.

The merging



real estate activity belongs to the Leonardo Group, which has so far provided about 1000 housing units under construction and entrepreneurship for themselves and for various entrepreneurs, according to the company, and acts as a contractor mainly in the field of urban renewal.



NIS 12 million in cash at the public Kanomed fund, along with the merger of Leonardo's real estate activities without any debt from the latter.



The company's current value on the stock exchange is about NIS 32.7 million, partly as a result of its failure to generate significant activity and meet its own forecasts, along with sharp declines in the entire Israeli cannabis sector due to the same reason.



Canomed ended the year 2022 with a weak response with a loss of about NIS 12.5 million, after managing to generate only NIS 658,000 in revenue.

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Brothers Kfir and Manor Gindi.

Shalom Real Estate, goodbye to cannabis (Photo: Eliran Avital)

The entry of the Gindi brothers' cannabis activity into the local stock exchange in early 2021 began with great fanfare, with declarations of the conquest of the German cannabis market through a 3-dunam medical cannabis growing facility (INDOOR) in the Lower Galilee region, with the intention of establishing a plant next to it.



But the import of medical cannabis to Israel left most of the non-importing Israeli manufacturers out of the game, and the Gindi brothers were forced to announce a delay in the construction of the facility.

It was later learned that the produce grown on the company's farm in the beacon was not at all suitable for commercial sale.



This led Kanomed to update its revenue forecast for 2021, from NIS 24.3 million to NIS 3.4 million, when we mention that in practice the income in the previous fiscal year was only NIS 658,000.



The Gindi brothers entered Canomed after previous real estate developers, such as Tzachi Nachmias and Ran Blinkis, failed. But even after gaining major control of the company, they failed to operate successfully in the challenging Israeli medical cannabis field, mainly due to its regulatory nature.

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  • Gindi Manor

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Source: walla

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