Redfund Capital Corp (CSE:LOAN, OTCMKTS:PNNRF) said Friday that it’s ready to forge a strong banking relationship with Israel after a parliamentary committee advanced legislation that would allow exports of medical cannabis from the Mideast country.
The bill will go to the Knesset for first reading after approval by the Internal Affairs and Environment Committee. Its chairman, Yoav Kisch, and Minister of Public Security Gilad Erdan have agreed to promote the legislation.
Since the 1990s, medical cannabis in Israel has been prescribed to patients for pain-related to Parkinson's, multiple sclerosis and other illnesses, according to Redfund.
“We are looking to Israel as our next country to forge strong relationships for our banking initiatives,” Redfund CEO Meris Kott said in a statement. “Israel has always led with a strong generic drug footprint.”
Redfund has identified Israeli portfolio companies including a technology firm, a medical products and cannabidiol (CBD) outfit and a grower with operations abroad and research and development facilities in Israel.
Israeli farmers who have applied for cannabis licenses in anticipation of legalized medical exports are becoming frustrated by gridlock, according to Redfund.
Shares of Redfund slipped C$0.01 to C$0.40 at the close Thursday on the Canadian Securities Exchange.
Contact Dennis Fitzgerald at [email protected]