The Israeli cannabis startup StickIt on its way to the stock exchange in Canada at a value of $ 50 million

The cannabis startup StickIt, the developer of “Cannabis Sticks” that can be used inside a regular cigarette, made a significant leap to the global cannabis industry and announced today (Thursday) the raising of C $ 5 million at a value of C $ 50 million.

Since the entry of CEO Eli Ben Harush in March 2021, the company has made a significant leap. Recently, the company established a new factory for the production of premix – the raw materials without CBD in Dalton in the Galilee and another factory for the production of sticks with CBD in Spain. StickIt is also setting up a new plant in California, USA, with a local partner investing $ 1.5 million from the investor. The company has agreements in negotiations with the rest of the US to create sales and expansion.

The start-up, founded in 2019, has developed revolutionary “cannabis sticks” designed to be inserted into any cigarette of any kind. The cannabis stick is reminiscent of a toothpick, which allows it to be easily inserted into any cigarette. The stick consists of a source extract of cannabis ingredients (the “green plant”) – and not oil-derived – and it burns as fast as a cigarette and saves the cumbersome need of rolling. It also allows the user to consume more percent of active ingredient than any other product.

StickIt’s technology, registered and protected by the International Patent Protection Registry, enables the maintenance of an attractive price for the consumer, a consistent, high-quality user experience and the possibility to change functionality (pain relief, energy, focus, sleep improvement, etc.), flavors (whiskey, chocolate, chewing gum, etc.), and dosage Accurate of of the active ingredients (10, 20 -30, 40, and 50 mg CBD). In different countries there are different legal provisions, which relate to concentrations of active substances (cannabinoids). The benefits of the product are consistency of dosages, adjustment of the concentration of ingredients to local regulation and addition of elements such as aromas and flavors, according to commercial, cultural and marketing considerations in the destination country.

Cannabis sticks (Photo: PR)

In early 2021, the start-up signed distribution agreements for product marketing in Spain, Switzerland, Slovakia and France in cooperation with network distributors to distribute CBD at thousands of points of sale and 20 trading sites. These agreements join other existing agreements in England and Switzerland. StickIt has closed distribution contracts with over 30,000 points of sale.

Eli Ben-Harush, CEO of StickIt: “Following the successful recruitment several months ago, which was made possible thanks to the support of hundreds of Israeli investors, we are also facing global success, and are going public on the Canadian Stock Exchange at a value of $ 50 million. We have received huge demand for investments in the company and we are happy to allow our investors to grow with us. The technology we have developed to create the cannabis stick is world-class, which will lead the high-tech industry in the field and get more investors to join us. We will be at the forefront of technology in the global cannabis industry. “

Source: – כלכלה בארץ by

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