Adam Jackson
International Israeli shop Atlas Global Brands Inc. (CSE: ATL) has acquired a majority stake in a Tel-Aviv cannabis distributing hub and two pharmacies, positioning itself for clear channels west of the Greenwich meridian.
The company on Feb. 6 signed a share purchase agreement to acquire, through a subsidiary, 51% interest in Trading House, which Atlas intends to use as a hub for imports to and distribution within Israel.
Atlas also bought two pharmacies licensed to dispense medical cannabis in Tel-Aviv and Jerusalem, which the company calls “prime locations,” for 2.9 million shares.
“Increasing our capabilities across the value chain in Israel is core to our growth strategy, and this transaction increases our control of the distribution of Atlas’ brands, while bringing a strong product portfolio to the market,” said Atlas Global CEO Bernie Yeung.
“With the recent announcements made by the Israeli Ministry of Health to potentially transition from a medical cannabis licensing model to cannabis prescriptions, Atlas is well positioned to provide greater access to many more patients in Israel.”
