Former prime minister Ehud Barak will become chairman of one of Israel’s biggest medical cannabis firms and will lead its global growth strategy, the company and Barak announced on Tuesday.
InterCure, which is publicly traded in Israel and weighing whether to launch its stock on the Nasdaq market as well, is currently in the process of purchasing medical cannabis company Canndock and will eventually change its name to Canndock Pharma.
Canndock has for the last decade been a pioneer in researching, growing and marketing medical cannabis, according to a statement carried by Hebrew-language media.
Barak, who was Israel’s leader between 1999 and 2001, will work 40 hours a month for InterCure and earn $10,000 (NIS 35,800), the statement said.
He will also receive stock options worth 5 percent of the company, it added.
“I am happy to join the senior management of the company,” said Barak, who has also served as defense minister. “Medical cannabis has proven potential to help and improve the lives of many patients around the world, and central Western countries have adopted and are adopting it as recognized medical treatment.”
“I intend to lead Canndock Pharma to be a world leader in its field,” he added.