Israel regulator warns of medical cannabis bubble, eyes Australia pact via StevenMScheer and Ari Rabinovitch
JERUSALEM, May 14 - Medical cannabis could become an investment bubble in Israel, the country’s market regulator warned, as cash floods into a rapidly-expanding industry where few companies yet make money.
One of the fastest growing segments on the Tel Aviv Stock Exchange is medical cannabis and the sector got a boost in January when the government approved exports. Though the onus ultimately lies with investors, she said the ISA had formed a special unit to monitor the sector while tightening disclosure requirements from companies in the field.
Tel Aviv share volumes averaged 1.1 billion shekels a day between January and April, down 19 percent from a 2018 average and half levels of a decade ago. In the same period, the TASE lost more than 150 listed companies. Twenty Israeli companies are listed in Australia and Australian groups own about 10 percent of the TASE, which was demutualized last year.
More worrisome is that Israel’s own high-tech sector, widely regarded as second only to Silicon Valley, has bypassed the local bourse.
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