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Surprise: Chairman of the new cannabis membership forum - son of founder of "Teva"

conflict of interests? The Manufacturers' Association, one of the three strongest bodies in the Israeli economy, appointed the chairman of the pharmaceutical industry, a member of the Teva chain, as chairman of the association's new cannabis branch.

Last week, the Manufacturers Association of Israel, a body that gathers large bodies in the industry and is considered one of the three strongest bodies in the Israeli economy, appointed a new chairman for a new cannabis forum that brings together the Israeli cannabis factories.

Forum of the new cannabis of the Manufacturers Association established About two months ago, including representatives of the cannabis plants "Panaxia", "Basalt", "BOL", "Seiki", "Yu Nibu" and "Kaneshor" - and not the cannabis growers.

Haim Horowitz (picture: screenshot)
He has an interest in Teva, chairman of the new cannabis forum. Haim Horowitz (picture: screenshot)

Tamir Gado, CEO of BOL ("Aspiration for Life") was first appointed to the forum's chairmanship, but last week Dr. Gado completed his post as a result of tension between the members of the forum.

In a meeting held in the presence of representatives of the companies, Gado was appointed to the position of Haim Horowitz, the son of the founder of the Teva pharmaceutical company and who served as CEO of Teva Israel for nearly a decade and still holds 1.4 shares.

Hurvitz, chairman of the new cannabis company "Yu Nibu", holds concurrently his new position as chairman of the cannabis companies 'forum as chairman of the pharmaceutical industry of the Manufacturers' Association.

At first, the members of the forum preferred to appoint an external party to the position of chairman, one that is not part of one of the companies, but eventually agreed and accepted the recommendation of the association to appoint Horowitz to the position.

However, Hurvitz's appointment immediately raised questions among industry officials who argue that this is a conflict of interest, since it is known that expanding the use of medical cannabis, including legalization of CBD, significantly reduces the use of drugs.

In fact, it is claimed, "The development of the industry is unequivocally harming the pharmaceutical companies and Teva in the first place, which means damaging the value of Teva's shares, and therefore it is not clear how Hurvitz will act to promote an industry that might harm the company his father founded."

The Manufacturers' Association, for its part, rejects the possibility of a "conspiracy" and in response to the report said that the members of the forum voted in favor of appointing Horowitz, while they were well aware of his parallel role as chairman of the pharmaceutical industry.

"At the meeting of the Israeli Cannabis Industries Forum held at 5.6.19, the members of the Cannabis Industries Forum chose Mr. Haim Horowitz as chairman of the forum, while they are well aware of his position as chairman of the pharmaceutical industry and see this as an advantage."

"The meeting presented the main challenges facing the Manufacturers Association in order to promote the significant growth engine of the Israeli cannabis industries. Tamir Gadu, who is a member of the Cannabis Industries Forum, was appointed temporary chairman several months ago and has been updated on the subject. "

Mr. Horowitz has not received a response so far. Dr. Gedo preferred not to comment on the matter.

Cannabis fines

(Starting with 1 in April 2019)

Based on a figure revealed by Minister Erdan. Police refuse to reveal official figureDetails here)

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