Board of Directors of Togdar Company
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which is engaged in the multiplication, cultivation, production and marketing of medical cannabis products, made a decision to examine the possibility of introducing additional activity to the company in the field of real estate, alongside the existing activity in the field of medical cannabis.
In addition, the company’s board of directors authorized the audit committee to serve as an independent committee in order to examine the possibility of introducing a real estate activity that is currently owned by Nissim Bracha, who is one of the controlling owners of the company. Bracha is involved in the real estate sector and initiated, among other things, the Globus Center Ashkelon complex adjacent to Moshav Scores, and covers approximately 120 dunams, including 30 thousand square meters of commercial areas. Also, Baracha has extensive activity in the field of real estate, which includes partnerships in land and buildings for commercial centers, land for trade and employment in a barracks in the amount of 80 thousand square meters, logistics centers and hotels Housing and urban renewal, on a large scale.
Recently, Togder reported preliminary results for the third quarter of 2022 with growth in revenues from the field of medical cannabis – the company estimates that its revenues in the third quarter will amount to at least 7.5 million shekels, an increase compared to revenues of 9.8 million shekels in the entire first half of 2022. The company stated that the growth in revenues results from the implementation of the strategy its to expand its market share in Israel and expansion within the countries of the European Union, while increasing the scope of activity.
Nissim Bracha, CEO of Togdar Pharma: “The decision to examine the possibility of introducing real estate activity to the company is intended to generate additional value for the company’s shareholders. We believe that this field will create promising opportunities in the coming years, among other things in light of the increase in the population, demand for commercial space, storage and logistics, and of course in light of the severe lack of solutions in the housing sector.”
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