Israeli Cannabis Company BOL Files Canadian IPO Prospectus

Breath of Life International Ltd. (BOL Pharma), an Israeli producer of medical cannabis and a developer of cannabinoid pharmaceuticals, has filed on
Friday a preliminary prospectus for an initial public offering on the Toronto Stock Exchange. BMO Nesbitt Burns Inc., Cowen & Company LLC and Scotia Capital Inc. are the joint bookrunners for the deal.


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The company is aiming for an IPO valuation of over $1 billion, according to several people familiar with the matter who spoke to Calcalist on condition of anonymity.


Toronto. Photo: Bloomberg Toronto. Photo: Bloomberg



In its prospectus, BOL’s outlined assets include 377,000 square feet of greenhouses in Israel, currently in the process of being expanded to 3 million square feet. The company also operates a facility capable of manufacturing up to 340 tonnes a year of CBD oil and flowers as of 2019, which the company estimates could manufacture up to 870 tonnes in 2021. The company currently has 7 phase II clinical trials underway.


According to the prospectus, BOL reported revenues of $3.5 million for 2018, compared to $3 million in 2017, and a net loss of $29.3 million in 2018, compared to a net loss of $6.3 million in 2017. For 2016, the company saw a net income of $602,000 despite lower revenues. For the first three months of 2019, BOL reported revenues of $1.12 million and a net loss of $14.7 million.



Canadian pharmaceutical and cannabis company Tilray Inc. listed on Nasdaq on July 2018 according to a company valuation of $1.43 billion and has since reached a market capitalization of $4.27 billion; Canadian MedReleaf listed in June 2017 at a valuation of around $670 million, and in 2018 was acquired by Aurora Cannabis Inc. according to a $2.5 billion valuation. Tilray reported revenues of $43.1 million for 2018, while Aurora reported revenues of $55.1 million.


Israeli cannabis cultivator Canndoc Ltd., a subsidiary of Tel Aviv-listed InterCure Ltd., is another Israeli cannabis company in the process of listing abroad. The company filed a confidential prospectus for a Nasdaq initial public offering in April.


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