Cannomed Medical Cannabis Industries LTD (TASE:CNMD-M) signed a deal to acquire I. U. Biopharm Ltd., on January 9, 2020. Pursuant to the terms of the acquisition, Cannomed shall issue shares in the rate of 48.5% of the Cannonmed's issued and paid up share capital to the shareholders against transfer of 100% of the issued and paid up share capital of Biopharm to Cannonmed. Cannomed shall issue shares in the rate of 1.5% of the issued and paid up share capital of Cannonmed to Pearl Cohen Zedek Latzer Baratz Law Offices. Cannomed Medical Cannabis Industries LTD will issue around 37.5 million additional shares for the acquisition. Offeree shareholders are entitled to an additional allocation of Cannomed shares along completion of certain milestones, such that Cannomed Medical Cannabis Industries LTD will issue 16 million shares at the time of obtaining a commercial growth permit after completing a pilot of the first 180 seedlings at the Tsiporit growing facility, 7 million shares at the time the accumulated operating profit in the Tsiporit growing facility and / or the transferred activity shall stand at ILS 20 million, 2.75 million shares at the time of aggregate sales of the Tsiporit facility and / or the transferred activity shall stand at ILS 2 million and 2.75 million shares at the time of the aggregate sales of the Tsiporit facility and / or the transferred activity shall stand at ILS 3.5 million. Deal is subject to receipt of all customary approvals during the next 90 days and offeree shareholders are entitled to extend this time period by an additional 30 days. Cannomed Medical Cannabis Industries LTD (TASE:CNMD-M) cancelled the acquisition of I. U. Biopharm Ltd., on January 9, 2021.