Israeli medical cannabis company Medivie Therapeutic said on April 26 that North Macedonia’s police have issued an arrest warrant against the company’s CEO and other senior officials as they were allegedly involved in criminal activities related to the company’s subsidiary in North Macedonia.
The cannabis business is growing in the country of 2mn people after the previous government led by conservative VMRO-DPMNE legalised medical cannabis back in 2016.
Medivie Therapeutic’s CEO Menachem Cohen controls 51% of Medivie subsidiary in North Macedonia, Kannatek.
The police in North Macedonia claim that the cannabis produced there is marijuana-type, with higher levels of Tetrahydrocannabinol (THC), which is prohibited in the country, the company said in a filing with the Tel Aviv Stock Exchange on April 26.
However, the company said that the results of the tests prove that it produces cannabis which contains a THC concentration of less than 1%, which is allowed for growing and storing in North Macedonia.
“We have all the documents that show that the value chain is managed according to Macedonian regulations including buying the seeds and the police presence at the location during the harvest,” Cohen was cited by Israeli news provider Globes.
Globes wrote that following the announcement, Medivie’s share price fell by more than 3% on the Tel Aviv Stock Exchange.