Document:

Exhibit
4.8

 

LEASE

 

THIS
LEASE is made as of the 1st day of May, 2020

 

BETWEEN:

Dalya
bzizinsky

Cochav
Michael 10

(the
“Landlord”)

 

-and-

 

	 	Cannasoft
  pharma ltd	(the
  “Tenant”)

 

15.
Premises: In consideration of the rents, covenants, conditions and agreements contained herein, the Landlord does hereby lease
unto the Tenant, its successors and assigns, and the Tenant hereby leases from the Landlord, from the Commencement Date and for the Term,
the lands described in Schedule “A” annexed hereto (the “Property”).

 

2.
Term: The term of this lease is ten (10) years (the “ Initial Term”) which shall commence on the day cannasoft
will get a permit from the Israel cannabis unit to start planning the seeds of the medical cannabis (the “Commencement Date”).
The Tenant shall have the option, at its sole discretion, to extend the term of the lease beyond the Initial Term for one (1) additional
ten (10) year period (the “Extension Term”, and together with the Initial Term, the “Term”), on
the same terms and conditions as this lease, by giving written notice to the Landlord at least six (6) months prior to the expiry of
the then current Term of this lease.

 

3.
Rent:

 

Rent
will be applicable and commence on the Commencement Date. From thereon Rent shall be payable monthly, on the first day of each of month
during the term, (each, a “Payment Date”). During the Term, the Tenant shall pay to the Landlord (a) prior to obtaining
license to grow medical cannabis from the Medical Cannabis Unit of the Isarel Ministry of Health (the “MCU”), the
total rent of $1.00 per month, and (b) after obtaining the licence to grow medical cannabis, $1,100 per month including Value Added Tax
(VAT) (the “Rent”).

 

4.
Taxes: On or before the due dates set out in the property tax bills issued by the taxing authority with respect to the Property,
the Tenant shall pay all property taxes payable in respect of the Property. The Tenant may undertake appropriate proceedings to review
or contest the amount or validity of any such property taxes. Any documents reasonably required to enable the Tenant to prosecute any
such proceedings shall be executed and delivered by the Landlord on the request of the Tenant. Any refund received as a result of such
proceedings shall be for the benefit of the Tenant. Upon each payment of property taxes being made, the Tenant shall provide the Landlord
with written proof of payment of property taxes.

 

5.
Utilities: The Tenant shall, during the Term, pay for all utility charges in connection with the Property and any buildings
and structures existing on the Property at the commencement of the term and built during the Term. Upon the commencement of the
Initial Term, the Tenant shall forthwith convert the supply contracts for all Utilities to the Property and Facility, to that of the
name of the Tenant, and shall supply evidence of same to the Landlord in writing.

 

    	 

     

    

 

6.
Use: The Tenant shall use the Property for the purposes of planning, developing, constructing, owning, operating and maintaining
the business carried on by a Licensed Producer issued under the Controlled Drug and Substances Act (Canada) and ancillary and
related business and activities, including the sale and distribution of marihuana (the “Business”).

 

7.
Assignment: The Tenant shall have the absolute right at any time and from time to time, without obtaining the Landlord’s
consent, to: (a) assign or grant, or license, or otherwise transfer all or any portion of its right, title or interest under this lease
and/or in the Facility to any person or entity, provided that, unless the transferee, if other than a non-arm’s length person or
entity to the Tenant, has substantially similar financial capacity as the Tenant as reflected in its most current balance sheet, the
Tenant shall remain liable under this lease, and otherwise the Tenant shall be released of all obligations under this lease as of and
from closing of such assignment; and/or (b) encumber, hypothecate, mortgage or pledge (including by mortgage, deed or personal property
security instrument) all or any portion of its right, title or interest under this lease, to any banking or financial institution, institutional
investor, pension fund, hedging counterparty or other person or entity that from time to time who: (i) takes a security interest in this
lease or the Facility; or (ii) provides a secured guarantee or secured financing for some or all of the Facility, Business or operations,
collectively with any security or collateral agent, indenture trustee, loan trustee or participating or syndicated lender involved in
whole or in part in such financing, and their respective representatives, successors and assigns (each, a “Lender”)
as security for the repayment of any indebtedness and/or the performance of any obligation.

 

8.
The Facility: The “Facility” shall mean anything that relates in any manner to the Business that is construted
by the Tenant on the Property and/or comprises personal property of the Tenant, whether or not same shall become a fixture, and includes,
without limitation, buildings, structures, improvements, equipment, cabling, wiring, conduits, fixtures and structures (including without
limitation, security fences or devices). The parties agree that the Tenant shall have the right to construct and erect the Facility on
any portion of the Property provided same is completed in accordance with applicable Laws (as defined below). For greater certainty,
the Tenant may make or cause to be made any alterations, additions or improvements to the Property and may construct permanent or temporary
structures or buildings and install or cause to be installed any chattels, trade fixtures, shades, awnings, HVAC, water systems, lighting,
signs, shelves, racks, displays, counters, computers, operating equipment, office equipment, telephone systems, alarm systems, furniture,
portable ramps, floor coverings, interior or exterior lighting and mechanical or electrical systems as the Tenant deems desirable or
appropriate provided that the Tenant will provide the Landlord with drawings respecting any material improvements prior to commencing
construction. Notwithstanding the foregoing, the Tenant shall seek the Landlord’s consent prior to (a) removing any living trees
having a diameter greater than six inches four feet off the ground and/or (b) prior to constructing any leasehold improvements to buildings
on any of the Property exisiting as of the date hereof, which, for greater certainty, does not include the Facility, in any such case
such consent not to be unreasonably withheld or delayed.

 

    	 

    	 

    

 

9.
Ownership of Property: All personal property, including without limitation structures, improvements, equipment, inventory
and chattels affixed to, placed or operated in, on, or under the Landlord Lands by or on behalf of the Tenant (collectively, “Tenant’s
Property”), including but not limited to the Facility, shall, at all times, remain the property of the Tenant, notwithstanding
any rule of law or equity. The Tenant’s Property shall remain at all times the personal and moveable property of Tenant, and not
become fixtures, notwithstanding the attachment to any degree or in any manner of any part of the Tenant’s Property to the Property.
The Tenant’s Property, including, but not limited to, any equipment the Tenant bring onto the Landlord Lands and uses in the course
of the Tenant’s Business, shall not be subject to distress or seizure by the Landlord or its agents by reason of any default whatsoever
by the Tenant, its employees or agents. The Landlord covenants to take all necessary steps to ensure that any lender or other encumbrancer
of the Property acknowledges in writing to the Tenant (and its Lenders) in form and substance acceptable to Tenant that no such charge
or encumbrance shall apply to the Tenant’s Property or the Tenant’s right to use the Property during the Term, and the Landlord
shall not charge or otherwise encumber or permit to be charged or otherwise encumber any of the Tenant’s Property or Tenants rights
under this lease. Tenant shall have the unfettered right, at all times during the Term and any extensions thereof, to make any alterations
or improvements to the Tenant’s Property, or the Property and/or to remove all or any part of the Tenant’s Property and appurtenances
from the Property.

 

10.
Removal of Facility: If the Facility is no longer required by the Tenant, or should the Property be surrendered by the Tenant,
or this lease is terminated by the Tenant, the Tenant may, at its sole option, as soon as practicable under the circumstances, take down,
dismantle and remove the Facility and repair any damage caused by such removal. In the event of such complete surrender or termination,
the Landlord shall provide such access as is reasonably required by Tenant to expedite such removal. The Tenant shall have the right
at any time throughout the Term to remove any or all of the Facility or the Tenant’s Property from the Property.

 

11.
Security Measures: The Tenant shall be permitted, at its cost, to take all steps to secure the Property and to prevent unauthorized
access to the Property, and that in addition to the limitations in this lease such access shall be subject to compliance with all applicable
Laws, including the MCU. Further, the Tenant, at its cost, may take such actions as it deems necessary to secure the Facility and/or
the Tenant’s Property from tampering, vandalism, damage, destruction or entry by persons not authorized to gain access to the Facility.
In particular, the Tenant, at its cost, may take such actions as it deems necessary to comply with the security measures set forth in
the MCU. Notwithstanding anything else contained herein, the Tenant shall grant the Landlord access to the Facility or any part of the
Property upon twenty-four hours written notice subject to such access being in compliance with applicable Laws and the Tenant’s
security policies and protocols.

 

12.
Representations and Warranties:

 

The
Landlord hereby represents and warrants to the Tenant that the following statements are true, correct and complete and the Landlord acknowledges
and agrees that such representations and warranties (and any other representations, warranties and certifications of Landlord contained
in this lease) may be conclusively relied upon by: (i) the Tenant; (ii) any existing or proposed subtenant or assignee of the Tenant;
(iii) any Lender; and (iv) any title company proposing to issue title insurance to the Tenant or any such assignee, subtenant or Lender:

 

		a)	(i)
                                            this lease constitutes a valid and binding agreement, enforceable against Landlord in accordance
                                            with its terms; (ii) no other person (including any spouse) or entity is required to execute
                                            this lease in order for it to be fully enforceable as against all interests in the Landlord
                                            Lands and the Property; (iii) the Landlord is not the subject of any bankruptcy, insolvency
                                            or probate proceeding; and (iv) no person or entity other than the Landlord, and the Tenant
                                            as created hereby, has any interest in the Property other than a mortgage to Jorg Johannes
                                            Enderlein;

 

    	 

     

    

 

		b)	no
                                            litigation is in progress, pending, and, to the best of the Landlord’s knowledge, no
                                            actions, claims or other legal or administrative proceedings are pending, threatened or anticipated
                                            with respect to, or which could affect, the Property or the interest of the Landlord or Tenant
                                            therein;
	 	 	 
		c)	(i)
                                            the Landlord, its business, this lease and the Property are in full compliance in all material
                                            respects with all applicable federal, provincial and local laws, statutes, ordinances, orders,
                                            rules and regulations (each, a “Law”); (ii) this lease does not violate
                                            any contract, agreement, instrument, judgment or order to which the Landlord is a party or
                                            which affects the Property; and (iii) there are no commitments or agreements with any governmental
                                            agency or public or private utility affecting the Property or any portion thereof that have
                                            not been disclosed in writing by the Landlord to the Tenant;
	 	 	 
		d)	there
                                            are no agreements with any third parties (including, but not limited to, any other leases,
                                            use or occupancy agreements, easements, licenses or other rights of possession or use, sales
                                            or any option for any of the foregoing) that could interfere with, conflict with, prohibit
                                            or restrict the Tenant’s ability, or the ability of any assignee of the Tenant to enter
                                            upon and use the the Property as contemplated by this lease;
	 	 	 
		e)	(i)
                                            other than septic tanks, no underground tanks are now located or at any time in the past
                                            have been located on the Property or any portion thereof; (ii) no asbestos-containing materials,
                                            petroleum, explosives or other substances, materials or waste which are now or hereafter
                                            classified or regulated as hazardous or toxic under any Law (each, a “Hazardous
                                            Material”) has been generated, manufactured, transported, produced, used, treated,
                                            stored, released, disposed of or otherwise deposited in or on or allowed to emanate from
                                            the Property or any portion thereof other than as permitted by all health, safety and other
                                            Laws (each, an “Environmental Law”) that govern the same or are applicable
                                            thereto; and (iii) there are no other substances, materials or conditions in, on or emanating
                                            from the Property or any portion thereof which may support a claim or cause of action under
                                            any Environmental Law. The Landlord has not received any notice or other communication from
                                            any governmental authority alleging that the Property or any portion thereof is in violation
                                            of any Environmental Law; and
	 	 	 
		f)	there
                                            are no recorded or unrecorded liens, encumbrances, mortgages, covenants, conditions, reservations,
                                            restrictions, easements, leases, subleases, occupancies, tenancies, water rights, options,
                                            rights of first refusal or other matters affecting, relating to or encumbering the estate
                                            of the Property or any portion thereof (each, an “Encumbrance”) affecting
                                            the Property. The Landlord and the the Property are in full compliance with all Encumbrances
                                            affecting the Property. The Landlord has delivered true and complete copies of all documents
                                            evidencing Encumbrances to the Tenant.

 

13.
Default: If any party shall breach any warranty or fail to perform any covenant, agreement or obligation required to be performed
under the terms of this lease, this lease shall not terminate but the defaulting party shall be obliged to remedy any such default within
fifteen (15) days after notice thereof in writing has been given to it by the non-defaulting party, provided the defaulting party shall
have such extended period as may be required beyond the fifteen (15) days if the nature of the cure is such that it reasonably requires
more than fifteen (15) days and the defaulting party commences the cure within the fifteen (15) day period and thereafter continuously
and diligently pursues the cure to completion. The defaulting party covenants to proceed diligently to cure any such default upon receiving
the aforementioned notice.

 

    	 

     

    

 

14.
Failure to Perform Obligations: If any party shall breach any warranty or fail to perform any covenant, agreement or obligation
required to be performed under the terms of this lease and such breach or failure shall continue for a period of fifteen (15) days after
written notice thereof from the other (except in the case of an emergency when no notice or such shorter period of notice as is reasonable
in the circumstances shall be sufficient), then the non-breaching party may, in addition to any of its other rights, cure any default
or breach of warranty of the other party hereunder, and perform any covenant, agreement or obligation which the other party has failed
to perform. Any amounts expended by the non-breaching party in curing such default or breach of warranty or performing such covenant
shall be paid by the other party upon fifteen (15) days written notice, plus an administration fee of 15% of the actual cost and,
in the event that the Landlord is the breaching party, the Tenant may, at its option, offset the amount or amounts (including the
administration fee) due to it against Rent payments; provided that if the default or contingency cannot be cured with due diligence
within such fifteen (15) day period and the party has commenced to cure such default or contingency and proceeds diligently to cure such
default with reasonable dispatch, then the party shall be entitled to such longer period as may be reasonably necessary to cure such
default or contingency.

 

15.
Termination: The Landlord may terminate this lease by notice to the Tenant upon the occurrence of any of the following: (a)
the Tenant’s non-payment of Rent due hereunder for a period of thirty (30) days after receipt of notice of such failure from Landlord;
(b) the Tenant’s failure to perform any other material covenant for a period of fourty-five (45) days after receipt of notice from
Landlord specifying the failure; provided however, that no such failure shall be deemed to exist if the Tenant shall have commenced good
faith efforts to rectify the same within such fourty-five (45) day period and provided that such efforts shall be prosecuted to completion
with reasonable diligence; (c) insolvency or bankruptcy of the Tenant. Durng the period prior to the time the Tenant obtains a license
as a Licensed Producer in respect of application number 10-MM0053 made to Health Canada for a Licensed Producer license, the Tenant may
terminate this lease at any time on not less than 60 days prior written notice to the Landlord for convienience and upon such termination
neither party shall have any further rights or obligations hereunder other than those rights or obligations arising prior to such termination
that are expressly stated to survive expiration or termination of this lease.

 

16.
Condition of the Property: Subject to the terms of this Agreement, including the Landlord’s representations and warranties,
the Tenant acknowledges and agrees that it is entering into this Lease and taking possession of the Property on an “as-is-where-is”
basis and that the Landlord has made no representations or warranties to the Tenant with respect to the suitability of the Property for
the Business of the Tenant except as provided herein.

 

17.
Notices: All notices to be given hereunder shall be provided by electronic mail to the addresses set out below. In the case
of notice to the Tenant, notice shall be provided to:

 

Dalya
bzizinsky moshav cochav Michael 10

 

in
the case of notice to the Landlord, notice shall be provided to:

 

yftah
ben yaackov palmacj 3 ashkelon

 

or
at such other address as the party to whom such writing is to be given shall have last notified to the party giving the notice.

 

    	 

     

    

 

18.
Disposition: The Landlord hereby covenants in favour of the Tenant that it shall not sell, transfer, assign or otherwise dispose
of its interest in the Property, without first having such purchaser, assignee or transferee enter into an assumption agreement of all
of Landlord’s obligations hereunder, failing which such assignment of rights shall be unenforceable as against Tenant. Tenant shall
be released from its obligations arising from and after the date of any assignment of this lease to the extent that any assignee of this
lease assumes Tenant’s obligations hereunder. Landlord shall be released from its obligations arising from and after the date of
any assignment of this lease to the extent that any assignee of this lease assumes Landlord’s obligations hereunder.

 

19.
Damage and Destruction: In the event of a casualty to the Facility or the Tenant’s Property resulting in the destruction
of all or any material portion of the Facility or the Tenant’s Property, the Tenant may, in its sole discretion, elect to repair
or reconstruct the Facility or the Tenant’s Property or terminate and cancel this lease upon written notice to the Landlord given
within ninety (90) days following the occurrence of said casualty, and in such event the Tenant shall have no liability by reason of
such termination other than to pay Rent for the balance of the then current Term and neither party shall have any further rights or obligations
hereunder other than those rights or obligations arising prior to such termination that are expressly stated to survive expiration or
termination of this lease. For greater certainty, Tenant shall have the unfettered right to remove all or any part of the Tenant’s
Property and appurtenances from the Property upon any such termination.

 

20.
Exclusivity: The Landlord will not permit anyone, other than the Tenant to enter upon, occupy or use any part of the Property.

 

21.
Non-Disturbance: By no later than thirty (30) days after the date of execution of this lease, the Landlord shall obtain
executed non-disturbance agreements at the cost of the Tenant, from each mortgagee of the Property, if any, in the form attached as Schedule
“B” or in alternate form acceptable to the Tenant acting reasonably, and Landlord shall deliver them to the Tenant., In the
event that any subsequent mortgage is registered against the Property, the Landlord shall obtain and deliver to Tenant executed non-disturbance
agreements in such form from each such subsequent mortgagee prior to the registration of such mortgage.

 

22.
Quiet Possession: The Tenant shall have quiet enjoyment and exclusive possession of the Property for the Term.

 

23.
Non-Exhibition: Landlord acknowledges the highly regulated nature of the Tenant’s Business and intended use of the Property,
and in recognitition of the Tenant’s intended use and the Tenant’s security and privacy requirements, the Landlord will not
enter onto the Property or cause to exhibit the Property for sale or for lease at anytime during the Term except in accordance with Applicable
Laws and the Tenants security procedures and protocols.

 

24.
Non-waiver: No waiver of a breach of any of the covenants of this lease shall be construed to be a waiver of any succeeding
breach of the same or any other covenant.

 

    	 

     

    

 

25.
No Partnership: Nothing contained in this lease nor any acts of the parties hereto shall be deemed to create any relationship
between the parties other than the relationship of landlord and tenant.

 

26.
Observance of Law: Tenant and Landlord will comply with all provisions of applicable Law including without limiting the generality
of the foregoing, federal and provincial legislative enactments, building by-laws, and other governmental or municipal regulations which
relate to the partitioning, equipment, operation and use of the Property as intended, or to the making of any repairs, replacements,
alterations, additions, changes, substitutions or improvements of or to the Property, and will comply with all police, fire, and sanitary,
and controlled substance laws and regulations imposed by any governmental, provincial or municipal authorities or made by fire insurance
underwriters, and will observe and obey governmental and municipal regulations and other requirements governing the conduct of any business
conducted on the Property or any part thereof. Landlord and Tenant will take all necessary steps to ensure compliance with all of the
laws, rules and proceedures of the MCU.

 

27.
Entire Agreement: This lease and the schedules attached hereto constitute the entire agreement between the parties pertaining
to the subject matter hereof, which agreement supersedes all prior and other contemporaneous agreements, understandings, negotiations
and discussions between the parties whether oral or written. There are no representations, warranties, collateral agreements, conditions
or other agreements between the parties hereto in connection with the subject matter hereof except as specifically set forth herein.
No modification of this lease shall be binding unless in writing. No waiver of any provision of this lease shall constitute a waiver
of any other provision nor shall such waiver constitute continuing waiver unless otherwise expressly provided herein.

 

28.
Force Majeure: In the event that either party hereto shall be delayed or hindered in or prevented by the performance of any
act required hereunder by reason of strikes, lockouts, labour issues, inability to procure materials, failure of power, restrictive government
laws or regulations, riots, insurrections, war or other reason of a like nature, but not on account of the fault of the party delayed
in performing the work or doing acts required under the terms of this Lease, then performance of such act shall be excused for the period
of the delay and the period for the performance of such act shall be extended for a period equivalent to the period of such delay. The
provisions of this paragraph shall not excuse the Tenant from the prompt payment of any sums required to be paid by the Tenant hereunder.

 

[Balance
of this page intentionally left blank.]

 

		 	
	Dalya bzizinsky	 	Cannasoft pharma ltd

 

    	 

     

    

 

This
agreement has been executed by the parties on the date first above written.

 

SCHEDULE
“A”

 

A
15 donam agricukture porpuse land in cohav Michael 10 israelExhibit
4.9

 

	[stamp]
                                            State of Israel

    Israeli
    Medical

    Cannabis
    Agency

    (IMCA)
	[logo]
                                            [emblem of the State of Israel]

    Ministry

    of
    Health

    [illegible]

    Medical
    Cannabis Agency

	 	 
	 	Expiry
    Date: October 12, 2021
	 	Dealer’s
    Code: V-1315-060518

 

Initial
Authorization for Establishing a Site for Dealing with a Controlled Substance

 

By
virtue of the authority vested in me pursuant to the middle of Sections 6, 13-17 of the Dangerous Drugs [New Version] Ordinance, 5733
– 1973 (hereinafter: “the Ordinance”) and pursuant to the Dangerous Drugs Regulations, 5740 – 1979 (hereinafter:
“the Regulations”), an initial authorization to establish a Proliferation Farm – Cannabis Plant Proliferation (hereinafter:
“the site”) has been granted, pursuant to the following details:

 

	1.	The
                                            Applicant for the Authorization and his Details:

 

	 	1.1
                                                                                                                Entrepreneur/Corporation’s Name: Dalia Brzezinski

    1.2
    Site Address: Kochav Michael

    1. 

    1.3
    Contact Person (Name): Dalia Brzezinski
	 	ID/Pvt.
    Co. No: 054771613 (hereinafter: “the Applicant”)

    Farm/Estate
    Farm No 10 

    Waypoint

    ID
    No: 054771613 Tel No: 054-222-8861

 

	2.	Name
                                            of the Controlled Substance:

 

Cannabis

 

	3.	Its
                                            Form:

 

This
authorization does not constitute authorization to hold in any form.

 

It
is absolutely prohibited to hold the drug, plant, parts of it, its ingredients, or products and in any form, as long as no express license
for this has been received from the Director.

 

	4.	The
                                            Objective of the Authorization:

 

	 	4.1	To
    work toward planning/establishing/adapting a proliferation farm – cannabis plant proliferation
	 	4.2	The
    Applicant declares that this authorization will not be used for any purpose not authorized and specified explicitly in this authorization.

 

	5.	Restrictions
                                            and Additional Conditions

 

	 	5.1	This
    authorization is only temporary. This authorization can be annulled at the Director’s sole discretion, or pursuant to a decision
    of the Government of Israel, without derogating from any other cause in the law for annulling the authorization.
	 	5.2	This
    authorization contains nothing to impose any obligation whatsoever on the Ministry of Health or the Medical Cannabis Agency to grant
    a license for dealing in a controlled substance.
	 	5.3	This
    authorization is authorization for the Applicant to commence establishing or adapting the site according to the planned occupation.
    The principles of the planning and establishment/adaptation of the business must be accomplished according to the intended occupation,
    while complying with all the relevant requirements of the law and pursuant to the quality and security requirements as detailed below:

 

	 	 	a.	Cultivation
    or proliferation of cannabis plants – as detailed in the IMC-GAP Procedure (Suitable Cultivation Conditions) and as detailed
    in the IMC-GSP Procedure (Security Conditions).

 

	 	 	It
    must be emphasized that the Applicant must comply with the security requirements at the site as detailed in the IMC-GCP Procedure
    and receive security confirmation pursuant to the type of occupation.

 	 	5.4	This
    authorization is non-transferable in any form whatsoever.
	 	5.5	Should
    there be any change whatsoever in the ownership of the Applicant, or in the identification of the controlling shareholders, managers
    or authorized signatories on its behalf, which are detailed in this license, without receiving the IMCA’s advance written approval
    for this, the validity of this license shall expire. Regarding this Section, a change in the ownership means transfer of shares in
    any manner whatsoever, in a volume that exceeds 5% of the company’s total shares.

 

[signature]

[stamp]
Mgr Yuval Landschaft

L.N.
4023

 

The
Medical Cannabis Agency (IMCA)

 

	Israeli
    Medical Cannabis Agency

    Minister
    of Health

    PO
    Box 1176, Jerusalem 91010

    IMCA@moh.health.gov.il

    Tell
    No: *5400 Fax No: 02-647-4810
	Health
    Answering Service

    *5400
	[bilingual
    text see left column]

 

    	 

    	 

    

 

	[stamp]
    State of Israel

    Israeli
    Medical

    Cannabis
    Agency

    (IMCA)
	[logo]
    [emblem of the State of Israel]

    Ministry

    of
    Health

    [illegible]

    Medical
    Cannabis Agency

	 	 
	 	Expiry
Date: October 12, 2021
	 	Dealer’s
Code: V-1315-060518

 

	 	5.6	In
    view of operations in the cannabis field, and because these operations necessitate, inter alia, receipt of authorizations and/or
    licenses pursuant to the details in the Government’s Resolution 1587 Section 3a from the IMCA, including receipt of the IMCA’s
    authorization for all the dealers, managers and controlling shareholders in companies and/or their managers – the authorization
    is subject to the conditions hereto attached

 

	 	 	a.	Every
    material shareholder as defined in the Companies Law, 5759 – 1999 and/or interested party as defined in the Companies Law,
    5759 – 1999 and/or an effective interested party*and/or director and/or general manager in the company has to receive the IMCA’s
    authorization.
	 	 	b.	No
    shares in the company may be allotted to any offeree whatsoever, which, following this allocation, will convert him into a material
    shareholder and/or interested party and/or effective interested party*, prior to receiving the IMCA’s approval for this.
	 	 	c.	No
    director and/or general manager in the company may be appointed prior to receiving the IMCA’s approval for this.
	 	 	d.	The
    company must amend the Company’s Articles Association so that they include an instruction, pursuant to which, if any entity/entities
    whatsoever become material shareholders and/or interested parties and/or effective interested parties*in the company by virtue of
    holding its shares or agreement between shareholders, prior to receiving the mandatory authorizations from the IMCA, the company
    shall have the right to forfeit shares and/or anesthetize some of the shares held by one or more of these shareholders, so that after
    the forfeiture and/or anesthetization of the shares, there will not be any interested party entities by virtue of holdings or by
    virtue of agreement or effective interested parties*in the company.
	 	 	e.	The
    company must not extend the tenure of a director or its general manager, unless there is IMCA approval regarding him on the date
    of the extension.
	 	 	f.	At
    any Annual Meeting of the company the general manager of the company must declare that all the mandatory IMCA authorizations for
    the company and dealer/dealers, manager/managers and interested party/parties as detailed in Sections a. b. and c. above exist and
    are valid on the date of the meeting and that there has not been any change in the status of the dealer/dealers, manager/managers,
    material shareholder/shareholders and interested party/parties from the time of granting the authorization/authorizations.
	 	 	 	*
An effective interested party is a controlling interest in the interested party and/or a material shareholder as these are defined in
the Companies Law, 5759 – 1999.

 

	 	5.7	The
    Applicant must inform the Director immediately of any change in any of his details (address, contact person’s etc.) and receive
    the IMCA’s advance written approval for any change in the ownership of the Applicant or in the identity of the interested parties
    in it or its managers or its authorized signatories or the material shareholders.
	 	5.8	The
    presence of minors at the site or in its installations is absolutely prohibited.
	 	5.9	The
    provisions in the Ordinance and Regulations and any instruction and stipulation for complying with any mandatory quality conditions
    apply to the Applicant.
	 	5.10	The
    Applicant must maintain regular records of all the operations regarding the establishment of the site and any additional record required
    by the Director. The records must be presented to the Director at any time that he demands this and must be presented to any other
    competent entity, according to the matter, according to the Director’s demand.
	 	5.11	it
    will be possible to update the conditions and stipulations at the IMCA’s discretion and with the approval of the Dir. Gen.
    at the Health Ministry. The IMCA is entitled to publish additional instructions according to the circumstances and essence of the
    business.

 

	6.	The
                                            Validity of the Authorization:

 

	 	6.1	This
    authorization annuls any previous, other or additional authorization at the Applicant’s disposal
	 	6.2	This
    authorization was granted today October 12, 2020 at the IMCA’s offices.
	 	6.3	This
    authorization expires on October 12, 2021, unless annulled previously to this by the Director’s decision.

 

[signature]

[stamp]
Mgr Yuval Landschaft

L.N.
4023

Director

The
Medical Cannabis Agency IMCA

Yuval
Landschaft

Director
pursuant to the Dangerous Drugs Ordinance

 

The
Medical Cannabis Agency (IMCA)

 

	Israeli
    Medical Cannabis Agency

    Minister
    of Health

    PO
    Box 1176, Jerusalem 91010

    IMCA@moh.health.gov.il

    Tell
    No: *5400 Fax No: 02-647-4810
	Health
    Answering Service

    *5400
	[bilingual
    text see left column]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]