Israel's licensed market is served by a mix of home-grown producers, importers and pharmacy-distribution players, several of them publicly listed in Tel Aviv or North America. This directory is a standing reference, refreshed as corporate structures, listings and partnerships change. The defining strategic story of 2025–2026 is consolidation at home and expansion abroad: the domestic patient base contracted after the 2024 HMO reform before recovering to an all-time high of about 143,900 in May 2026, and in the meantime the strongest operators built their growth on the German medical market.
InterCure (Canndoc)
InterCure, which trades on both Nasdaq and the Tel Aviv Stock Exchange under the ticker INCR, is generally regarded as the largest of Israel's listed cannabis companies. Its core operating subsidiary, Canndoc, is one of the country's oldest licensed producers. The company reported preliminary 2025 revenue of around NIS 265–270 million, up roughly 11% on 2024, with positive adjusted EBITDA — a comparatively rare combination of scale and profitability in the sector. During the second half of 2025 InterCure began generating its first significant revenue from the German market, and operations at its Nir Oz facility continued to normalise after the October 2023 attack that struck the surrounding region.
The audited figures published in April 2026 put 2025 revenue above NIS 270 million, with NIS 47 million of adjusted EBITDA and positive operating cash flow — but also a net loss of NIS 37 million (GlobeNewswire, 30 April 2026). In August 2026 InterCure finalised a settlement with the Israel Tax Authority and the Compensation Fund for indirect war-related damages totalling NIS 230 million, roughly US$77 million (GlobeNewswire, 24 August 2026), and a one-for-five reverse share split took effect the same month (GlobeNewswire, 19 August 2026) — which matters to anyone comparing its share price across 2026. The company is profiled in depth in InterCure (Canndoc): Israel's largest cannabis company.
IM Cannabis (IMCC)
IM Cannabis, listed on Nasdaq as IMCC (it voluntarily delisted from the Canadian Securities Exchange, with 2 June 2025 its final trading day there, per its H1 2026 MD&A), is the other most internationally visible Israeli operator. Its 2025 results illustrate the pivot abroad in stark terms: total revenue of about C$54.7 million, with German revenue surging more than 134% to account for over two-thirds of group sales, alongside the company's first positive operating cash flow. That growth engine has since been sold. In the first half of 2026 revenue fell 35% to C$16.3 million (SEC Form 6-K, Exhibit 99.1) and management stated that conditions "raise substantial doubt about the Company's ability to continue as a going concern" (SEC Form 6-K, Exhibit 99.3). On 29 September 2026 IM Cannabis completed the sale of I.M.C. Holdings — which, after its Israeli operations were moved out, held the German subsidiary Adjupharm and the company's other European interests — to Slil.com Holding Ltd., an entity beneficially owned and controlled by its own chief executive, Oren Shuster. The consideration was a C$3 million advance payment already made, with Slil taking IMC Holdings together with its retained liabilities; the company relied on the financial-hardship exemptions from a formal valuation and from minority shareholder approval under Canadian securities rules (IM Cannabis, 29 September 2026). What remains is a single-market Israeli importer, distributor and pharmacy operator; the full account is in our IM Cannabis profile.
BOL Pharma
Breath of Life (BOL Pharma), founded in 2010, was for several years one of the largest privately held cannabis companies in Israel, with its own farm, factory and trading house, and it held EU-GMP certification by early 2020 (Calcalist, 10 June 2020, Hebrew). It is no longer an active producer. By 2023 it had stopped growing and manufacturing and moved to brokering deals only, and on 31 March 2024 seven group companies applied to open insolvency proceedings, reporting debts of about NIS 26 million to suppliers and NIS 8.6 million to the bank (Cannabis Magazine, 31 March 2024, Hebrew). In the Health Ministry's licence register dated 14 September 2026, BOL's cultivation, propagation and manufacturing entries are all listed among holders whose licence or quality certificate has been frozen or cancelled (data.gov.il, Hebrew). Its place in the wider wave of failures is set out in Israel's cannabis shake-out.
Panaxia
Panaxia built a pharmaceutical-grade cannabis manufacturing plant in Lod and in June 2020 became the first publicly listed Israeli cannabis company to hold EU-GMP certification (Calcalist, 10 June 2020, Hebrew). It no longer makes or dispenses medical cannabis in Israel. It sold its Israeli pharmacy and distribution business to IM Cannabis in 2021 (Globes, 3 May 2021, Hebrew), announced it would exit low-profit activities in Israel to focus on manufacturing and exporting to Europe, and moved its export manufacturing to Malta. Its Tel Aviv-listed company, Panaxia Labs Israel, merged with a fund manager and by June 2024 was filing as Barak Investment House Ltd (TASE filing, 27 June 2024, Hebrew). The Health Ministry's register now shows a single Panaxia entity, Panaxia Cannabis Ltd, under the "other" licence category, with no cultivation, manufacturing or trading-house licence (data.gov.il, Hebrew). The business continues abroad as Panaxia Malta, in which the French pharmaceutical group Boiron holds an option, exercisable from 2029, to take a majority stake (Boiron, 24 February 2026, French). The full story is in our Panaxia profile.
InnoCan Pharma
InnoCan Pharma is a more research-driven story than a flower producer. The company develops cannabinoid-based and drug-delivery products — including platforms combining CBD with other pharmaceutical ingredients and liposome-based delivery technology — and is listed in Canada, where it has continued to raise capital from public markets. It represents the pharmaceutical/biotech end of the Israeli cannabis spectrum rather than the cultivation end.
StickIt and the product-innovation tier
Beyond the large producers, Israel has spawned a layer of product- and technology-focused startups. StickIt, for example, developed pre-dosed cannabis formats designed for consistent dosing. These firms are smaller and more volatile than the listed producers, but they reflect the country's broader strength: turning research and engineering into novel delivery formats — a strength that becomes more valuable if regulators push the market away from raw flower and toward measured-dose products.
Companies under stress
The sector's contraction has claimed casualties. Univo, once counted among the notable domestic players, petitioned the Beersheba District Court for insolvency in December 2022 owing about NIS 63.5 million (Cannabis Magazine, Hebrew). Distress of this kind — insolvencies, restructurings and exits from the domestic market — is now as much a part of the corporate story as growth, and is driving consolidation across the industry. The full record of the period, from Cantek in 2022 to Tikun Olam in 2026, with what each company owed and who bought what was left, is in Israel's cannabis shake-out: the insolvencies and sales, 2022–2026.
The largest single failure of the period was not a farm but a finishing plant. Bazelet, the Or Akiva group that processes and packs product for many brands — InterCure among them — petitioned the Haifa District Court in December 2025 for a stay of proceedings, disclosing debts of about NIS 153 million (Cannabis Magazine, 15 December 2025, Hebrew). In July 2026 its creditors voted for an arrangement under which suppliers recover under 15 agorot on the shekel; InterCure, the largest general creditor, carried the suppliers' class (Cannabis Magazine, 28 July 2026, Hebrew). We have not found reporting of the court's final ruling; the story is in Bazelet: how Israel's largest cannabis plant went insolvent.
Tikun Olam, which held Israel's first licence to produce and dispense medical cannabis, shows the other path out: after losing its farms it closed its last production plant, in the Galilee, in March 2025 and now contracts out cultivation, packing and distribution (Globes, 10 March 2025, Hebrew). In August 2026 the Lod District Court approved, as part of a creditors' arrangement, a proposal under which the investors Barak Rosen and Assi Tokhmayer are to pay NIS 5 million for 99.9% of the listed company's shares, while its chairman, Ronen Elad, is expected to take the remaining cannabis activity (Calcalist, 6 October 2026, Hebrew). See what happened to Tikun Olam.
Is there a ranking of Israel's best cannabis producers?
No official one. The Health Ministry's Medical Cannabis Unit (Yakar) licenses and inspects producers but publishes no grading or ranking of them, so a list describing itself as "top-rated" reflects its author's opinion. What the Ministry does publish is its register of licence holders as an open dataset (data.gov.il, "Holders of a cannabis business licence", Hebrew). By our tally of the version dated 14 September 2026, its 305 entries include 26 licensed cultivation sites, 31 propagation sites, 8 manufacturing plants, 24 trading houses and 19 testing laboratories — and 70 entries flagged as having a licence or quality certificate frozen or cancelled, without saying which, when or why.
Licensed sites are not the same as operating companies. The best recent public estimate of how many growers are actually working comes from Israel's anti-dumping investigation into Canadian imports, which recorded that a list of about 15 domestic growers supporting the complaint amounted to "about 80% of all growers operating in the local market" (StratCann, 4 August 2026). Who those growers are is set out in who grows medical cannabis in Israel; how to check a producer's licence, batch certificates, withdrawals and financial health is in how to compare Israel's medical cannabis producers; and the operators themselves, listed and private, are tabulated in our cannabis companies directory.
International players with Israeli exposure
Israel is also a node in the global cannabis trade, which means several multinationals have a stake in its market. Canadian licensed producers — among them Tilray, Organigram, Village Farms and Decibel — have been major suppliers of imported flower, which is precisely why the proposed anti-dumping tariffs on Canadian cannabis were watched so closely on both sides of the trade. Their exposure to Israel is commercial rather than corporate, but it makes them part of the same story.
Detailed guides
For a structured, scannable reference to every operator below — listed and private — see our Israeli cannabis companies directory. For deeper company-by-company and sector analysis, see our companies guides:
- InterCure (Canndoc): Israel's largest cannabis company — the flagship's model, 2025 financials and listings.
- IM Cannabis (IMCC): profile and strategy — the European-business sale and the refocus on Israel.
- Israel's cannabis export industry — why Israel is a net importer, not the export powerhouse once envisioned.
- Investing in Israeli cannabis stocks: what to know — the listed pure-plays and the sector-specific risks (not investment advice).
- Who grows medical cannabis in Israel? The licensed cultivators — how few farms are left, who they are, and why the domestic grower base is contracting.
- How to compare Israel's medical cannabis producers — the licence register, batch certificates, withdrawals and financial health, in place of a ranking that does not exist.
- Panaxia: what happened to Israel's EU-GMP cannabis pioneer — from the first listed EU-GMP certification to a Malta-based business and a listed shell that became a fund manager.
- Israel's cannabis shake-out: the insolvencies and sales, 2022–2026 — Cantek, Univo, BOL Pharma, Pharmocann, Bazelet, Tikun Olam and others: who failed, what they owed and who bought.
- Bazelet: how Israel's largest cannabis plant went insolvent — the NIS 153m filing, what broke, and what creditors settled for in 2026.
- Tikun Olam: what happened to Israel's first cannabis company — from first licence and Avidekel to an asset-light brand with no farms or factory.
This directory is maintained as a reference and is not investment advice. Listings, financials and corporate structures change; verify current details against company filings and the linked sources before relying on them.
Related: Guides · Market overview · Regulation · Research legacy
Compiled and reviewed by Tamar Levin, Editor. Sources are linked inline. This page is reviewed and refreshed periodically; it is informational and is not medical or legal advice.