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: with the domestic patient base plateauing, the strongest operators are increasingly leaning on the German medical market for growth.
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.
IM Cannabis (IMCC)
IM Cannabis, listed on Nasdaq and the Canadian Securities Exchange as IMCC, 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. IM Cannabis runs a multi-country platform spanning Israel and Germany, and its trajectory shows how a company born in the Israeli market can come to depend on European demand.
BOL Pharma
Breath of Life (BOL Pharma) is one of the largest privately held cannabis companies in Israel, known for large-scale cultivation and pharmaceutical-grade production. Its product range spans flower, oils, capsules and inhalers, and it has positioned itself around clinical and EU-GMP-standard manufacturing. As a private company it discloses less than its listed peers, but it remains a structurally important domestic supplier.
Panaxia
Panaxia (headquartered in Lod) develops and manufactures pharmaceutical-grade cannabis products and has built commercial activity across Germany, France, Cyprus and Malta. In a sign of the pressure on domestic margins, Panaxia announced it would exit low-profit activities in Israel to focus on manufacturing and exporting to Europe, and has been negotiating the sale of cannabis operations to settle debts — a microcosm of the squeeze facing Israeli producers reliant on the home market alone.
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, filed an insolvency petition citing debts of around NIS 50 million. 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.
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.
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.
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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.