Together Pharma (TGTR): Company Profile 2026

Together Pharma is one of the few Israeli medical cannabis producers that has kept growing, kept its licences and stayed listed while much of the sector failed. It is listed on the Tel Aviv Stock Exchange as TGTR. It grows flower on a farm near Ashkelon and on a much larger site in Uganda. It packs and sells that flower in Israel alongside imported product, and it ships some Ugandan flower to Germany and the UK. In 2025 it booked about NIS 110 million in revenue. Its first half of 2026 was weaker, and in July 2026 the Health Ministry's cannabis unit told the company that one of its controlling shareholders cannot remain in the business. This profile sets out what the company is, how it got here, and what its latest filings show.

This profile is general information, not investment advice. Figures come from company filings and press reports; check current filings before relying on any detail.

What Together Pharma is

The listed company has a long history as a shell. It was incorporated in July 1991 as Altasis Ltd, went public in May 1993, and took its current name, Together Pharma, on 27 June 2018 (Together Pharma annual report 2025, Hebrew). Its registered address is in Ashkelon.

The cannabis business is run mainly through the subsidiary Globus Pharma. Under Israel Medical Cannabis Agency (IMCA, known in Hebrew as Yakar) licences, the group covers propagation, cultivation, manufacturing, import, export, storage and distribution. Its assets, as described in the 2025 annual report, are:

• An Israeli farm of about 24 dunams (about 2.4 hectares), licensed under the IMC-GAP growing standard.
• A packing and manufacturing plant certified to IMC-GMP, which also does contract packing for other Israeli companies.
• A Ugandan subsidiary with land-use rights over about 100 dunams, roughly 35 dunams of greenhouses, and a post-harvest drying and packing building of about 2,000 square metres. The company says it ships from the Ugandan farm to Israel "in the ordinary course of business."
• A Polish subsidiary, which the company describes as inactive.

The three named controlling shareholders are Nissim Bracha (chief executive and a director), Guy Atia and Nir Sosinsky. Former police commissioner Yohanan Danino was board chairman as of 2022 (Calcalist, 15 February 2022, Hebrew). Holdings above 5% need prior approval from the Health Ministry's cannabis unit (Bizportal, 13 December 2021, Hebrew). That rule became central in 2026, as explained below.

For what the IMC standards actually require, see our guide to IMC-GAP and IMC-GMP quality standards.

The Uganda bet

Uganda is what sets Together apart. Growing costs there are far below Israeli costs, and the company built its strategy on that gap. In January 2022 the Berlin distributor Cantourage launched two Together strains grown in Uganda, Glueberry OG and Power Plant, in German pharmacies. These were the first African-grown medical cannabis products Cantourage had carried. At the time the Ugandan site was described as about 30,000 square metres of greenhouses, with capacity above 15 tonnes a year (Business of Cannabis, 12 January 2022). Sales in the UK followed from the third quarter of 2022 through Cantourage's UK affiliate.

The same cost advantage was used at home. In February 2022, after importing 700 kg from Uganda, Together cut the price of its two main strains, Or and Ziv, by 25%, from NIS 199 to NIS 149 for 10 grams (Calcalist, 15 February 2022, Hebrew).

The company is still investing there. In June 2026 it reported that about 42 dunams of greenhouses were active in Uganda, with about 2.5 dunams more being added. It called the farm "one of its main growth engines." It also said it had begun preparing its Israeli plant for EU-GMP certification, the standard required to sell finished medicine in the European Union (Together Pharma H1 2026 report, Hebrew).

The European story should not be overstated. In its 2025 annual report the company says Israeli medical cannabis exports, its own included, are not material in volume. That fits the wider picture in our guide to Israel's cannabis export industry.

From distress to profit, 2021–2025

Together came close to failing. In mid-2021 its shares had fallen by more than half since the start of the year, and the company was planning to raise about NIS 40 million in equity or debt (Bizportal, 14 July 2021, Hebrew). In December 2021 a private company controlled by businessman Yigal Damri lent it NIS 25 million, partly convertible into shares. Most of the money went to redeem the company's Series A bonds (Bizportal, 13 December 2021, Hebrew). In 2022 it also signed a NIS 10 million equity investment from the contractor Y.B. Peretz. In November 2022 its board briefly considered bringing in real-estate assets owned by Bracha (Bizportal, 22 November 2022, Hebrew).

Sales then grew quickly. By the third quarter of 2023, quarterly revenue had reached NIS 26.5 million, and the company had become profitable (Bizportal, 8 November 2023, Hebrew). The 2025 annual report gives one reason for the turnaround: competitors were exiting the market for financial and regulatory reasons, and that "contributed and continues to contribute" to Together's growing market share. The company estimates there are 10 to 15 meaningful competitors and puts itself among the top three in Israel, naming InterCure, Peace Naturals and Seach Medical as its main rivals. It also says it cannot measure its own market share precisely. Several of the competitors that left are covered in our roundup of the 2022–2026 insolvencies and sales.

Imports are a large part of the business, not just home-grown flower. Together grows at full capacity on both farms and also buys from foreign suppliers. In 2025 it extended a supply agreement with the Israeli indoor grower Trichome, worth about NIS 15 million in expected sales (TheMarker, 25 February 2025, Hebrew). It also took a 12-month exclusive licence to distribute General Admission flower from the Canadian producer Decibel, worth about NIS 12 million in expected sales (Bizportal, 6 March 2025, Hebrew). For how much of Israel's supply is now imported, see Israel's cannabis imports.

The numbers: 2025 and the first half of 2026

Together is a small reporting company, so it publishes half-year and annual results only. It stopped its voluntary quarterly reports after the third quarter of 2024 (Bizportal, 30 October 2024, Hebrew). The figures below, in NIS millions, come from its H1 2026 report and the TASE Maya filing summary:

	H1 2025	FY 2025	H1 2026
Revenue	63.6	109.6	53.9
Gross profit	18.8	32.0	14.7
Operating profit	9.5	15.2	4.7
Net finance expense	5.4	10.4	5.7
Net profit (to shareholders)	1.0	1.9	–1.4
Operating cash flow	10.7	—	–3.5

Three points stand out.

• Revenue fell about 15% in the first half of 2026 compared with a year earlier, and gross margin fell from about 30% to about 27%.
• Debt costs absorb most of the operating profit. Net finance expense was NIS 10.4 million in 2025 against operating profit of NIS 15.2 million. Shareholders' equity was about NIS 48.7 million at 30 June 2026, while current liabilities were about NIS 79.4 million.
• The war is in the background. The report describes the half-year as one of continued security uncertainty, including restrictions on economic activity during the campaign against Iran from 28 February to 9 April 2026. The company has also applied for compensation because its growing and production sites are close to the Gaza Strip. By 30 June 2026 it had received an aid grant of about NIS 0.7 million.

The market values the company cautiously: its market capitalisation was about NIS 67 million in March 2025 (Bizportal, 6 March 2025, Hebrew), a fraction of its annual sales.

2026: an inhaler, and a regulator notice

A metered-dose inhaler. On 6 May 2026 Together said it had completed initial development of an inhaler that delivers a measured dose of cannabis extract. It has drafted a clinical-trial protocol and intends to submit it to the cannabis unit and a Helsinki (ethics) committee. The company noted that Israeli rules currently allow only flower and oils to be sold to patients. It also linked the product to the Health Ministry expert committee's recommendations of May 2026, which favour measured-dose forms such as oils, inhalers and tablets (immediate report, 6 May 2026, Hebrew). The product has no approval, and the company calls these plans forward-looking. The policy background is in our guide to Israel's proposed smoked-cannabis ban.

The Atia notice. On 13 May 2026 the company reported that Guy Atia, a controlling shareholder and director who then held about 17.99% of the shares, had been detained in a police investigation. The company said the matter was not connected to it or its business. On 7 July 2026 the cannabis unit informed Together that the police had recommended against allowing Atia to continue in the medical cannabis field. The company said it would take the steps needed so that he is no longer an interested party, office-holder or employee in any licensed group company. Those steps may include making his shares dormant or forfeiting them, and the deadline is 7 January 2027 (immediate report, 13 July 2026, Hebrew). No charge against Atia has been reported in the company's filings. How the stake is dealt with will change who controls the company, and it is the main event to watch before that deadline.

Why Together Pharma matters

Together's model is to grow cheaply in Uganda, grow some flower and pack in Israel, and fill the rest of its range with imports. That model has carried a company that was close to failure in 2021 to around NIS 110 million in sales, while larger and better-funded rivals collapsed. Its weaknesses are just as clear: thin net profit, heavy finance costs, revenue falling in 2026, and a regulator-imposed change among its owners. For a comparison with the market leader, see our InterCure (Canndoc) profile. For the full list of operators, see the company directory and our Companies hub. For the risks of the listed cannabis stocks generally, see investing in Israeli cannabis stocks.