Former Israeli Prime Minister Ehud Olmert is joining Tel Aviv-listed medical cannabis company Univo Pharmaceuticals Ltd., the company announced Wednesday. Olmert will serve as an advisor to the company and has also invested in Univo, according to the company’s statement.

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Univo was up as much as 28.31% on the Tel Aviv exchange as of 2 p.m.

Ehud Olmert. Photo: Dudi Vaknin

Founded in 2016, Univo secured the licenses for the cultivation, research and development, production, and distribution of its own cannabis products earlier this year. The company currently grows its own cannabis and is building a new 750-square-meter-facility.

In September, another former Israeli prime minister, Ehud Barak, was appointed chairman of Israeli medical cannabis company InterCure Ltd. The company’s stock was up 26.84% on market the close day of his appointment. The same month, InterCure acquired Israeli cannabis cultivator Canndoc Ltd. for an undisclosed amount.