Israel's Marijuana Bubble Bursts: Tel Aviv Stock Exchange Eliminates TA-Cannabis Index, Ending Three-Year High

It was just three years ago that a broad swath of Israeli society, including former prime ministers, defense bigwigs and celebrities seemed to be enamored by the country's up-and-coming cannabis industry. 

Former Prime Minister Ehud Barak was appointed CEO of InterCure (NASDAQ: INCR), which then began trading on the NASDAQ. Ehud Olmert, also a former PM who served time for massive financial corruption, invested in Univo pharmaceuticals, a marijuana company…and so went numerous other Israeli pols and entrepreneurs who jumped onto the green rush train. 
Even more investors joined in when several companies listed on the Tel Aviv Stock Exchange (TASE) or went public through the backdoor process of merging with publicly traded shell companies. In December 2020, the TASE launched a TA-Cannabis index, "whose utility was doubtful from day one," according to Israeli daily Haaretz, although others jumped for joy.
But, …

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