SodaStream CEO Buying Into Cannabis Sector
Cannabis farming startup Seedo announced Tuesday that the CEO of the PepsiCo-owned water carbonation company will be joining its board
Daniel Birnbaum, the CEO of Israeli at-home water carbonation products company SodaStream International Ltd., has recently made two investments in cannabis companies.
For daily updates, subscribe to our newsletter by clicking here.SodaStream was acquired by PepsiCo Inc. in late 2018 for $3.2 billion. Birnbaum is estimated to have made around $60 million from the acquisition.
On Tuesday, Israel-based startup Seedo (incorporated as Eroll Grow Tech Ltd.), a company developing a home cannabis farming device, announced Birnbaum will be joining its board of directors. In addition to joining the company’s board, Birnbaum will be investing NIS 2 million ($550,000) in the device maker, one person familiar with the matter told Calcalist on condition of anonymity.
Seedo, founded in 2013 and headquartered in Israeli port city Haifa, is traded over the counter in the U.S. with a market capitalization of $31.69 million. The company delivered its first batch of home growing devices to customers in February.
Last week, Birnbaum made a NIS 5 million ($1.38 million) investment in Israeli cannabis producer Cannbit Ltd. in exchange for a 5% stake in the company. Cannbit recently appointed cannabis research pioneer Raphael Mechoulam as chairman of its scientific advisory committee.