Nasdaq-listed Israel-based cannabis company Therapix Biosciences Ltd. has signed a letter of intent for a proposed merger with Edmonton, Canada-based cannabis company Destiny Biosciences Global Corp., the former The merged company will focus on Therapix's technology and assets pertaining to clinical-stage pharmaceutical applications of cannabis, and will include Destiny's genomics-based cannabis breeding techniques and development capabilities, according to the company’s statement.

The companies expect a definitive agreement of the merger to be signed during the third quarter of 2019, subject to certain closing conditions. Upon closing, current Therapix equity holders are expected to own approximately 32% of the combined company, the company said.

Founded in 2004, Therapix develops cannabis-based drugs for the treatment of neurological conditions, pain management, and infectious diseases.

Nasdaq-listed Israel-based cannabis company Therapix Biosciences Ltd. has signed a letter of intent for a proposed merger with Edmonton, Canada-based cannabis company Destiny Biosciences Global Corp., the former along the way, the deal was scrapped in December.