Together Pharma · TASE: TGTR
Together Pharma
Together Pharma Ltd. is an Israeli medical-cannabis cultivator, manufacturer, distributor and storage operator. Its issuer filings identify the TASE symbol TGTR and security number 462010. Supplied aliases TGTR.TA and TGCA.TA are not independently verified listings, so this review relies only on the issuer-reported TASE security.
The June 2026 half-year accounts show declining sales and weak cash conversion. Revenue fell 15.25% to ILS 53.876 million. Reported gross profit was ILS 14.691 million and operating profit was ILS 4.672 million, but the accounts included ILS 17.231 million of biological-asset fair-value gains and ILS 11.915 million of related realization or derecognition adjustments. The resulting net ILS 5.316 million fair-value effect exceeded reported operating profit. Subtracting that effect produces a mechanical ILS 0.644 million operating loss; this is an earnings-quality diagnostic, not an issuer-defined adjusted measure.
Net finance expense was ILS 5.698 million, putting reported operating profit less finance expense at negative ILS 1.026 million. Operating cash flow was negative ILS 3.518 million. After ILS 0.392 million of property and land-use additions, operating cash flow less capex was negative ILS 3.910 million.
Headline working capital was positive ILS 20.437 million, because ILS 99.792 million of current assets exceeded ILS 79.355 million of current liabilities. Liquidity quality is less reassuring: inventory and biological assets totaled ILS 65.873 million. Cash, trade receivables and other receivables totaled ILS 33.919 million, producing a quick-assets deficit of ILS 45.436 million against current liabilities. An ILS 2.133 million restricted deposit is not treated as unrestricted cash.
A selected balance-sheet claim stack totals ILS 73.270 million: ILS 28.186 million of bank debt, ILS 23.612 million of other and credit-provider loans and convertible amounts, ILS 9.914 million of return-guarantee and investment-protection liabilities, and ILS 11.558 million of lease liabilities. That exceeds unrestricted cash by ILS 67.818 million. It is an accounting aggregation, not a contractual payoff value, and does not resolve conversion, guarantee, tax or minority claims.
The June ownership filing reports 13,043,429 insider shares equal to 75.19% of basic ownership, implying approximately 17.347 million basic shares from rounded percentages. It separately reports 139,692 non-traded options. The H1 EPS denominator is a weighted average rather than a certified period-end fully diluted registry.
CIN status: NotRated. Rating, price target, reference quote and upside remain null. A current opinion requires an exact post-June diluted share registry, a contractual claims map, evidence supporting inventory and receivable realization, post-June financing and cash, a compatible dated ILS quote, and resolution of the unverified aliases and disclosed regulatory matter.
Original sources: TASE/MAGNA June half-year report, June ownership report, July Medical Cannabis Unit notice, and the TASE identity page.
Innocan Pharma · CSE: INNO · OTCQB: INNPF · Frankfurt: IP4
Innocan Pharma
Status: NotRated · held Verified security: CSE INNO; the March 2026 filing also reports OTCQB INNPF and Frankfurt IP4. The supplied INNPF.TA alias is rejected because no TASE listing was verified. Financial evidence date: March 31, 2026, with CSE capital evidence through August 5, 2026. Currency is US dollars unless stated otherwise.
Innocan combines a consumer-wellness operation with preclinical cannabinoid drug-delivery research. Its March 2026 CSE-filed MD&A describes a Pharmaceutical segment developing injectable synthetic-CBD liposome technology and a Consumer Wellness segment that includes 60%-owned B.I. Sky. The pharmaceutical program remained preclinical: animal studies were encouraging, but safety and efficacy had not been established in humans and an IND still depended on scale-up and additional safety work.
The current earnings base is overwhelmingly consumer rather than clinical. First-quarter revenue was US$6.465 million, of which US$6.463 million came from online Consumer Wellness sales and only US$2,000 from CBD-integrated topical operations. Revenue fell from US$7.796 million a year earlier; the reported amounts imply a 17.1% decline, while the MD&A narrative states 17.7%, so the discrepancy is preserved rather than silently normalized. Cost of revenue was US$0.575 million, producing an implied 91.1% gross margin. Even with that margin, the quarter recorded a US$0.786 million operating loss and US$0.886 million net loss.
Liquidity looked adequate on the March snapshot but depended partly on related-party secured funding. Cash was US$6.627 million, current assets US$10.765 million, and current liabilities excluding derivative warrants US$1.573 million, producing the company’s US$9.192 million working-capital measure. Operating cash outflow was US$0.506 million, almost offset by US$0.450 million of financing inflow. The March 2026 CSE-filed MD&A reports US$650,000 of secured debentures from the largest shareholder across March and April, bearing 10% interest and maturing within twelve months or on completion of the proposed US offering.
Capital and listing risk remain material. The August CSE report reports 4,563,080 listed securities, 64,308 more than the 4,498,772 disclosed in March. The January SEC F-1/A proposed 2.35 million units, each with one share and one warrant, but was preliminary; it cannot be treated as a completed financing or current diluted denominator.
Conclusion: NotRated · held. CIN issues no current rating, price target, reference quote, or upside. A qualified valuation requires readable June financial statements or regulator-filed equivalents, current cash and debt, a complete warrant/option/RSU registry, verified minority economics, clinical budget and milestones, and confirmation of whether the proposed US offering closed.
Trulieve · NYSE: TRLV
Trulieve Cannabis
Status: NotRated · held. Current rating, price target, reference quote and upside are null. This is an initial company review, not a completed valuation underwrite.
Trulieve Cannabis Corp. is a U.S. state-licensed cannabis operator with a large medical-market footprint. The verified public security for this review is NYSE: TRLV. The preserved TCNNF directory row is retained as the predecessor/historical alias rather than treated as a second issuer. An August 24, 2026 successor registration confirms the August 11 Delaware domestication, one-for-one continuation of subordinate voting shares and equivalent awards, and continued NYSE trading under TRLV.
The June 30, 2026 Form 10-Q reports in U.S. dollars. Cash was $325.420 million. Notes had $294.551 million face value and $289.391 million carrying value, so historical cash less note face value was $30.869 million. That headline is incomplete: operating leases were $97.064 million, finance leases $69.978 million, construction financing $120.829 million, and the recorded uncertain-tax liability $598.187 million. Notes, leases, construction financing and recorded tax claims total $1.181 billion before other working-capital or contingent claims; this is a claim-stack diagnostic, not a liquidation valuation.
The filing separately discloses $649.425 million of unrecognized tax benefits and $38.100 million of proposed penalties that were not recorded. Those figures cannot simply be added to the recorded tax liability: the tax measures require reconciliation, while proposed penalties remain unaccrued. June common shares were 192,382,935, plus contingent awards whose current economic treatment still needs a complete registry.
The June 3 Harvest deconsolidation also constrains interpretation. Trulieve retained non-voting, non-participating units; that is not equivalent to current 90% dividend ownership. Historical Harvest operations remained in continuing results through June 3, so annualizing the quarter as if the business were already a clean medical-only perimeter would be misleading. Related-party services, receivables, conversion restrictions and creditor protections need the original contracts before assigning recovery value.
An October 7 issuer release reports an approximately $65 million mortgage repayment and approximately $225 million of remaining debt. It does not disclose current cash. A cash-funded repayment cannot be counted as both lower debt and unchanged June cash.
Conclusion: Trulieve’s operating scale merits continued research, but tax exposure, construction and lease claims, Harvest rights, post-repayment cash and current awards prevent a qualified common-equity valuation. The supported initial posture is NotRated · held. No current equity value, price target or upside is issued.
Original sources: June 2026 Form 10-Q · successor registration · October debt release