Tikun Olam Greece’s Unknown Investors Revealed Amid Bond Conversion

In recent years, Greece has emerged as a budding hub for medical cannabis in Europe, aided by a flexible and progressively evolving regulatory framework.

One of the companies that has benefited most from this shift is Tikun Olam Greece, a firm of Greek-Israeli interests involved in the cultivation, processing, and commercial distribution of both industrial

and pharmaceutical cannabis. While the company’s name might ring a bell due to its Israeli counterpart, Tikun Olam Israel—an early pioneer in medical cannabis—less is known about who exactly is backing its Greek operation. Recent corporate documents have now shed light on a network of both familiar and obscure investors, revealing a surprising range of backgrounds and affiliations.

Until recently, the public image of Tikun Olam Greece was largely associated with two prominent figures: Vasilis Milionis, a Greek businessman with a controversial financial past, and Israeli investor Meni Weitzman. However, new details surfaced following the conversion of a 2023-issued convertible bond into equity, which brought a more complete picture of the company's shareholder landscape. The bond issuance—part of a €10 million investment plan approved by Tikun Olam's general assembly in June 2023—raised €9.45 million. When the bond reached maturity in February 2025, the company initiated the mandatory conversion of debt to equity, as stipulated in the original terms.

This transformation uncovered a broader and more intriguing list of financial backers. Among the new shareholders are former bankers, asset managers, lawyers, and entrepreneurs—some of whom have ties to international financial controversies. For instance, the new disclosures revealed that former Greek banker Angelos Philippides, who has previously faced legal scrutiny, is now listed among the company’s investors. So is Telis Panagiotakis, the current CEO of Optima Asset Management, a notable player in Greece’s financial services sector.

In addition, legal professional Vasiliki Athanasoglou appears in the documents, most likely acting on behalf of a client, while businessman Nikolaos Petropoulos is also listed—an individual previously named in the Panama Papers for offshore financial activity. Perhaps most unexpectedly, a Greek business consulting firm named Panorama Investments appears among the investors. Its managing director is Mimis Alikhanidis, a former professional water polo player who has since retrained as a psychologist, demonstrating the unusual and diverse makeup of Tikun Olam Greece’s financial supporters.

Aside from these individuals, several corporate entities also feature prominently. These include Cypriot firms ZAZUAL Ltd and RENEMACO Ltd, as well as Darklemon Enterprises Ltd, another Cyprus-based company tied to Milionis. The original founder of Tikun Olam Israel, Yitzhak (Tzahi) Cohen, is also listed as an investor, along with Oren Shenkar, who serves as legal counsel to the company. Another notable backer is American-Israeli entrepreneur Yizhak Maman, further underscoring the international nature of the company's funding base.

The recent capital restructuring was driven by the bond’s mandatory conversion clause, which came into effect at the end of February 2025. Before this, the company capitalized €750,000 in interest from the first and second coupon periods, issuing over 1,000 new bonds. These, along with more than 13,600 original bonds, were converted into 22,679 new common registered shares. The shares were issued at a price of €450 each, with a nominal value of €60, resulting in a share capital increase of €1.36 million. An additional €8.84 million was recorded as share premium. Following this, Tikun Olam amended its corporate charter to reflect the updated shareholder structure. As of now, the company’s total share capital stands at €5.09 million, divided among 84,828 shares.

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