InterCure and Clever Leaves Announce International Strategic Partnership
InterCure and Clever Leaves have announced an exclusive multi-year partnership to cultivate, market, and distribute pharmaceutical-grade medical cannabis across the EU, Australia, and Israel. The agreement allows InterCure to access Clever Leaves' high-THC strains for various medical markets, including Israel, with plans for branded products compliant with EU-GMP. This collaboration aims to enhance the reach of medical cannabis, leveraging both companies' strengths in distribution and product development. Regulatory compliance is a key aspect of their activities.
- Clever Leaves gains access to InterCure's established distribution network, potentially increasing market penetration.
- The partnership aligns with both companies' strategies for international expansion and high-quality product offerings.
- Dependence on regulatory approvals from authorities like the Israeli Ministry of Health could delay product launches.
- Market competition may affect the profitability of new product lines.
Leading Global Cannabis Companies InterCure and Clever Leaves partner together to cultivate, market and distribute Pharmaceutical-Grade Medical Cannabis in the EU, Australia and Israel
BOCA RATON, Fla. and HERZLIYA, Israel, March 22, 2022 (GLOBE NEWSWIRE) -- InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc)("InterCure" or the “Company”) and Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) (“Clever Leaves”), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, today announced the execution of an exclusive multi-year cultivation, marketing and distribution agreement (the "Agreement").
Over the term of the Agreement, InterCure will have access to Clever Leaves’ high-THC medical cannabis flower to serve several medical cannabis markets, including the Israeli market. As part of the partnership, Clever Leaves will cultivate InterCure's high quality strains to launch InterCure's EU-GMP compliant branded products within the EU, UK and South American markets.
"Establishing exclusive long-term strategic partnerships with world-class partners supports our international expansion plans and profitable growth strategy," says Alex Rabinovitch, CEO, InterCure, adding, "we are proud to partner with Clever Leaves, a pioneering multinational operator which shares our commitment of providing high-quality pharmaceutical grade medical cannabis products to patients around the globe."
Pursuant to the Agreement, Clever Leaves and InterCure agreed to collaborate on certain technical matters for the development of new products in an attempt to satisfy the needs of patients in different countries.
“We are enthusiastic for partnering with InterCure, a company with multinational presence and strong leadership position in Israel,” said Andrés Fajardo, President and incoming CEO of Clever Leaves, adding, “InterCure’s high-quality standards, their knowledge and experience in genetics and developing new products, as well as their strong distribution network, will potentialize Clever Leaves’ plans to bring the benefits of medical cannabis to different geographies around the world, including Israel.”
Activities under the partnership are subject to compliance with all applicable laws, including receipt of all requisite approvals from all applicable regulatory authorities including the Israeli Ministry of Health.
About InterCure
InterCure (dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its international market leading distribution network, best in class international partnerships and a high-margin vertically integrated "seed-to-sale" model to lead the fastest growing cannabis global market outside of North America.
For more information, visit: http://www.intercure.co.
About Clever Leaves
Clever Leaves is a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids. Its operations in Colombia and Portugal produce cannabinoid active pharmaceutical ingredients (API) and finished products in flower and extract form to a growing base of B2B customers around the globe. Clever Leaves aims to disrupt the traditional cannabis production industry by leveraging environmentally sustainable, ESG-friendly, industrial-scale and low-cost production methods, with the world’s most stringent pharmaceutical quality certifications.
For more information, please visit https://cleverleaves.com/en/home/ and follow Clever Leaves on Twitter and LinkedIn.
Press Contact:
InterCure Ltd.
Amos Cohen, Chief Financial Officer
amos@intercure.co
Clever Leaves Press Contacts:
Rich DiGregorio
KCSA Strategic Communications
+1-856-889-7351
cleverleaves@kcsa.com
Diana Sigüenza
Strategic Communications Director
+57-310-236-8830
diana.siguenza@cleverleaves.com
Clever Leaves Commercial Inquiries:
Heli Dangur
Commercial Manager – Israel
+972 54 493 7500
heli.dangur@cleverleaves.com
Andrew Miller
Vice President Sales - EMEA, North America, and Asia-Pacific
+1-416-817-1336
andrew.miller@cleverleaves.com
Clever Leaves Investor Inquiries:
Cody Slach and Jackie Keshner
Gateway Investor Relations
+1-949-574-3860
CLVR@gatewayir.com
FAQ
What agreement was announced between InterCure and Clever Leaves on March 22, 2022?
How will the partnership impact cannabis distribution in Israel?
What products will Clever Leaves cultivate for InterCure?
What are the compliance requirements for the partnership activities?
How does the partnership align with the companies' growth strategies?
