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International Cannabis Brand Cookies and InterCure Announce European Expansion
Rhea-AI Impact
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Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Cookies announces a partnership with InterCure to expand into Europe, establishing retail locations in Austria and the U.K. in early 2022. This multiyear agreement allows InterCure to utilize its international supply chain to provide Cookies-branded products in these markets. Both companies aim to deliver quality cannabis products to the growing medical cannabis community. Cookies plans to enhance its brand presence internationally, leveraging its recognized status in the cannabis industry.
Positive
Partnership enables entry into European markets, expanding brand reach.
InterCure's established supply chain supports product distribution.
Cookies aims to become a household name in new communities.
Negative
Uncertainties around regulatory approval processes in new markets.
Dependence on the success of the partnership for growth in Europe.
Cookies Partners With Leading Global Cannabis Company InterCure to Open Retail Locations in Austria and the U.K. in Early 2022
SAN FRANCISCO--(BUSINESS WIRE)--
Iconic cannabis brand Cookies today announced its international expansion into Europe through a partnership with Israel-based InterCure (NASDAQ: INCR), the leading, profitable and fastest-growing cannabis company outside North America. The parties entered into a multiyear deal under which InterCure will establish Cookies stores and medical cannabis pharmacies in Austria and the United Kingdom in early 2022.
"As we focus on new territories, it's vital our customers continue to count on the quality Cookies is known for, which is a value we share with our partners at InterCure,” said Parker Berling, President of Cookies. “We look forward to reaching audiences in Austria and the United Kingdom and establishing Cookies as a mainstay in each community."
InterCure, a Cookies international partner, is already cultivating, manufacturing and distributing GMP standard, Cookies-branded products through its Cookies national medical cannabis pharmacy chain. InterCure will leverage its licensed international supply chain to serve the growing communities of medical cannabis patients in Europe.
"Cookies is one of the most internationally recognized brands in cannabis, and after our mutual success in Israel, it's only obvious we further our expansion to Europe, providing the highest quality grade cannabis products," said Alexander Rabinovitch, CEO of InterCure.
About Cookies
Cookies, founded in 2010 by Billboard-charting rapper and entrepreneur Berner and Bay Area breeder and cultivator Jai, is the most globally recognized cannabis company in the world. Cookies values the power of the plant and focuses on creating game-changing genetics. The company offers a collection of over 70 proprietary cannabis strains and more than 2,000 products. Cookies also actively works to enrich communities disproportionately impacted by the War on Drugs through advocacy and social equity initiatives. Headquartered in San Francisco, the company opened its first retail store in 2018 in Los Angeles, and has since expanded to over 40 retail locations in 17 markets across 4 countries. Cookies was named one of America’s Hottest Brands of 2021 by AdAge; the first cannabis brand to ever receive this accolade. Learn more at cookies.co.
About InterCure and Canndoc
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 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.
This press release makes reference to certain non-IFRS financial measures. EBITDA, as defined by InterCure, means earnings before interest, income taxes, depreciation and amortization for a quarter annualized. This measure is not a recognized measure under IFRS, does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. InterCure’s method of calculating this measure may differ from methods used by other entities and accordingly, this measure may not be comparable to similarly titled measured used by other entities or in other jurisdictions. InterCure use this measure because it believes it provides useful information to both management and investors with respect to the operating and financial performance of the company.
Forward‐Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects SVX’s current expectations regarding future events. The words “will,” “expects,” “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to: statements concerning InterCure’s projected growth and operations during 2021 the completion and proposed terms of, and matters relating to, the Transaction and the satisfaction of the required closing conditions. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond SVX’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: failure to complete the Transaction, inability to obtain requisite regulatory or shareholder approvals, changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in the non-offering prospectus pertaining to the Transaction which is available on SEDAR at www.sedar.com. SVX undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
