Update regarding Better Transaction

Rhea-AI Summary

InterCure (NASDAQ: INCR) has provided an update on its acquisition plans for Cann Pharmaceutical Ltd. (Better). The company reports significant disagreements regarding the transaction, raising doubts about its completion. These issues stem from unresolved matters at the time of the agreement's signing. InterCure is Israel's largest licensed cannabis producer, noted for its GMP-certified medical cannabis products and a strong distribution network.

Positive

• InterCure is Israel's largest licensed cannabis producer.
• The company offers GMP-certified and pharmaceutical-grade medical cannabis products.
• Strong distribution network and international partnerships.

Negative

• Fundamental disagreements and unresolved matters with Cann Pharmaceutical Ltd. pose risks to the acquisition.
• Doubts cast on the completion of the acquisition transaction.

NEW YORK and TORONTO and HERZLIYA, Israel, Nov. 23, 2022 (GLOBE NEWSWIRE) -- InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc)("InterCure" or the "Company") is hereby providing an update that further to the announcement from February 16, 2022, regarding the signed agreement with Cann Pharmaceutical Ltd. (“Better”) to acquire 100% of Better’s shares (the “Transaction”), which as set out in the Company’s reports is subject to certain closing conditions, as of this date, there are some fundamental disagreements between the parties (including open matters which were not concluded at the time of the signing the agreement), in addition to a disconnect between the parties, which pose doubts as to whether the Transaction will in fact be completed.   

About InterCure (dba 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.

For more information, visit: http://www.intercure.co.

Forward‐Looking Statements
This press release may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to InterCure’s objectives plans and strategies (including its expansion into Europe), as well as statements, other than historical facts, that address activities, events or developments that InterCure intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause InterCure’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company’s success of its global expansion plans, the expected annualized revenue for 2022, its continued growth, the expected operations, financial results business strategy, competitive strengths, goals and expansion and growth plans, expansion strategy to major markets worldwide and the impact of the COVID-19 pandemic. 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 InterCure’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: 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 Subversive Acquisition LP’s final long form prospectus dated March 15, 2021, which is available on SEDAR at www.sedar.com, and in other filings that InterCure has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect InterCure’s current views with respect to future events, and InterCure does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

InterCure Ltd.
Amos Cohen, Chief Financial Officer
amos@intercure.co

 

FAQ

What is the latest update on InterCure's acquisition of Cann Pharmaceutical Ltd.?

InterCure reported significant disagreements with Cann Pharmaceutical Ltd., casting doubt on the completion of the acquisition.

What challenges does InterCure face regarding the acquisition deal?

The challenges include unresolved matters from the agreement's signing and fundamental disagreements between the parties.

How does the acquisition impact InterCure's future?

The acquisition's uncertainty could affect InterCure's growth and expansion plans in the cannabis market.

What is InterCure's business focus?

InterCure is focused on producing GMP-certified medical cannabis and has a strong distribution network.

What is the stock symbol for InterCure?

The stock symbol for InterCure is INCR.