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InterCure Ltd., recognized as Israel's leading cannabis company, has successfully completed its merger with Subversive Acquisition LP. The transaction positions InterCure to capitalize on the anticipated adult-use cannabis legalization in Israel, expected in 2021 or 2022. Canndoc, InterCure's wholly-owned subsidiary, boasts an annualized EBITDA run rate exceeding US$10 million and aims to triple its retail footprint by 2022. The company's common shares are now traded on the TSX and TASE, with a NASDAQ listing anticipated in Q2 2021 under symbol INCR.
Subversive Acquisition LP (SBVRF) has announced that over 89.36% of its unitholders approved its qualifying transaction to merge with InterCure Ltd (dba Canndoc), Israel's leading cannabis company. This transaction is set to close on April 8, 2021, pending certain conditions. Additionally, unitholders voted 96.33% in favor of extending the deadline for this transaction until August 31, 2021. The merger aims to enhance market presence and position within the pharmaceutical-grade cannabis sector.
Subversive Acquisition LP (TSX: SVX.U, OTCQX: SBVRF) announced a strategic partnership with cannabis brand Cookies to support InterCure Ltd.'s European expansion. The partnership aims to replicate Cookies' success in the U.S. and Israel, with InterCure cultivating products at its advanced facility in Israel. The shareholder vote for the qualifying transaction passed on April 1, 2021, with closure expected by April 8, 2021. This partnership is set to enhance InterCure's international market presence.
InterCure Ltd. has signed a Letter of Intent with Cann Pharmaceutical Ltd. to acquire Better Holdings, a leading medical cannabis operator in Israel and Australia. This acquisition, valued at USD $35 million, will enhance InterCure’s position as the largest cannabis company outside North America and expedite its global expansion strategy. Additionally, InterCure plans to invest USD $2.5 million in Better Australia for an 11% ownership stake. The deal's completion is anticipated within 90 days as detailed agreements are expected to follow.
InterCure has announced its expansion into Austria and Luxembourg through a joint venture with MediCann. The partnership involves a €10 million investment from MediCann into InterCure's Austrian subsidiary, which will be 51% owned by InterCure. This move aims to replicate InterCure's successful business model in Israel and enhance product distribution in Europe. The transaction was approved by shareholders and is expected to close by April 8, 2021. This strategic step aligns with InterCure's international growth objectives, targeting lucrative CBD and medical cannabis markets.
InterCure, operating as Canndoc, announced record-breaking fourth-quarter results, revealing a remarkable revenue of NIS 27 million, translating to an annualized rate of NIS 108 million—signifying a 15x year-over-year increase and over 20% growth from Q3 2020. The company achieved positive EBITDA of NIS 9 million for Q4, driven by operational improvements. Additionally, InterCure acquired four new medical cannabis pharmacies, expanding its footprint to 10 locations across Israel. The firm also launched its first line of California genetic strains cultivated in Israel.
Subversive Acquisition LP (TSX: SVX.U, OTCQX: SBVRF) announced an update on its upcoming Qualifying Transaction, merging with InterCure Ltd., Israel's leading cannabis company. The transaction is projected to close on April 8, 2021, following a unitholder meeting scheduled for April 6, 2021. SVX has met the cash closing condition and expects InterCure shares to be listed on TSX and later on NASDAQ. Holders of Restricted Voting Units (RVUs) have specific redemption rights, with relevant deadlines set for March 31 and April 5 regarding RVU redemptions.
Subversive Acquisition LP (SBVRF) has announced the filing of its final prospectus related to its upcoming qualifying transaction with InterCure, Israel's leading cannabis firm. The transaction is slated to close on April 8, 2021, contingent upon the approval of both companies' shareholders and certain listing conditions on the TSX and NASDAQ. A private placement of US$65 million will help fulfill cash requirements. InterCure holds a robust market position with expected EBITDA exceeding US$10 million, positioning it for further growth, especially with potential adult-use cannabis reforms.
InterCure (OTCQX: SBVRF) reported record results for Q4 2020 with revenues of NIS 27 million, over 13 times higher than Q4 2019. The company continues to show significant growth in profitability, operating profit, and market share, driven by rising demand for Canndoc's products. The growth does not include new operations acquired in January 2021. InterCure plans to complete its SPAC transaction with SVX and list on Nasdaq by April 2021, supported by strong financial backing, including $225 million in escrow and additional PIPE investments of $65 million.
