InterCure Acquires One of Israel's Leading Active Medical Cannabis Trade Houses & Initiates Special Home Delivery Service in Collaboration With UPS
Acquisition of one of the leading active, IMCA approved trade houses in Israel expanding InterCure's sales channel, distribution, delivery and storage capacity.
As part of the acquisition, two additional pharmacies added to Intercure’s leading medical focused, pharmacy chain
Acquisition expected to be accretive from Q3 2021 empowering InterCure to further boost growth and profits
InterCure initiated a special medical cannabis home delivery program
in collaboration with UPS - supporting Israel’s patients' community solid demand
TORONTO and HERZLIYA, Israel, May 20, 2021 (GLOBE NEWSWIRE) -- InterCure Ltd. (TSX: INCR:U, TASE: INCR)(dba Canndoc)("InterCure" or the “Company”) today announced that it signed a definitive agreement to acquire a licensed active medical cannabis trading house and two pharmacies.
The trading house is approved by the Israeli Medical Cannabis Agency (IMCA) and is one of the leading operating trading houses in the country, authorized to distributing GMP medical cannabis products to pharmacies. As part of GMP regulations, medical cannabis products can dispense through IMCA approved pharmacies which supply their inventories only from authorized medical cannabis trade houses.
As part of the acquisition, two pharmacies, located in central Israel added to Inter Cure’s leading medical focused, pharmacy chain, expanding its footprint to 12 points of sale in key locations across Israel. This expansion positions the Company to meet the growing demand for medical cannabis products as the patient's community continues to grow, currently averaging 4% per month1.
The acquisition is expected to be accretive beginning from Q3 2021 supporting InterCure’s vertically integrated model. The transaction is subject to regulatory approvals.
In addition, as demand for medical cannabis products during the military conflict in Israel remains solid – the Company initiated a medical cannabis home delivery program in collaboration with UPS. For the first time, patients in Israel can order InterCure's high-quality branded products directly to their home with same day delivery using UPS's world renowned carrier service.
About InterCure (dba Canndoc)
InterCure (dba Canndoc) (TSX:INCR.U, TASE:INCR) is the leading, fastest growing and the most profitable Israeli cannabis company. 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 be the most profitable cannabis company globally outside of North America.
InterCure is listed on the Toronto Stock Exchange under the symbol INCR.U and trades on the Tel Aviv Stock Exchange under the symbol INCR.TA. Listing of InterCure’s Shares on NASDAQ Expected in Q2 2021 and Will Trade Under the Symbol “INCR”.
For more information, visit: http://www.intercure.co
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects InterCure’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: the future growth of the Israeli cannabis market, the success of its ability to integrate the medical cannabis trade house into its operations, the future operational success of the medical cannabis trade house and pharmacies acquired and the overall future profitability of the acquisition. 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 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. InterCure 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.
Amos Cohen, Chief Financial Officer
1Israeli Ministry of Health Data publication, April 2021