InterCure Announces Partnership with Altman Health
The partnership will focus on the new CBD wellness market in Israel
Israeli Minister of Health announced yesterday that CBD will be removed from the Dangerous Drugs Act
Altman Health is the market leader in health and wellness with distribution across the country
NEW YORK and TORONTO and HERZLIYA, Israel, March 01, 2022 (GLOBE NEWSWIRE) -- InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc) ("InterCure" or the “Company”) today announced it has signed a definitive agreement (the "Agreement") with Altman Health LP (“Altman Health”), the market leader with an unmatched shelf space of OTC and nutritional supplements in over 1700 points of sale, including all major pharmacies across Israel. The newly formed company will focus on the new Israeli CBD product market, following the Israeli Minister of Health's announcement yesterday that CBD will be removed from the Dangerous Drugs Act.
In December 2020, InterCure established an exclusive strategic partnership with Charlotte's Web, a global leader in full spectrum hemp extract products. The partnership with Altman Health will register, manufacture, market and distribute CBD products in Israel, including Charlotte's Web branded products. Positioned as the first-to-market, offering high quality branded CBD products in the territory – endorsed by the country's two leading and trusted brands both in wellness and medical cannabis.
Altman Health was created in 2005 by the merger of two leading health product firms, Ta’am Teva and Altman. Altman Health offers a wide range of health and wellness products, including nutritional supplements, homeopathic solutions and medicinal cosmetics. Altman Health's products can be found across the country in over 1700 points of sale including pharmacies, health food stores, as well as in the national health fund clinics. Additionally, Altman Health has a trained professional staff of medical representatives who are in regular contact with the Israeli medical community. The firm also operates a service and training department of veteran professionals, including naturopaths, nutritionists, and dieticians, who provide a professional response to customer inquiries.
Alexander Rabinovitch, CEO of InterCure said: "The strategic partnership with Altman Health is a natural connection between groundbreaking and market-leading companies. InterCure is leading the pharmaceutical grade medical cannabis revolution, which within two and a half years has become the most sold out of pocket prescription drug in Israel and together with Charlotte's Web, the world's leading CBD company, we are positioned to lead the CBD revolution as well. The partnership with Altman Health, the leading Israeli entity in nutritional supplements with the largest shelf space across Israel, is a significant step for InterCure and the Israeli public, who for the first time will be able to enjoy the highest quality and safest CBD products without the need for a doctor's prescription."
Eynat Usant Ravid, CEO of Altman Health said: "The partnership with InterCure is an integral part of Altman Health's long-term strategic plans, and the development of a significant growth engine in the healthy lifestyle space. The partnership is a natural and correct move that unites the two partners' exceptional professional capabilities. Altman Health has been leading the dietary supplement market in Israel for over 50 years, and we are happy to expand our activities into the CBD space."
Update Regarding 2021 Financial Statements
The Company will file its audited financial statements for the year ended December 31, 2021, together with its management discussion and analysis and annual information form no later than March 31, 2022.
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.
About Altman Health
The Altman Health Limited Partnership consolidates all the Maabarot Group’s activities in the area of nutritional supplements, including new product development, marketing, distribution and sales. Altman Health is the market leader in Israel for dietary supplements.
Altman Health was created in 2005 by the merger of two leading health product firms, Ta’am Teva and Altman. Today it employs 150 people.
Altman Health offers a wide range of products, including nutritional supplements, homeopathic solutions and medicinal cosmetics. Its products can be found across the country in pharmacies and pharmacy chains, health food stores, as well as in the national health fund clinics.
Altman Health is committed to the quality of its products, to promoting a healthy lifestyle and to providing its customers with a professional service. The company has a trained professional staff of medical representatives who are in regular contact with the medical community. Altman Health also operates a service and training department of veteran professionals, including naturopaths, nutritionists, and dieticians, who provide a professional response to customer inquiries.
Altman Health invests a great deal in quality control and R&D to ensure that all its products meet the strictest standards in their respective fields.
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 Company’s success in the future distribution of CBD products in Israel, the success of the Company’s partnerships with Charlotte’s Webb and Altman, the expected results of such partnership, its continued growth, the expected operations, financial results business strategy, competitive strengths, goals and expansion and growth plans and expansion strategy to major markets worldwide. 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 and under the heading “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form 20-F, filed with the Securities Exchange Commission on July 14, 2021, as amended August 3, 2021 and August 18, 2021. 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