InterCure Announces the Termination of its Acquisition Agreement with Cann Pharmaceutical (dba Better)
February 01 2023 - 7:30AM
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba
Canndoc) ("
InterCure" or the
"
Company") announces that, further to the merger
agreement with Cann Pharmaceutical Ltd. (“
Better”)
dated as of February 13, 2022, pursuant to which and subject to its
terms, InterCure was to acquire 100% of the issued and outstanding
shares of Better (the “
Agreement”), and further to
the Company’s press release dated November 23, 2022 regarding the
fundamental disagreements between the parties, that the closing
conditions contained in the Agreement were not met and the
Agreement was terminated.
In accordance with the terms of the Agreement,
the Agreement terminates automatically if the closing conditions
and the merger are not completed by 5:00 pm (Israel time) on 31st
of January 2023.
Accordingly, and in light of the fact that the
closing conditions were not met by such date, the Agreement was
automatically terminated.
Intercure is owed significant amounts loaned and
advanced to Better, and since the Agreement was terminated, it
intends to recover said amounts under all legal means available to
it.
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 StatementsThis
press release may contain forward-looking statements.
Forward-looking statements may include, but are not limited to,
statements relating to InterCure’s ability to recover amounts from
Better, 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 Company’s ability to
succeed in recovering the amounts owing from Better.
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 InterCure’s Annual Information Form dated
April 5, 2022, 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.
Contact:
InterCure Ltd.Amos Cohen,
Chief Financial Officeramos@intercure.co
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