InterCure Files Lawsuit Against Cann Pharmaceuticals to Recover Funds Following Failed Merger
February 14 2023 - 7:30AM
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba
Canndoc)(“
InterCure” or the
“
Company”) the biggest and most profitable
cannabis company outside of north America, announced today that it
has filed a lawsuit against Cann Pharmaceuticals Ltd. (dba
“
Better”), a company with which it had previously
sought to merge, to recover funds loaned and invested in the course
of their dealings in connection with the merger agreement.
The Company had previously disclosed the merger
with Better and its failure in prior press releases made on
February 13, 2022, November 23, 2022, and February 1, 2023.
The Company and Better had initially agreed to
merge, subject to certain closing conditions, which also included
an outside date of January 31, 2023. However, as previously
disclosed in the Company’s public filings, fundamental
disagreements arose, which ultimately led to the termination of the
agreement on the outside date, as the closing conditions had not
been satisfied prior thereto.
During the negotiations and after the merger
agreement was executed, the Company extended loans to Better, and
also provided funding and cultivation services to it, in light of
the parties’ cooperation.
As previously reported, the merger agreement was
terminated, leaving the Company to seek to recover the funds it had
loaned and extended to Better. Despite repeated efforts to recover
such loans, funding and cultivation services, Better has refused to
repay the Company, leaving it with no choice but to file a lawsuit
against Better to enforce its rights to the amounts loaned to
Better.
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 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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