INCR - InterCure to acquire multi-national medical cannabis producer Cann Pharmaceutical for $35M

InterCure (NASDAQ:INCR) signed a definitive agreement with Cann Pharmaceutical, a pioneering Israeli medical cannabis multi-national operator known as "Better". Under agreement terms, InterCure will acquire 100% of Better’s shares, which includes Better's unique strains, cultivation site, intellectual property, and commercial operations in Israel as well it’s international activities. The purchase price for the acquisition is $35M which is paid with InterCure shares at the valuation of $10/share which is equivalent to the valuation used in SPAC and PIPE transaction in April 2021. The shares will be issued based on a 3-year lock-up plan. The acquisition is expected to be accretive immediately led by Better's significant gross profit and positive EBITDA and expected synergies; revenue synergies estimated at NIS 50M for the upcoming year. The acquisition is expected to close in early Q3 of 2022.

For further details see:

InterCure to acquire multi-national medical cannabis producer, Cann Pharmaceutical for $35M