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Be the first with the news that moves the market- InterCure (INCR.U) has filed a lawsuit against Cann Pharmaceuticals to recover funds in connection with the failed merger agreement
- The company and Cann Pharmaceuticals had initially agreed to merge, subject to certain closing conditions, including an outside date of January 31, 2023
- The merger agreement was terminated, leaving InterCure to recover funds it had loaned and extended to Cann Pharmaceuticals
- Intercure is a cannabis company focused on the research, cultivation, production, and distribution of pharma-grade cannabis-based products
- Intercure Ltd. (INCR.U) is unchanged on the day, trading at C$3.48 per share at 2:45 pm ET
InterCure (INCR.U) has filed a lawsuit against Cann Pharmaceuticals to recover funds in connection with the merger agreement.
The company and Cann Pharmaceuticals had agreed to merge, subject to certain closing conditions, which included an outside date of January 31, 2023. The agreement was terminated, as the closing conditions had not been satisfied by the agreed-upon date.
During the negotiations and after the merger agreement was executed, InterCure extended loans to Cann Pharmaceuticals and provided funding and cultivation services to it.
The merger agreement was subsequently terminated, leaving InterCure to seek to recover the funds it had loaned and extended to Cann Pharmaceuticals.
Intercure (INCR.U) is a cannabis company focused on the research, cultivation, production, and distribution of pharma-grade cannabis-based products. 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 Ltd. (INCR.U) is unchanged on the day, trading at C$3.48 per share at 2:45 pm ET.
