- Subversive Acquisition LP’s (SVX.U) qualifying transaction target, InterCure, has signed a letter of intent to acquire Better Holdings
- InterCure will acquire 100 per cent of Cann Pharmaceutical’s shares, which includes Better’s operations in Israel
- Better has been developing, cultivating and marketing dedicated cannabis strains since 2008
- InterCure’s acquisition of Better creates the largest cannabis company outside of North America
- InterCure is the 100 per cent owner of Canndoc, a GMP medical cannabis producer licensed by the Israeli Ministry of Health since 2008
- Subversive Acquisition is a special purpose acquisition corporation
- Subversive Acquisition LP (SVX.U) closed the day up 0.1 per cent trading at $9.97 per share
Subversive Acquisition LP’s (SVX.U) qualifying transaction target, InterCure, has signed a letter of intent to acquire Better Holdings.
InterCure signed the letter of intent to acquire 100 per cent of Cann Pharmaceutical, which includes Better’s operations in Israel.
InterCure’s acquisition of Better creates the largest cannabis company outside of North America.
The companies expect to sign detailed and binding agreements within 90 days.
Cann Pharmaceutical is a pioneer of medical cannabis in Israel with leading expertise in cannabis research, cultivation, marketing and commercialization.
Better has been developing, cultivating and marketing dedicated cannabis strains since 2008. Its products currently treat approximately 10,000 patients every month.
Better operates two cultivation spaces in Israel with a commercial growth potential of over five tons of medical cannabis per year as of mid-2020.
InterCure will also invest up to US$2.5 million in Better Australia for an 11 per cent ownership stake with Cann’s shareholders committing to an investment on the same terms.
Ehud Barak, InterCure’s Chairman, commented,
“Today’s announcement is a historical milestone in the Israeli cannabis industry as we prepare to add Better, a pioneer of our industry, to the InterCure family. We believe our combined business strengths and capabilities will help us to connect more effectively with new and existing patients in Israel and internationally.”
Alexander Rabinovitch, InterCure’s CEO, added,
“InterCure and Better Holdings’ combined business operations create a new international cannabis industry force that will further accelerate our global expansion plans and opportunities.”
InterCure is the 100 per cent owner of Canndoc, a GMP medical cannabis producer licensed by the Israeli Ministry of Health since 2008.
Subversive Acquisition is a special purpose acquisition corporation for the purposes of the rules of the TSX and NEO Exchange.
Subversive Capital is an investment firm dedicated to investing in radical companies whose core missions subvert the status quo.
Subversive Acquisition LP (SVX.U) closed the day up 0.1 per cent trading at $9.97 per share.
