Israeli company acquires multi-national cannabis producer for $35 million

InterCure has signed a definitive agreement with Better. Under the terms of the agreement, 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.

"Today's announcement is a major milestone in the cannabis industry," said Alex Rabinovitch, InterCure CEO, adding "InterCure and Better's combined business operations are expected to create a new force in the international cannabis industry that will further accelerate our global expansion plans and opportunities and the consolidation process. We believe our combined business strengths and capabilities will help us to connect more effectively with new and existing patients in Israel and internationally. Once we complete this acquisition, InterCure's portfolio will include additional leading brands, distribution network, and unique partnerships, positioning us to deliver sustainable value for all stakeholders."

Amos Cohen, InterCure CFO said: "InterCure is continuing its growth momentum while leading the consolidation of the medical cannabis market. This acquisition is a first of its kind and is another step in the implementation of our strategy and strengthens InterCure's position."

The transaction is expected to close in Q3 2022, subject to customary closing conditions as well as specific approvals of the IMCA, the Toronto Stock Exchange as well as the approval of the court in Israel for the transaction.

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