InterCure has entered into a definitive licensing agreement with Praetorian Global. Pursuant to the Agreement, Praetorian Global, based in Florida and the parent company of the cannabis brand Binske, agreed to grant InterCure an exclusive multi-year right to cultivate, manufacture, market, and distribute Binske-branded products in major global pharmaceutical markets, including Israel, Germany, Australia, UK, and others.
InterCure is of the view that Binske has pioneered the premium medical and adult-use markets in the United States through its meticulous focus on standards, quality, and consistency. "Lauded for its proprietary strains, craft ingredients, full product suite of nearly 200 offerings, and best-in-class packaging, Binske offers luxury, artisan-quality products using purposefully sourced ingredients that have earned widespread recognition, making it one of the largest and most recognizable brands in the American market. The Binske brand has won numerous cannabis-related awards, including Leafly's Best Overall Brand, Best Edibles, and Best Concentrates. The Company considers Binske's sophisticated product offerings, coupled with their innovative brand identity, to set them apart from the rest of the marketplace. The Agreement brings these award-winning products exclusively to Intercure's Israeli hub to manufacture and distribute all Binske Branded Products under EU-GMP standards, exclusively to the international pharmaceutical space."
"As the international markets emerge, we feel it is our duty and responsibility to partner with global leaders like InterCure who possess the same level of commitment to providing patients with the most sophisticated brands and best-in-class product offerings," said Praetorian Global's Founder, Chairman, and CEO, Jacob Pasternack. "We have put significant time and resources into developing a nucleus of consumer patronage throughout North America and will now strategically take that same level of passion and dedication towards consumer experience abroad."
As part of the Agreement, Binske will provide the Company access to its intellectual property (IP), including genetics, formulations, and know-how for the cultivation and manufacturing of Binske-branded cannabis products at the Company's facilities. In addition, Binske will provide InterCure with IP relating to extraction formulations and the production of downstream products developed by Binske and will support InterCure's team with the training of manufacturing and cultivation methods that are tailored for Binske's exacting standards. Under the terms of the Agreement, InterCure will produce and distribute the Branded Products leveraging its international supply chain using the Company's medical cannabis-dedicated pharmacy chain.
During the 7.5-year term of the Agreement, the same lines of core Binske Branded Products launched in North America will be manufactured and distributed exclusively by InterCure in the territories stipulated in the Agreement.
This partnership will bring together InterCure's expertise in manufacturing at the EU-GMP pharmaceutical standard with Binske's expertise in crafting a diverse range of flower and non-flower products, including live rosin, live resin, wax, shatter, gummies, chocolates, olive oil, and medical cannabis vaping devices. The endeavor will attempt to address the specific needs for medical patients in the agreed territories by replicating the success of Binske's core product offerings in the U.S. While the regulatory framework in the agreed territories is different than the U.S., the Company expects to utilize its GMP supply chain to make the necessary adjustments to comply with all regulatory requirements involved with the manufacturing and distribution of the products in the target markets.
"Binske is already one of the most recognized cannabis brands in the U.S.," said InterCure's Chief Executive Officer, Alexander Rabinovitch. "Partnering with world-class leaders was always a significant part of our strategy, and it enabled us to develop our industry-leading portfolio of premium branded products. We are excited to partner with Binske and bring their high-quality flower and non-flower products into the pharmaceutical cannabis markets, improving the quality of life for patient communities globally."
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