Israeli medical cannabis company InterCure Ltd. (Nasdaq: INCR; TSX: INCR; TASE: INCR) began trading on Nasdaq today after completing its merger with Canadian SPAC Subversive Real Estate Acquisition REIT LP.
InterCure led by its chairman and former Israeli Prime Minister Ehud Barak, and CEO Alexander Rabinovitch, has a market cap of $273.2 million. The share price has risen 60% over the past year but is still 65% below its peak two years ago. Barak hold warrants worth NIS 18 million.
He said, "The company is well positioned to continue realizing its vision of leading the international cannabis market and to benefit from expected regulatory changes as more countries recognize the medicinal benefits of the cannabis plant. Listing for trading on one of the world's leading stock exchanges will increase our access to both retail and institutional investors. This will ensure our ability to further accelerate our business operations, improve the quality of life for patients around the world and create value for the Company and its shareholders."
Rabinovitch added, "InterCure is the profitable, fastest growing cannabis company globally outside of North America, and we are proud to be listing on the Nasdaq. This milestone will ensure InterCure is able to further develop relationships with the investment community and broaden our shareholder base."
InterCure, which holds 100% of the shares of Canndoc, is Israel’s largest licensed cannabis producer of medical cannabis and was one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure will leverage its distribution network, international partnerships and a high-margin vertically integrated "seed-to-sale" model to drive further growth through global expansion.
Published by Globes, Israel business news - en.globes.co.il - on September 1, 2021
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