ARK invests $8m in Israeli cannabis co InterCure

Ehud Barak / Photo: Kadia Levy

ARK's Israeli ETF bought a 2.4% stake in InterCure, which is worth NIS 775 million.

ARK Exchange Traded Funds (ETF) has invested $8 million in Israeli cannabis company InterCure (TASE: INCR). This is part of ARK's recent spending spree on Israeli companies after setting up an Israeli ETF. InterCure is set to merge with a SPAC (special purpose acquisition company) on the Canadian stock exchange, and ARK now has a 2.4% stake in InterCure worth NIS 775 million. ARK bought the shares at NIS 6.46, similar to today's price.

InterCure is the only cannabis company in ARK's Israeli ETF and other companies are Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT), ad-tech company Perion Network Inc. (Nasdaq:PERI: TASE:PERI), immunotherapy drug developer Enlivex Therapeutics (Nasdaq: ENLV), computational biology company Evogene Ltd. (TASE:EVGN), stem cell treatment company Gamida Cell Ltd. (Nasdaq: GMDA) and drug developer Polypid (Nasdaq: PYPD).

ARK describes its ETF as tracking innovative companies in genetics, healthcare, biotech, industry, manufacturing, Internet and IT. InterCure is ARK's third largest holding after Gilat and Perion.

InterCure is set to merge with Subversive Real Estate Acquisition REIT LP on Canada's NEO exchange and after the merger it will also list on Nasdaq.

The company had revenue of $20.6 million and expects revenue of $74.4 million in 2021 and $137 million in 2022.

InterCure's chairman is former Israeli prime minister Ehud Barak and its CEO is Alexander Rabinovitch

Published by Globes, Israel business news - en.globes.co.il - on February 11, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Ehud Barak / Photo: Kadia Levy
Ehud Barak / Photo: Kadia Levy
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