Israel cannabis producer InterCure buying Better for $35 million

Help shape our annual “Diversity in Cannabis” special report by filling out our business survey here!


Herzliya, Israel-based cannabis producer InterCure is buying rival medical marijuana company Cann Pharmaceutical, also known as Better, for $35 million (44.4 million Canadian dollars) in stock.

InterCure described Better as a pioneering Israeli medical cannabis multinational operator.

The deal includes Better’s:

  • Unique cultivars.
  • Cultivation site.
  • Intellectual property.
  • Commercial operations inside and outside Israel.

The acquisition is expected to close in mid-2022.

InterCure said the acquisition will create “revenue synergies” worth an estimated 50 million Israeli new shekels ($15.7 million) in the upcoming year.

“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,” InterCure CEO Alex Rabinovitch said in a statement.

Stay informed with MJBiz Newsletters

MJBiz’s family of newsletters gives cannabis professionals an edge in this rapidly changing industry.

Featured newsletters:
  • MJBizDaily: Business news for cannabis leaders in your inbox each morning
  • MJBiz Cultivator: Insights for wholesale cannabis growers & vertically integrated businesses
  • MJBizCon Buzz: Behind-the-scenes buzz on everything MJBizCon
  • MJBiz Retail + Brand: New products, trends and news for cannabis retailers, distributors and marketers
  • Hemp Industry Week: Roundup of news from hemp farming to CBD product manufacturing
  • And more!

 

The company did not state which international markets Better operates in.

InterCure shares are traded on the Nasdaq (INCR), Toronto Stock Exchange (INCR.U) and Tel Aviv Stock Exchange (INCR).