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.
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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).