NEW
YORK and HERZLIYA, Israel, Feb. 12,
2025 /PRNewswire/ -- InterCure Ltd. (NASDAQ: INCR)
(TASE: INCR) (dba Canndoc) ("InterCure" or the "Company"),
announces today that Mr. Ehud Barak
will step down as Chairman of the board of directors of the Company
(the "Board"), effective February 13,
2025. He will be succeeded by Mr. Alexander Rabinovich, who has successfully led
the Company as CEO for the past five years, executing hundreds of
percentages of profitable growth, building strategic international
partnerships, and establishing InterCure's position as a leader in
pharmaceutical cannabis.
Mr. Barak, who is marking his 83rd
birthday today, has decided to pursue personal endeavors after six
years of service as Chairman of our Board. InterCure extends its
deepest appreciation to Mr. Barak for his contributions, which has
helped guide the Company's progress alongside its executive team.
The Company wishes him all the best in his future endeavors and
congratulates him on his birthday.
Further to the Company's Report on Form 6-K dated
December 19, 2024 (the "Report"),
announcing the private placement financing and the approval of the
item on the agenda of the Company's extraordinary general meeting
on February 3, 2025, InterCure
successfully completed its financing, securing NIS 66 million (approximately $18.2 million) to support the recovery of Nir Oz
Facility. The financing also included the issuance of warrants
which may further increase the proceeds up to a total of
approximately NIS 107 million
(approximately $29.8 million) if
fully exercised, to support the post-war expansion of the
facility in collaboration with the "Tkumah" administration. The
funding includes investments from key shareholders of the Company,
including our CEO, Mr. Rabinovich, as well as lead
investors Mr. Yaron Yakobi and Mr. Ynon Hagag. The completion included the receipt
of funds under a loan agreement from a leading Israeli bank
previously announced in the Report, further strengthening its
ability to recover and execute its operations in accordance with
its strategic plans. In addition, the Company anticipates receiving
additional substantial payments from the Israeli authorities as
part of the full compensation for war-related damages, including
loss of profits the Company is entitled to.
InterCure is currently executing its war recovery
plan restoring the Nir Oz facility, re-launching its products aside
new products and rebuilding its pharmaceutical cannabis portfolio
to meet patient needs.
"I joined InterCure over six years ago, deeply
believing in the power of pharmaceutical cannabis to improve the
lives of patients around the globe. Throughout my time with the
Company, we have upheld the highest professional standards,
ensuring access to high-quality pharmaceutical standard cannabis
products for those who need it most. I am incredibly proud of what
we have achieved together," said Mr. Barak. "We faced great
challenges, particularly following the events of October 7, 2023, which severely impacted our Nir
Oz facility, and impacted our communities and employees. However,
under the exceptional leadership of Alex, the Board, and our
dedicated employees, InterCure is returning stronger than ever. I
extend my deepest gratitude to Alex, the Board, and everyone who
has been part of this journey. InterCure will always have a special
place in my heart, and I am confident that the Company will
continue to lead and innovate in the global pharmaceutical cannabis
market."
"During his six years as our Chairman, Ehud has
made meaningful contributions not only to InterCure but to our
young industry, improving the quality of life of many patients. I
sincerely appreciate his insights and support throughout the
years," said Mr. Alexander
Rabinovich, CEO and incoming Chairman of the Board. "As we
look ahead, we remain focused on completing the rehabilitation of
our Nir Oz facility, a process that remains ongoing and essential
for our recovery. We appreciate the strong vote of confidence from
our investors and remain committed to ensuring the Company's
long-term stability and growth. At the same time, we continue to
work closely with the Israeli authorities to secure the necessary
support for the damages sustained. We remain hopeful for a swift
end to the ongoing war and the return of all hostages, including
our employees and our close friends from the kibbutzim surrounding
the Gaza strip, to their homes. We
believe that completing the post-war damage recovery processes will
enable the Company to return to profitable growth without further
delay, including exercising the Cookies agreement and expanding
international operations in Germany, the UK, and Australia. With the successful financing
round, we are reinforcing our position and ensuring patients
continue to have access to a highest quality medical cannabis."
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the ordinary shares or warrants in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About InterCure (dba Canndoc)
InterCure (dba Canndoc) (NASDAQ: INCR) (TASE:
INCR) is the leading, profitable, and fastest growing cannabis
company outside of North America.
Canndoc, a wholly owned subsidiary of InterCure, is Israel's largest licensed cannabis producer
and one of the first to offer Good Manufacturing Practices (GMP)
certified and pharmaceutical-grade medical cannabis products.
InterCure leverages its market leading distribution network, best
in class international partnerships and a high-margin vertically
integrated "seed-to-sale" model to lead the fastest growing
cannabis global market outside of North
America.
For more information, visit www.intercure.co.
Forward-Looking Statements
This press release contains forward-looking
statements. Forward-looking statements may include, but are not
limited to, the Company's success of its global expansion plans,
its ability to expand the Nir Oz facility, its ability to recover
and execute on its strategic plans and recovery plan, its
ability to return to profitability without delay, potential
compensation for war-related damages, its ability to successfully
raise additional amounts under the financing, its ability to lead
and innovate in the pharmaceutical cannabis market, as well as
statements, other than historical facts, that address activities,
events or developments that InterCure intends, expects, projects,
believes or anticipates will or may occur in the future. These
statements are often characterized by terminology such as
"believes," "hopes," "may," "anticipates," "should," "intends,"
"plans," "will," "expects," "estimates," "projects," "positioned,"
"strategy" and similar expressions and are based on assumptions and
assessments made in light of management's experience and perception
of historical trends, current conditions, expected future
developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in
such statements. Many factors could cause InterCure's actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements, including, but
not limited to, the following: the Company's success of its global
expansion plans, its continued growth, the expected operations,
financial results business strategy, competitive strengths, goals
and expansion and growth plans, expansion strategy to major markets
worldwide, the impact of the war in Israel and the war in Ukraine and the conditions of the markets
generally. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond InterCure's control, which could cause
actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to: changes in
general economic, business and political conditions, changes in
applicable laws, the U.S. regulatory landscapes and enforcement
related to cannabis, changes in public opinion and perception of
the cannabis industry, and reliance on the expertise and judgment
of our senior management. More detailed information about the risks
and uncertainties affecting us is contained under the heading "Risk
Factors" included in the Company's most recent Annual Report on
Form 20-F and in other filings that we have made and may make with
the Securities and Exchange Commission in the future.
Contact:
InterCure Ltd.
Amos
Cohen, Chief Financial Officer
amos@intercure.co
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