InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc) (“InterCure” or the “Company“) announces that, further to the merger agreement with Cann Pharmaceutical Ltd. (“Better”) dated as of February 13, 2022, pursuant to which and subject to its terms, InterCure was to acquire 100% of the issued and outstanding shares of Better (the “Agreement”), and further to the Company’s press release dated November 23, 2022 regarding the fundamental disagreements between the parties, that the closing conditions contained in the Agreement were not met and the Agreement was terminated.
In accordance with the terms of the Agreement, the Agreement terminates automatically if the closing conditions and the merger are not completed by 5:00 pm (Israel time) on 31st of January 2023.
Accordingly, and in light of the fact that the closing conditions were not met by such date, the Agreement was automatically terminated.
Intercure is owed significant amounts loaned and advanced to Better, and since the Agreement was terminated, it intends to recover said amounts under all legal means available to it.
