SUBVERSIVE ACQUISITION LP (TSX: SVX.U, NEO: SVX.U, OTCQX: SBVRF) (“SVX”) announced today that InterCure Ltd. (dba Canndoc) (TASE: INCR) (“InterCure”), Israel’s leading cannabis company and SVX’s intended target for its “Qualifying Transaction” (the “Transaction”), has entered into a partnership with Austrian MediCann to operate together in the developing cannabis markets in Austria and Luxembourg. InterCure will replicate the successful model of its subsidiary Canndoc in Israel and will establish and manage the distribution, marketing, and sales of Canndoc’s products in selected countries in Europe.
Similar to InterCure’s leading Israeli model, the operation will be vertically integrated and will include both online and retail distribution for Canndoc’s branded products. MediCann has committed to invest €10 million into the InterCure Austrian subsidiary, which 51% will be owned by InterCure. The management team will consist of both InterCure and MediCann executives.
The partnership is part of InterCure’s international expansion strategy to major markets around the world. Austria has one of the most developed CBD wellness markets in Europe, and according to the Brightfield Group, sales of CBD products in the country reached over $80 million USD in 2019. Furthermore, Austria is in the early stages of developing a local medical cannabis market. In addition, Luxembourg is expected to be among the first European countries to allow the marketing and sale of adult-use cannabis for recreational purposes.
Alexander Rabinovitch, InterCure CEO said: “We are happy to join forces with MediCann’s team who have years of experience in retail and vast knowledge of the local markets. The expansion of the company’s operations to a central European country is part of InterCure’s international expansion strategy. This is an expression of trust, which is reflected in the investment of €10 million, in the company’s vision, its business model, quality and competitive advantages of its brands.”
Elijahu Chassidov, Founder of MediCann said: “Partnering with InterCure is not only a significant milestone for MediCann, but for the European cannabis market as a whole. As partner of InterCure, a leader of the Israeli cannabis market, MediCann is poised to exploit the rapid pace of growth of the European market and the increasing demand for access to premium quality cannabis products. With wealth of local market experience, as well as our network of supply and distribution partnerships throughout Europe, we are now uniquely positioned to supply medical cannabis, wellness CBD, and other derivative products.”
Furthermore, on April 1, 2021, the InterCure shareholder vote approving the Transaction passed. The Transaction is expected to close by April 8, 2021.
About SVX
Subversive Acquisition LP is a limited partnership established under the Limited Partnerships Act (Ontario)formed for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, equity exchange, asset acquisition, equity purchase, reorganization, or any other similar business combination involving SVX that will qualify as its qualifying transaction for the purposes of the rules of the TSX and Neo Exchange Inc. SVX is a special purpose acquisition corporation for the purposes of the rules of the TSX and Neo Exchange Inc.
For more information, visit https://www.subversivecapital.com/svx.
About Subversive Capital
Subversive Capital is a leading investment firm dedicated to investing in radical companies whose core missions subvert the status quo. With almost a decade of experience in the global cannabis industry, Subversive Capital has lead investments in some of the most successful transactions in the industry including the recent launch and closing transaction of Subversive Capital Acquisition Corp. to form The Parent Company (TPCO Holding Corp.) currently traded on the Neo Exchange and OTCQX.
For more information, visit www.subversivecapital.com
About InterCure and Canndoc
InterCure (TASE: INCR) is the first public company on the Tel Aviv Stock Exchange to hold a valid and permanent license for the medical cannabis value chain through its 100% ownership in Canndoc. Canndoc is a GMP medical cannabis producer. Licensed by the Israeli Ministry of Health since 2008, Canndoc is a leading pioneer in the research, cultivation, production, and distribution of pharma-grade cannabis-based products to patients, hospitals, pharmacies, research and governmental organizations.
Through its strategic exclusive collaboration with world leaders, distribution agreement with SLE (100% owned by Teva Pharmaceutical Industry) and long-term sales agreements, Canndoc is well-positioned as a leading and significant player in pharma-grade medical cannabis in Israel, Europe and the United Kingdom.
For more information: http://www.canndoc.com
