Canndoc, a large medicinal cannabis retailer operating as Intercure, has acquired Cann Pharmaceutical Ltd. for $35,000,000. The deal is inclusive of Cann's operations as Better Holdings Ltd. in Israel, as well as the Cann Pharmaceutical subsidiary in Australia.
The terms of the deal state that Intercure will invest $2,500,000 in Cann Pharmaceutical Australia for an 11% share in ownership. This sum will be matched by the company's private investors, totalling a $5,000,000 investment in the Australian company.
Chairman of Intercure and former Israeli Prime Minister Ehud Barak provided the following testimony: “Today’s announcement is a historical milestone in the Israeli cannabis industry as we prepare to add Better, a pioneer of our industry, to the InterCure family. We believe our combined business strengths and capabilities will help us to connect more effectively with new and existing patients in Israel and internationally."