The cannabis company’s previously announced plans to go public are now being finalized
In a truly international business move, Israel’s leading and fastest-growing cannabis company, InterCure, will be joining forces with the oddly-named Subversive Real Estate Acquisitions, a special purpose acquisition company (SPAC), and headed to a listing on the NASDAQ exchange. The move will allow InterCure’s Canndoc operations to finally trade on a public market, a move the company first announced a couple of months ago.
Canndoc was one of the first cannabis producers, and one of the very first to offer ‘Good Manufacturing Practices,’ which insures certified and pharmaceutical-grade medical cannabis products in pharmacies all across the country. Canndoc has already ‘demonstrated the country’s largest distribution network, significant logistical capabilities, and a lucrative vertically integrated strategy.”
Projected management for the new combined companies will be led by Chairman and Former Prime Minister of Israel Ehud Barak and CEO Alex Rabinovitch, and having heavyweight management should help the deal to close. InterCure has reported ‘doubled revenues for four of the last five quarters. Their plans for growth include tripling their retail footprint in 2021.
The combined companies will have an eye out for a possible market expansion and have over $65 million in funds ready to back up any move they need to make when the expected transaction close comes up. Listing shares on the NASDAQ exchange is a condition for closing the merger deal.
The move to unite the two companies is already underway, as it was announced in New York, Toronto and Herzliya, Israel yesterday by Subversive. The company’s founder, Michael Auerback, states, “We believe Canndoc possesses superior management, an optimized platform, and the brands and partnerships that set the stage for sustained, profitable growth in key medical and adult-use markets in Israel and beyond.”