Full Press Release Details
Announces Expansion of its Strategic partnership with Cookies to Germany
expands its European footprint to launch Cookies Corners licensed pharmacies in Germany alongside differentiated online platforms
with the official cookies retail experience, enhancing branded product offerings with the most-recognized global cannabis brand.
YORK & HERZLIYA, Israel, August 28, 2024 - InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) (dba Canndoc) ("InterCure"
or the "Company"), the leading vertically integrated medical cannabis company outside of North America, is announcing
a new strategic agreement with Cookies, the globally recognized cannabis brand, to cultivate, manufacture, import and distribute
Cookies' branded products, produced from its cultivation and manufacturing facilities, initially in 8 licensed branded pharmacies
across Germany, through Cookies Corners. This agreement marks an expansion of InterCure and Cookies' partnership footprint in Europe
now covering the UK, Austria, and Germany, alongside strategic collaborations in Israel.
the terms of the new agreement, InterCure will cultivate, and manufacture Cookies licensed genetics and products at its
global supply chain facilities. InterCure's EU-GMP manufacturing sites will import, register, and produce Cookies-branded products,
including future range of next-generation offerings such as live resin and live rosin products and vapes. These products will be dispensed
through InterCure's Cookies Corner licensed pharmacies and online platforms, differentiated by the official Cookies retail experience.
agreement follows the passage of Germany's "CanG" Cannabis Act on April 1st, 2023. Notably, according to a recent report
from Bloomwell Group, the number of medical cannabis prescriptions in Germany increased by 400 percent from March to June 2024, highlighting
the significant impact of the new legislation on the market.1
is globally recognized as one of the most sought-after and best-selling cannabis brands, with a rapidly expanding international presence.
Its diverse portfolio, featuring over 70 proprietary cannabis cultivars and more than 2,000 products, has established Cookies'
reputation for delivering premium quality to consumers worldwide. Drawing on the unique Cookies retail experience and cutting-edge genetics,
along with InterCure's established reputation as the leading vertically integrated medical cannabis company outside North America
operating over 25 pharmaceutical cannabis pharmacies, this partnership is set to deliver cannabinoid therapeutics that meet the most
rigorous standards in some of the fastest-growing markets worldwide.
are excited to strengthen our partnership with Cookies and extend our reach into Germany, a pivotal market for medical cannabis in Europe,"
said Alexander Rabinovitch, CEO of InterCure. "This agreement enables us to introduce Cookies' globally renowned retail experience
to the fast growing German market through Cookies Corners to be located in 8 major German cities advancing our commitment to providing
access to high-quality, pharma-grade cannabis on a global scale. With Germany's recent Cannabis reform, the European market is
on the cusp of significant growth, and we look forward to making one of the world's leading cannabis brands accessible to patients
in Germany, Austria and the UK."
Berling, President of Cookies, commented: "Our partnership with InterCure is opening new doors in Europe, and I'm especially
excited to bring Cookies Corners to Germany, for the first time. The momentum around cannabis legalization here is truly groundbreaking
and signals a new era for the entire continent. Berner's connection to Germany goes beyond business-his music found an unexpected
audience here, where he had the chance to experience the vibrant culture firsthand. With the UK also playing a pivotal role in the rise
of California cannabis, we're now set to bring our unique genetics and passion for quality to European patients through this collaboration."
InterCure (dba Canndoc)
(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.
more information, visit www.intercure.co.
is the most globally recognized cannabis company; founded in 2010 by Billboard-charting rapper and entrepreneur Berner and Bay Area breeder
and cultivator Jai. The company creates game-changing genetics and offers a collection of over 70 proprietary cannabis cultivars and
more than 2,000 products. Headquartered in San Francisco, the company is actively involved in advocacy and social impact initiatives
to enrich communities disproportionately impacted by the War on Drugs. Cookies opened its first retail store in 2018 in Los Angeles,
has since expanded to over 70 retail locations in over 20 markets across 6 countries, and was recently named one of America's Hottest
Brands of 2021 by Ad Age; the first cannabis brand to ever receive this accolade.
learn more about Cookies, visit cookies.co
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 expansion strategy to major markets worldwide, statements relating to the security events
in Israel, 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
COVID-19 pandemic, 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.
Cohen, Chief Financial Officer