Full Press Release Details
and InterCure (dba : Canndoc) Sign New International Strategic Agreement Representing Largest Such Deal to Date for Both Companies
to supply Israeli pharmaceutical grade cannabis leader InterCure with up to 20,000 kg of dried flower over multiple years
ON, and HERZILA, ISRAEL, November 17, 2022 - Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), ( "Organigram") a leading
Canadian licensed producer of cannabis and Canndoc Ltd. ("Canndoc"), a subsidiary of InterCure Ltd. (NASDAQ: INCR) (TSX:INCR.U)
(TASE:INCR) (dba Canndoc) Israel's largest and most established pharmaceutical cannabis producer, today jointly announced that
they have entered into a new multi-year agreement (the "New Strategic Agreement") for Organigram to continue supply of dried
flower to InterCure.
and InterCure entered into a previous strategic supply agreement in June 2020, (the "First Strategic Agreement") that contemplated
a minimum supply of 3,000 kg all of which has been fulfilled. The New Strategic Agreement contemplates up to 20,000 kg to be supplied
to InterCure's international supply chain. Specifically, the New Strategic Agreement provides for a commitment of 10,000kg with
an option for Canndoc to elect to order up to an additional 10,000kg from Organigram during the three-year term (the "Term").
Approximately 2,800 kg has already been delivered to Canndoc from Organigram since July 2022 and credited against the total volume commitment
under the New Strategic Agreement.
on the success of the First Strategic Agreement and the desire of the parties to continue to collaborate and grow their businesses, the
New Strategic Agreement was entered into. Subject to the terms and conditions of the New Strategic Agreement, Organigram has agreed to
exclusively supply InterCure in Israel for the Term. Additionally, the parties agreed on certain popular genetics which will be exclusively
supplied for distribution into InterCure's international supply chain, subject to local regulations.
business with InterCure a leader in pharmaceutical grade cannabis, has been mutually beneficial and we are excited to expand the relationship
going forward," said Beena Goldenberg, Chief Executive Officer of Organigram. "This new Strategic agreement envisions a significantly
greater amount of dried flower to be shipped from Organigram to Canndoc and allows us to collaborate in the future on other emerging
medical cannabis markets in European jurisdictions."
exclusive long term strategic partnerships with world-class partners supports our international expansion plans and profitable growth
strategy" says Alex Rabinovitch, CEO, InterCure. "We are proud to expand our long and fruitful partnership with Organigram,
a pioneering multinational operator which shares our commitment of providing the highest quality pharmaceutical grade medical cannabis
products to patients around the globe."
under the New Strategic Agreement are subject to compliance with all applicable laws, including receipt of all requisite approvals and
permits for each proposed shipment from all applicable regulatory authorities including the Israeli Ministry of Health and Health Canada.
Organigram Holdings Inc.
Holdings Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly-owned subsidiaries include: Organigram Inc. and Laurentian
Organic Inc. licensed producers of cannabis and cannabis-derived products in Canada, and The Edibles and Infusions Corporation, a licensed
manufacturer of cannabis-infused edibles in Canada.
is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing
international business partnerships to extend the Company's global footprint. Organigram has also developed a portfolio of legal
adult-use recreational cannabis brands, including Edison, Big Bag O' Buds, SHRED, Monjour and Trailblazer. Organigram operates
facilities in Moncton, New Brunswick and Lac-Sup rieur, Qu bec, with a dedicated manufacturing facility in Winnipeg, Manitoba.
The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
news release contains forward-looking information. Forward-looking information, in general, can be identified by the use of forward-looking
terminology such as "outlook", "objective", "may", "will", "could", "would",
"might", "expect", "intend", "estimate", "anticipate", "believe",
"plan", "continue", "budget", "schedule" or "forecast" or similar expressions
suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, projections or other
characterizations of future events or circumstances, and the Company's objectives, goals, strategies, beliefs, intentions, plans,
estimates, forecasts, projections and outlook, including statements relating to the Company's international sales, These statements
are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently
uncertain and beyond management control. Forward-looking information has been based on the Company's current expectations about
information involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from
current expectations. Important factors - including impact on demand for products, general economic factors; receipt of regulatory approvals
or consents and any conditions imposed upon same and the timing thereof, ability to meet regulatory criteria which may be subject to
change, regulatory uncertainty related to importations, ordering patterns, factors that may influence the exercise of the option by Canndoc
and transportation risks, that could cause actual results to differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time under the Company's issuer profile on the Canadian Securities Administrators'
System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and reports and other information filed
with or furnished to the United States Securities and Exchange Commission ("SEC") from time to time on the SEC's Electronic
Document Gathering and Retrieval System ("EDGAR") at www.sec.gov, including the Company's most recent AIF. Readers
are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release.
The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
InterCure and Canndoc
(dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) is a 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: https://www.canndoc-pharma.com/ and http://www.intercure.co
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De Luca, Chief Strategy Officer
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