InterCure Congratulates Germany on Cannabis Reform, Expanding its Global Footprint
InterCure provides an update following recent Cannabis Reform in Germany
Expects to launch its first products in Germany in the coming months
The Company continues to closely watch developments surrounding Cannabis rescheduling in the U.S.
NEW YORK & HERZLIYA, Israel–(BUSINESS WIRE)–$INCR #CANNABIS—InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) (dba Canndoc) (“InterCure” or the “Company“), the leading medical cannabis company outside of North America, is thrilled to congratulate The Federal Republic of Germany for the passing of the “CannG” Cannabis Act, which is expected to take effect on April 1, 2024. On the backdrop of this monumental development, InterCure expects to launch a series of products in Germany in the coming months.
While the Cannabis Act deals with all types of cannabis, it is poised to have a uniquely significant impact on the medical cannabis sector. By excising cannabis from the list of prohibited substances in the German Narcotics Act, the reform makes prescribing medical cannabis to patients substantially easier and more cost-effective for doctors at greater scale and not only as a last resort. Thus, this reform is set to dismantle major barriers that have historically hindered patient access to cannabis-based treatments. This sets the stage for expected significant expansion of the medical cannabis market in Germany.
Alexander Rabinovitch, CEO of InterCure, expressed his excitement about the legislative changes in Germany, stating, “We are thrilled by the recent reform passed in Germany and are optimistic about the global shift that is taking place. As a leader in pharmaceutical Cannabis, we are closely watching these developments including the potential rescheduling of Cannabis in the United States, and plan to advance our global footprint, expecting to launch our products in Germany in the coming months. The strong foundation we have built over the past 15 years serves us today as we continuously execute our mission of providing high-quality, pharma-grade medical cannabis products to patients around the world.”
About InterCure (dba Canndoc)
InterCure (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.
For more information, visit: https://www.intercure.co
Forward‐Looking Statements
This press release may contain forward-looking statements. Forward-looking statements may include, but are not limited to, 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, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in InterCure’s Annual Information Form dated March 31, 2023, which is available on SEDAR at www.sedar.com, and under the heading “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form 20-F, filed with the Securities Exchange Commission on May 1, 2023. InterCure undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Contacts
InterCure Ltd.
Amos Cohen, Chief Financial Officer
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