TORONTO, April 06, 2021 (GLOBE NEWSWIRE) — SUBVERSIVE ACQUISITION LP (TSX: SVX.U, NEO: SVX.U, OTCQX: SBVRF) (“SVX”) announced today that InterCure Ltd. (dba Canndoc) (TASE: INCR) (“InterCure”), Israel’s leading cannabis company and SVX’s intended target for its “Qualifying Transaction” (the “Transaction”), has signed a letter of intent with iconic cannabis brand Cookies for its European expansion. InterCure will work with Cookies to replicate the success achieved by Cookies in the United States and Israel.
Like InterCure’s leading Israeli model, the operation will be vertically integrated and will include online and retail distribution for Cookies’ branded products. In addition to local production facilities, InterCure will cultivate Cookies’ products at InterCure’s southern facility, the largest and most advanced in Israel, which will also supply Cookies products to Cookies stores throughout Europe. The partnership with Cookies supports InterCure’s international growth strategy to expand into major markets around the world.
Alexander Rabinovitch, InterCure CEO, said: “We are excited to expand our successful 2-year partnership with the Cookies team to Europe. Cookies is one of the world’s top Cannabis brands with an exceptional winning positioning. InterCure is in a phase of rapid growth, and we plan to continue this path of expansion across Europe with the best-branded portfolio in the market leveraging on our existing licensed supply chain in territories like Germany, Austria and the UK. This partnership with Cookies further solidifies InterCure as a global cannabis leader, and we look forward to continuing to work together.”
Furthermore, on April 1, 2021, the InterCure shareholder vote approving the Transaction passed. The Transaction is expected to close by April 8, 2021.
Subversive Acquisition LP is a limited partnership established under the Limited Partnerships Act (Ontario) formed for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, equity exchange, asset acquisition, equity purchase, reorganization, or any other similar business combination involving SVX that will qualify as its qualifying transaction for the purposes of the rules of the TSX and Neo Exchange Inc. SVX is a special purpose acquisition corporation for the purposes of the rules of the TSX and Neo Exchange Inc.
For more information, visit https://www.subversivecapital.com/svx.
About Subversive Capital
Subversive Capital is a leading investment firm dedicated to investing in radical companies whose core missions subvert the status quo. With almost a decade of experience in the global cannabis industry, Subversive Capital has lead investments in some of the most successful transactions in the industry including the recent launch and closing transaction of Subversive Capital Acquisition Corp. to form The Parent Company (TPCO Holding Corp.) currently traded on the Neo Exchange and OTCQX.
For more information, visit www.subversivecapital.com
About InterCure and Canndoc
InterCure (TASE: INCR) is the first public company on the Tel Aviv Stock Exchange to hold a valid and permanent license for the medical cannabis value chain through its 100% ownership in Canndoc. Canndoc is a GMP medical cannabis producer. Licensed by the Israeli Ministry of Health since 2008, Canndoc is a leading pioneer in the research, cultivation, production, and distribution of pharma-grade cannabis-based products to patients, hospitals, pharmacies, research and governmental organizations.
Through its strategic exclusive collaboration with world leaders, distribution agreement with SLE (100% owned by Teva Pharmaceutical Industry) and long-term sales agreements, Canndoc is well-positioned as a leading and significant player in pharma-grade medical cannabis in Israel, Europe and the United Kingdom.
For more information: http://www.canndoc.com
At 18, Berner, known today as a prolific Bay Area rapper, entrepreneur and Cookies founder, served as the general manager of “Hemp Center,” a medical cannabis dispensary in San Francisco. There, he was inspired by the city’s progressive and compassionate view that cannabis could have a profound and positive impact on the lives of chronically or terminally ill patients.
Later, in 2008, Berner went on to found Cookies along with his partner Jai, a Bay Area cultivator and breeder. Their intention was to create the world’s highest-quality, most innovative cannabis strains. After achieving success in its home state of California, Cookies quickly built a grassroots following while remaining loyal to its brand promise: authenticity and innovative genetics.
Today, Cookies is one of the most well-respected and top-selling cannabis brands in California and throughout the world. The company and its product are recognized globally and offer a collection of over 150 proprietary cannabis varieties and product lines including indoor and sungrown flower, pre-rolls, gel caps, vape carts and medicinal mushrooms. Cookies‘ seed-to-sale business allows for complete quality control at every step — from cultivation and production to customers’ end retail experience. With a deep commitment to restorative justice and progressive drug policy, Cookies actively works to enrich communities disproportionately impacted by the War on Drugs through advocacy work and social equity initiatives.
This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects SVX’s current expectations regarding future events. The words “will”, “expects”, “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to: statements concerning InterCure’s partnership with Cookies, the impact of the partnership on Intercure’s business, the projected growth and expansion of Intercure’s business, and the expected closing of the Transaction. 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 SVX’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: failure to complete the Transaction, inability to obtain requisite regulatory or shareholder approvals, changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian 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 the non-offering prospectus pertaining to the Transaction which is available on SEDAR at www.sedar.com. SVX 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Subversive Acquisition LP
Adam Haliva, Global Investor Relations
[email protected], (972) 54-646-8778