InterCure, an Israeli medicinal cannabis company, began trading on Nasdaq today following the completion of its merger with SPAC Subversive Real Estate Acquisition REIT LP of Canada.
InterCure led by chairman and former Israeli Prime Minister Ehud Barak, and CEO Alexander Rabinovitch .
The company’s share price has risen 60% over the past year but is still 65% below its peak two years ago. InterCure has a market cap of $273.2 million. Barak holds warrants worth NIS 18 ($5.5) million. InterCure holds 100% of the shares of Canndoc.
InterCure’s global expansion strategy will leverage its distribution network, foreign collaborations, and a high-margin vertically integrated “seed-to-sale” approach.
Barak said, “The company is well positioned to continue realizing its vision of leading the international cannabis market and to benefit from expected regulatory changes as more countries recognize the medicinal benefits of the cannabis plant. Listing for trading on one of the world’s leading stock exchanges will increase our access to both retail and institutional investors. This will ensure our ability to further accelerate our business operations, improve the quality of life for patients around the world and create value for the Company and its shareholders.”
Rabinovitch added, “InterCure is the profitable, fastest growing cannabis company globally outside of North America, and we are proud to be listing on the Nasdaq.”