InterCure said it has entered into an agreement to purchase Leon Pharm, an Israel-based pharmacy chain specializing in dispensing medical cannabis in Israel.
Established in 1988, Leon Pharm is a private pharmacy chain in Israel specializing in the customization of pharmaceutical products and cannabis for patients.
InterCure said the transaction is consistent with its strategy of expanding its distribution network. The deal comes after the new medical cannabis reform announced by the Israeli Ministry of Health.
In connection with the agreement, each of the sellers agreed that any company shares issued pursuant to the transaction will be subject to certain lock-up restrictions, as well as additional exercise restrictions that have been agreed by the parties.
The transaction is expected to close upon the fulfillment of certain closing conditions.
"The acquisition of Leon Pharm is another step towards the implementation of the new medical cannabis reform and the introduction of HMOs. The leading team of Leon Pharm complements and expands our leading position and together we are well prepared to serve the demand and the unique needs of the patient communities in Israel in light of the war events," said InterCure CEO Alexander Rabinovich.