InterCure will reopen in Kibbutz Nir Oz

InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) (dba Canndoc) announced yesterday that further to InterCure’s prior reports regarding the war-related damages and the reconstruction efforts of its facility in Kibbutz Nir Oz, InterCure was successful in obtaining funding commitments of NIS 66 million (approximately USD 18.2M), which may increase to NIS 107 million (approximately USD 29.8M).

InterCure 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.

In addition, the Company received a binding commitment from one of the leading banks in Israel, to provide the Company with a loan of NIS 30M (approximately USD 8.3M), for a period of up to 24 months. This loan is subject to certain closing conditions, including closing the Private Placement.

Under Israeli law, the Company’s Southern Facility, located in an area impacted by the terrorist attack and the war in Gaza, is entitled to full compensation for all direct and indirect damages incurred, including loss of profits.

To date, the Company has received advance payments totalling tens of millions of NIS from Israeli authorities as part of this compensation. These advances, which represent only a small portion of the Company’s total damages, have supported the initial phases of the ongoing restoration efforts.

However, given the prolongation of the war and the fact that the last significant advance was received from the Israeli authorities only in April 2024, the current funding will enable the Company to successfully advance its recovery and restoration efforts without further delays, said InterCure in its recent press release

Based on the press release of InterCure. Selected as relevant/shortened/lectured/regrouped by VonNaftali.