Brief

Cannabis Company InterCure to Grow Medical Marijuana in Canada

The Israel-based company has announced a cannabis growing agreement with an unnamed Canadian company Wednesday

Israel-based medical cannabis company InterCure Ltd., chaired by former Israeli Prime Minister Ehud Barak, announced in a Wednesday filing to the Tel Aviv Stock Exchange a cannabis growing agreement with an unnamed Canadian company. Under the agreement, the two will form a new company that will grow medical cannabis in an indoor facility in Canada. InterCure subsidiary Canndoc will own 51% of the new company and contribute its cannabis growing experience, while the Canadian company will hold 49% and invest the resources needed to set up the facility and distribute the output.

 

In an interview with Calcalist, Canndoc CEO Roei Zerahia said the agreement will enable the company to quickly achieve sales in the Canadian market, without relying on export from Israel. Canndoc is also progressing with its plans for an initial public offering on Nasdaq, he said.

 

Medical cannabis. Photo: Getty Images