Here's What You Missed in Cannabis This Week » 11:2902/0202/02/23
IGC, TLRY, STMH, INCR, HITI, FLGC, GNLN, AYRWF, ACB, CVSI, CTST, CGC, CRON, CANN, GDNSF, GTBIF, TCNNF, ZYNE, ATAI, CMPS, RLMD
In this week's "Rising…
|Over a week ago|
InterCure terminates acquisition agreement with Cann Pharmaceutical » 08:3302/0102/01/23
InterCure announces that,…
InterCure announces that, further to the merger agreement with Cann Pharmaceutical dated as of February 13, 2022, pursuant to which and subject to its terms, InterCure was to acquire 100% of the issued and outstanding shares of Better, and further to the Company's press release dated November 23, 2022 regarding the fundamental disagreements between the parties, that the closing conditions contained in the Agreement were not met and the Agreement was terminated. In accordance with the terms of the Agreement, the Agreement terminates automatically if the closing conditions and the merger are not completed by 5:00 pm on 31st of January 2023. Accordingly, and in light of the fact that the closing conditions were not met by such date, the Agreement was automatically terminated. Intercure is owed significant amounts loaned and advanced to Better, and since the Agreement was terminated, it intends to recover said amounts under all legal means available to it.
SpringBig announces integration with KORONA POS » 07:1201/2501/25/23
springbig introduced a…
springbig introduced a new integration with KORONA POS from software vendor COMBASE. KORONA POS and springbig's bidirectional integration will allow merchants to apply and award loyalty offerings directly from KORONA POS at checkout. Merchants will also be able to enroll new members into the loyalty program from either the POS or one of Springbig's many enrollment tools. The Company's marketing platform seamlessly integrates with KORONA POS to provide marketing segmentation based on sales data. This allows highly targeted and strategic campaigns to drive business and reach consumers in a highly personalized way.
|Over a month ago|
Chicago Atlantic files $500M mixed securities shelf 06:0312/2112/21/22
InterCure enters exclusive international partnership agreement with Binske » 08:4112/1912/19/22
InterCure entered into a…
InterCure entered into a definitive licensing agreement with Praetorian Global. Pursuant to the Agreement, Praetorian Global agreed to grant InterCure an exclusive multi-year right to cultivate, manufacture, market, and distribute Binske-branded products in major global pharmaceutical markets including Israel, Germany, Australia, UK and others. The company said, "InterCure is of the view that Binske has pioneered the premium medical and recreational markets in the United States through its meticulous focus on standards, quality, and consistency. Laudedfor its proprietary strains, craft ingredients, full product suite of nearly 200 offerings, and best-in-class packaging, "Binske" offers luxury, artisan-quality products using purposefully sourced ingredients that have earned widespread recognition, making it one of the largest and most recognizable brands in the American market. The "Binske" brand has won numerous cannabis related awards including Leafly's Best Overall Brand, Best Edibles and Best Concentrates. The Company considers Binske's sophisticated product offerings, coupled with their innovative brand identity, to set them apart from the rest of the marketplace." The Agreement brings these products exclusively to Intercure's Israeli hub to manufacture and distribute all "Binske" Branded Products under EU-GMP standards, exclusively to the international pharmaceutical space. As part of the Agreement, Binske will provide the Company access to its intellectual property, including genetics, formulations and know-how for cultivation and manufacturing of Binske-branded cannabis products at the Company's facilities. In addition, "Binske" will provide InterCure with IP relating to extraction formulations and the production of downstream products developed by "Binske", and will support InterCure's team with training of manufacturing and cultivation methods that are tailored for Binske's exacting standards. Under the terms of the Agreement, InterCure will produce and distribute the Branded Products leveraging its international supply chain using the Company's medical cannabis-dedicated pharmacy chain. During the 7.5-year term of the Agreement, the same lines of core "Binske" Branded Products launched in North America will be manufactured and distributed exclusively by InterCure in the territories stipulated in the Agreement.
InterCure announces withdrawal of class action lawsuit against it » 16:3912/0512/05/22
InterCure announced the…
InterCure announced the withdrawal of a class action lawsuit against it. The Regenera Lawsuit was described in the company's press release dated May 26, 2020 and in the company's most recent annual report and annual information form and it was primarily concerning a motion to certify, as a class action, a claim filed against the company, its directors and its executive officers, alleging that the company violated its obligation to publicly disclose certain events and developments which impacted the valuation of Regenera Pharma. On December 2, the Tel Aviv District Court approved a consent motion to withdraw the Regenera Lawsuit, without any payment to the plaintiff from the Company.
SpringBig announces cost reduction action to strengthen financial profile » 07:0211/3011/30/22
SpringBig announced that…
SpringBig announced that the company is undertaking a series of initiatives to reduce costs and drive efficiency in order to accelerate its path to profitability. These cost-cutting measures will allow the company to prioritize growth opportunities, right-size its expense structure and preserve capital while strengthening its financial position. "Our focus remains on consistent execution and expanding the reach of the springbig platform, while optimizing our organization to deliver profitable growth. We believe that the steps we are announcing today will produce an annual operating expense run rate in 2023 that is expected to be approximately 21% less than annualized operating expenses incurred for the nine months ended September 30, 2022, shortening the timeline to our goal of positive EBITDA during 2023, and we continue to expect an acceleration in revenue next year," said Jeffrey Harris, CEO and Chairman of springbig. As part of the initiatives announced today, Springbig has announced a workforce reduction of 37 positions, or 23% of the company's headcount through a combination of layoffs and attrition to ensure its long-term health. The company expects a one-time cash restructuring charge for the layoffs of approximately $0.2 million in Q4 of 2022.
Here's What You Missed in Cannabis This Week » 11:0311/1711/17/22
RLMD, CMPS, ATAI, ZYNE, TCNNF, TLRY, IGC, GTBIF, GDNSF, CANN, CRON, CGC, CTST, CVSI, ACB, FLGC, GRWG, INCR, OGI, KHRNF, ETRGF, HEXO
In this week's "Rising…
Organigram, InterCure enter multi-year supply agreement for dried flower » 08:2011/1711/17/22
Organigram Holdings (OGI)…
Organigram Holdings (OGI) and Canndoc (INCR) jointly announced that they have entered into a new multi-year agreement for Organigram to continue supply of dried flower to InterCure. Organigram and InterCure entered into a previous strategic supply agreement in June 2020, that contemplated a minimum supply of 3,000 kg all of which has been fulfilled. The New Strategic Agreement contemplates up to 20,000 kg to be supplied to InterCure's international supply chain. Specifically, the New Strategic Agreement provides for a commitment of 10,000kg with an option for Canndoc to elect to order up to an additional 10,000kg from Organigram during the three-year term. Approximately 2,800 kg has already been delivered to Canndoc from Organigram since July 2022 and credited against the total volume commitment under the New Strategic Agreement. Based on the success of the First Strategic Agreement and the desire of the parties to continue to collaborate and grow their businesses, the New Strategic Agreement was entered into. Subject to the terms and conditions of the New Strategic Agreement, Organigram has agreed to exclusively supply InterCure in Israel for the Term. Additionally, the parties agreed on certain popular genetics which will be exclusively supplied for distribution into InterCure's international supply chain, subject to local regulations. Activities under the New Strategic Agreement are subject to compliance with all applicable laws, including receipt of all requisite approvals and permits for each proposed shipment from all applicable regulatory authorities including the Israeli Ministry of Health and Health Canada.
InterCure reports Q3 EPS NIS 0.16 vs (NIS 0.03) last year » 09:1211/1511/15/22
Reports Q3 revenue NIS…
Reports Q3 revenue NIS 100.57M vs NIS 61.695M last year "I am proud of our team delivering our eleventh consecutive quarter of profitable growth with strong operating and financial performance," said InterCure CEO Alexander Rabinovitch. "We continued to execute on our international expansion plans building our footprint organically and exploring strategic acquisitions in key markets, to meet the solid demand for our high-quality branded products. We expect 2022 to be another milestone year for InterCure, solidifying our leadership position in the pharmaceutical cannabis market."