Subversive Acquisition LP Provides Update on Qualifying Transaction With InterCure, Israel’s Leading and Fastest-Growing Cannabis Company

Subversive Acquisition LP Has Met All Conditions of Closing and Expects to Close on or Before Friday April 23, 2021

SPAC Restricted Voting Units Currently Trade on the TSX Under the Symbol “SVX.U” and the OTCQX Under the Symbol “SBVRF”

On Closing Common Shares of InterCure will Trade on the TSX Under the Symbol “INCR.U” and the TASE Under the Symbol “INCR”

Listing of InterCure’s Shares on NASDAQ Expected in Q2 2021 and Trade Under the Symbol “INCR”

NEW YORK and TORONTO and HERZLIYA, Israel, April 21, 2021 (GLOBE NEWSWIRE) -- Subversive Acquisition LP (TSX: SVX.U, NEO: SVX.U, OTCQX: SBVRF) (“SVX”) a special purpose acquisition company (SPAC), today announced it has met all conditions of closing, with the exception for the closing condition that will be met upon InterCure’s shares trading on the TSX, for its qualifying transaction to combine with InterCure Ltd. (dba Canndoc) (TASE: INCR) (the “Transaction”).   Closing is expected to occur on or before Friday, April 23, 2021.

On closing, common shares of InterCure will trade on the TSX under the symbol “INCR.U” and the TASE under the symbol “INCR.” SPAC Restricted Voting Units currently trading on the TSX under the symbol “SVX.U” and on the OTCQX under the symbol “SBVRF” will automatically convert to shares of “INCR.U” on the TSX on a one to one ratio.

Canndoc, a wholly owned subsidiary of InterCure Ltd., 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 pharmacies across the country. Canndoc leverages its market leading distribution network, significant logistics infrastructure, best in class international partnerships and a high-margin vertically integrated strategy to be the most profitable cannabis company in Israel and one of the most profitable globally outside of North America. Canndoc’s management previously reported a Q4 2020 expected EBITDA annualized run rate of greater than US$10 million and positive free cash flow. Furthermore, we believe that Canndoc is well-positioned to capitalize on the adult-use market in Israel, which is expected to be legalized in 2021 or 2022.