Subversive Acquisition LP Provides Update on Qualifying Transaction With InterCure, Israel’s Leading and Fastest-Growing Cannabis Company - Seite 2

Michael Auerbach, Founder of Subversive Capital, said, “I’m extremely proud of this transaction which allows our shareholders to participate in the upside of the Israeli cannabis market. InterCure has been a pioneer, leading the cannabis wave in Israel and capturing significant market share across Europe.”

InterCure’s Chairman and former Prime Minister of Israel, Ehud Barak, added, “Israel became famous for its breakthroughs in cannabis research and has now become one of the leading medical cannabis markets in the world. Canndoc has proven its ability to execute a profitable growth strategy as it became the dominant force in Israel. Nowadays, we are well positioned to lead new emerging cannabis markets as legislative reform is spreading around the globe."

Canndoc’s Chief Executive Officer, Alex Rabinovitch, added, “With the most comprehensive vertically integrated platform, brand portfolio and the healthiest robust balance sheet, we will reshape the cannabis industry in Israel and across Europe.”

Management Team – Canndoc will continue to be led by its experienced executive team with deep knowledge of the cannabis industry, and operational expertise in the agriculture technology and pharmaceutical industries:

• Alex Rabinovitch, Chief Executive Officer
• Amos Cohen, Chief Financial Officer
• Rami Levy, Chief Operating Officer
• Moshe Gavrilov, Chief Marketing Officer

Board of Directors and Medical Advisory Board is expected to include:

• Ehud Barak, former Prime Minister of Israel to serve as Chairman
• Michael Auerbach, Founder, Subversive Capital
• Prof. Zvi Bentwich, MD, PHD, Professor of Microbiology, Immunology and Genetics, and Head of the Center for Emerging Tropical Diseases & Aids, Ben Gurion University
• Prof. Eitan Friedman, Dir. and Founder Suzanne Levy-Gertner Oncogenetics Unit, Sheba Medical Center

InterCure Investment Highlights

• Proven Business Model – The most profitable company in Israel’s and one of the most profitable globally outside of North America, growing legal cannabis market with an EBITDA annualized run rate of greater than US$10 million and positive free cash flow
  
  
• First Mover Advantage – Significant share of medical market, which grew more than 50% in 2020; First company to import medical grade cannabis to Israel; Positioned to capitalize on the legalization of recreational cannabis locally. Recent acquisition of Better positions InterCure as the largest cannabis company outside North America and accelerates international expansion strategy to major markets worldwide.