NEW YORK and TORONTO and HERZLIYA, Israel, June 21, 2022 (GLOBE NEWSWIRE) — InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (“InterCure” or the “Company”) announced today the successful opening of the first flagship Cookies store in Austria, located in the Neubau district of Vienna.
The flagship location offers Cookies’ unique CBD menu, available for the first time in Europe, as well as clothing and life-style products. In the future, as regulations are evolving, pharmaceutical grade medical cannabis will be available for Austrian patients, including Cookies EU-GMP THC products.
The Vienna launch represents the spearhead of an expansion into additional European countries, following the successful collaboration between the two companies in the global pharmaceutical grade medical cannabis markets, including Israel.
“We are proud to make another big advancement in the expansion of our winning model into Europe and deliver on our promise to supply the highest quality and reliable cannabis products to every territory with a supportive regulatory framework,” said InterCure’s Chief Executive Officer, Alexander Rabinovitch. “We look forward to welcoming Austrians and the millions of tourists who visit Vienna to the first Cookies’ location in the country. I am grateful for the amazing work of our teams in Europe and partners at Cookies who helped make this successful launch and look forward to the many more to come across the continent.”
“Bringing the Cookies brand and its products to Vienna is a core part of our global expansion strategy. By partnering with a global partner like InterCure, we can share cannabis-based medicine and culture from California to Europe,” said Parker Berling, President of Cookies.
InterCure (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) 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. Cannolam LTD, a subsidiary of the Company, is a pioneer in medical grade cannabis treatment and the retail arm of InterCure, currently operating 23 pharmacies in Israel and a Cookies™ store in Vienna, Austria. InterCure leverages its market leading distribution network, best in class international partnerships and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America.
For more information, visit: http://www.intercure.co.
Cookies, founded in 2010 by Billboard-charting rapper and entrepreneur Berner and Bay Area breeder and cultivator Jai, is the most globally recognized cannabis company in the world. Cookies values the power of the plant and focuses on creating game-changing genetics. The company offers a collection of over 70 proprietary cannabis cultivars and more than 2,000 products. Cookies also actively works to enrich communities disproportionately impacted by the War on Drugs through advocacy and social equity initiatives. Headquartered in San Francisco, the company opened its first retail store in 2018 in Los Angeles and has since expanded to over 45 retail locations in 17 markets across 54 countries. Cookies was named one of America’s Hottest Brands of 2021 by AdAge; the first cannabis brand to ever receive this accolade.
Learn more at www.cookies.co
This press release may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to InterCure’s objectives, plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that InterCure intends, expects, projects, believes or anticipates will or may occur in the future, including with respect to the success of the Cookies store launched in Austria and its future expansion. These statements are often characterized by terminology such as “believes”, “hopes”, “may”, “anticipates”, “should”, “intends”, “plans”, “will”, “expects”, “estimates”, “projects”, “positioned”, “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause InterCure’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company’s future revenue growth and profitability, the expected operations, financial results business strategy, competitive strengths, expansion strategy to major markets worldwide, the legalization of CBD in Israel and its impacts on the Company, the impact of the COVID-19 pandemic and the war in Ukraine. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond InterCure’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the Israeli, U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in the Company Annual Information Form dated April 5, 2022 which is available on SEDAR at www.sedar.com, and under the heading “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form 20-F, filed with the Securities Exchange Commission on April 28, 2022. InterCure undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Amos Cohen, Chief Financial Officer