[ad_1]
Subversive Real Estate Acquisition REIT is combining with Israeli marijuana producer InterCure in a deal that values InterCure at $300 million and is intended to secure a Nasdaq listing for the combined company.
InterCure’s Canndoc subsidiary is Israel’s largest licensed cannabis producer, Subversive said in a news release.
Subversive Real Estate Acquisition REIT, a subsidiary of New York-based Subversive Capital, made a qualifying transaction last October to convert from a marijuana special purpose acquisition company to a publicly traded real estate investment trust.
“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,” Subversive said.
A $65 million private placement is intended “to fund the growth of Canndoc following closing.”
The deal is expected to close in April, pending required shareholder as well as regulatory approvals and approval to list on the Nasdaq.
The combined company will be listed on the Nasdaq exchange as a condition of closing and the Tel Aviv Stock Exchange.
Canndoc’s parent company, InterCure, trades on the Tel Aviv Stock Exchange as INCR.
Ehud Barak, a former Israeli prime minister who now serves as Canndoc’s chair, said the company is “well-positioned to lead new emerging cannabis markets as legislative reform is spreading around the globe.”
Barak will serve as chair of the combined company, with Canndoc’s current executive team remaining in place.
[ad_2]
Source link
