HERZLIYA, Israel, Sept. 26, 2018 /PRNewswire/ -- InterCure (TASE: INCR), which is engaged in biomed and life sciences investments, has announced the appointment of Ehud Barak as an active Chairman of its Board of Directors. InterCure will change its name to Canndoc Pharma.
Ehud Barak, incoming chairman of InterCure (Canndoc Pharma): "I am delighted to join Intercure's senior management team. Medical cannabis has proven potential to help and improve the lives of many patients worldwide and major Western countries have adopted and are adopting it as a recognized mainstream medical treatment. Intercure is well positioned to break into these markets. I intend to lead Intercure's strategy of international growth and take an active part in its business development with the aim of making Canndoc Pharma a world leader."
Roei Zerahia, Canndoc's CEO: "Canndoc's management greets with pride the appointment of Ehud Barak as the company's chairman and feels certain that his abilities and connections will be of major help to the company's management in realizing its vision and making it one of the world's leading companies in the medical cannabis sector."
Canndoc is a pioneer in the pharma grade medical cannabis market in Israel and worldwide, and has been in engaged in ten years of research, nurturing, cultivating and marketing medical cannabis to thousands of patients with a range of indications that have been approved by Israel's Ministry of Health and collaborate with partners in Israel and abroad. Canndoc operates with the new, strict IMC-GAP approval, which also permits supply of cannabis products to pharmacies and includes meeting the requirements of the new regulations, and the preparations of the Ministry of Health to export medical cannabis products from the State of Israel. In the past three years, Canndoc has presented consistent growth in revenue while maintaining operational profitability.
InterCure (Canndoc Pharma) is announcing the appointment of Ehud Barak as its active Chairman, and as part of his role, Barak will lead Intercure's strategy of global growth and international business development and will be entitled to an options plan of about 5% of Intercure at an average exercise price of NIS 3.20 per share, containing a 60% premium of the current price of the share on the market. Intercure's management sees the appointment and the exercise price of options as a vote of confidence by the incoming Chairman in the company and its future.
The world's cannabis market is developing at a rapid rate and according to UN forecasts is expected to reach about $150 billion annually in the coming years. Due to recent developments in the markets including medical cannabis legislation in major western countries and the successful IPO of the first medical cannabis Tilray (TLRY), the company is considering listing for trade or an IPO on NASDAQ or another of the major US stock exchanges.
Intercure and its Board thanks its outgoing Chairman Shlomo Shalev, who has led the company over the past four years.
About Intercure (Canndoc Pharma):
InterCure (Canndoc Pharma) is the first and only public company on the Tel Aviv Stock Exchange (TASE: INCR), which holds a valid and permanent license for the entire medical cannabis value chain. The company has recently acquired full ownership and control (100%) of Canndoc Pharma. Canndoc is a leading pioneer in the medical cannabis sector in Israel and worldwide, and has been in engaged in ten years of research, nurturing, cultivating and marketing medical cannabis to thousands of patients with a range of indications that have been approved by Israel's Ministry of Health and collaborate with partners in Israel and abroad. Visit https://www.canndoc.co.il
In addition, InterCure holds a 17.25% stake in Regenera, a clinical-stage biopharmaceutical company focused on developing a novel drug for neurological disorders. Visit https://www.regenerapharma.com/
InterCure also holds a 9.3% stake in Novellus, a Jerusalem based company, developing a novel technology for precision oncology therapies. Visit www.novellusdx.com.
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