Company: INCR
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-007971
Chunk: 55

Company: Intercure Ltd.
Filing Date: 2025-05-01
Form: 20-F
Item: Item 4
Chunk 55
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 signed with partners in both Canada and the European Union are no longer valid, we continuously seek out for new strategic agreements with partners in the target markets.
 
We plan to have our products distributed globally under the “CANNDOC” brand, produced by us or through our partnerships, and manufactured under GMP standards. As of the date of this Annual Report, our products have not yet been distributed through our partnerships. Our ability to do so is impacted by various regulatory matters, as regulatory permits and licenses are currently required for the import, export and distribution of cannabis products in the jurisdictions where we operate. As such, the regulatory regime present in these jurisdictions has a direct impact on our business and our ability to grow it.
 
Through our subsidiaries, we operate the first and leading chain of private pharmacies focused on medical cannabis in Israel which includes 28 pharmacies and stores across Israel, the UK and Austria under different brands, including Givol™, Leon Pharm, Max Pharm and Cookies.
 
Out of the 28 pharmacies and stores, 25 already possess permits and licenses for distributing medical cannabis. The remaining three are at various stages of development, and there can be no assurance as to when, or if, the development of these pharmacies will be successfully completed and the necessary permits and licenses will be obtained.
 
In July 2024, we completed the purchase of Leon Pharm Ltd. (“Leon Pharm”), a leading, Israel-based pharmacy chain located in major cities throughout Israel specializing in dispensing medical cannabis in Israel, by way of a share purchase of all of the issued and outstanding share capital of Leon Pharm. Established in 1988, Leon Pharm is one of the leading private pharmacy chains in Israel, specializing in the customization of pharmaceutical products and cannabis for patients along with providing a high level of professional service. The transaction is accretive to the Company’s business.
 
We have not completed any clinical trials using cannabis or cannabis-based products to date. We have received IMCA feasibility approval to initiate nine clinical trials and have commenced one phase 3 clinical trial. We initiated a phase 3 clinical trial in a leading Israeli medical center to study our product’s influence on cognitive and adjacent capabilities on children who are on the autistic spectrum. Patients’ recruitment for the trial was initiated but was stopped due to COVID-19 challenges, and it is uncertain when and if it will be reinitiated. Our clinical studies program experienced significant setbacks in 2020 and 2021 as a result of COVID-19, and at this point, we remain uncertain as to when