Company: INCR
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-007971
Chunk: 77

Company: Intercure Ltd.
Filing Date: 2025-05-01
Form: 20-F
Item: Item 4
Chunk 77
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 we announced a definitive agreement with Altman Health (“Altman”), a market leader with an unmatched shelf space of OTC and nutritional supplements in over 1700 points of sale, including all major pharmacies across Israel. The newly formed company, that will be held jointly by the Company and by Altman, will focus on the new Israeli CBD product market, following the Israeli Minister of Health’s announcement on February 28, 2022 that CBD will be removed from the Israeli DDO. Although reaching an agreement with Altman marks a significant milestone for the company’s CBD expansion strategy, the joint venture has not been established yet due to current CBD regulations in Israel. CBD is still classified as a controlled substance, and meaningful operations are not allowed until it is delisted.

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Bazelet
 
Bazelet Group operates the largest cannabis production facility in Israel, in accordance with strict IMC-GMP and EU-GMP standards. As part of its operations, Bazelet is also the leading producer of cannabis oil products in Israel, serving both the domestic and export markets. There is a close collaboration between the Company and Bazelet, whereby Bazelet provides production, EU-GMP-certified export, and distribution services to the Company in the Israeli market. In addition, Bazelet purchases raw materials and products from the Company from time to time. In the ordinary course of this collaboration, including as a result of such purchases, Bazelet has accumulated certain outstanding commercial balances towards the Company, which are considered material.
N.D.N
 
In January 2025, we entered into a distribution agreement with N.D.N. Storage and Distribution Ltd. (“N.D.N.”), a licensed distributor specializing in the storage, collection, and distribution of medical cannabis products in Israel.
 
Pursuant to the agreement, N.D.N. will provide us with logistics, storage, collection, and distribution services for our medical cannabis products throughout Israel. The agreement further strengthens Canndoc’s nationwide distribution capabilities, ensuring an efficient and reliable supply chain to serve pharmacies.

International
 
Germany
 
In June 2019, we formalized our entry into the German market through a non-exclusive distribution agreement (the “German Distribution Agreement”) with a licensed distributor, for the purpose of marketing our pharmaceutical-grade cannabis products in Germany. Despite the elapsed time since this agreement was signed, no distribution of our medical marijuana products under the German Distribution Agreement has yet occurred. The involved parties are diligently evaluating the most viable strategies to penetrate the German medical cannabis sector effectively.
 
During