Company: INCR
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-007971
Chunk: 202

Company: Intercure Ltd.
Filing Date: 2025-05-01
Form: 20-F
Item: Item 18
Chunk 202
---
 conducted, and it was agreed that the assets of one of the Cantek Group companies of which Intercure is a creditor will be used by the creditors of that company only, rather than creating a single economic entity.
 
 
F-47
----
Note 16 – Commitments, Charges and Contingent Liabilities (Cont.)
 
On August 6, 2024, the court approved the sale of two real estate assets belonging to Cantek Group, including the property pledged to InterCure, for a total consideration of NIS 4 million (plus VAT). While the sale has been finalized and the purchaser has transferred the full consideration, the funds are currently held in escrow and have yet to be distributed among creditors.
 
In addition, the settlement manager is currently in the process examining the debt claims submitted on behalf of Cantek Group creditors and in the near future he will decide on these debt claims, including the debt claim submitted on behalf of InterCure and Canndoc.
 
Subject to the settlement manager’s decision, the Company estimates the chance that most of Intercure’s debt will be repaid within the proposed settlement is higher than the chance that it won’t be repaid.
 

  2.                                                  On                                              
         January 31, 2023, the agreement with Cann Pharmaceutical Ltd. (hereinafter: Cann) to acquire 
              100% of Cann’s shares was automatically terminated after the fact that the closing      
        conditions in accordance with the terms of the agreement were not met. During the negotiations
          and after the merger agreement was executed, the Company extended loans to Cann, and also   
            provided funding and cultivation services to it, in light of the parties’ cooperation.    
------------------------------------------------------------------------------------------------------
 
On February 14, 2023, the Company filed a statement of claim (“SoC”) against Cann with the Tel-Aviv Magistrate Court. In the SoC, the Company argues that Cann owes the Company a NIS 7,875,189 due to written agreements and commitments made by the parties that Cann violated. As part of the SOC, remedies are sought in relation to, inter alia, loans that the Company provided to Cann as well as cultivation services that the Company provided to Cann. On June 6, 2023, Cann’s statement of Defense was submitted (“SoD”) and on February 7, 2024 the Company’s statement of reply was submitted. In addition, on June 6, 2023, Cann filed a