Company: INCR
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-007971
Chunk: 187

Company: Intercure Ltd.
Filing Date: 2025-05-01
Form: 20-F
Item: Item 18
Chunk 187
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-32
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Note 8 – Investment in Subsidiaries:(Cont.)
 

C.   Investment in equity method investee
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During 2023 the Company established two companies in Eilat, pharmacy and trading house, with a business partner (hereinafter: “the associates”). The Company holds 50% of the associates’ shares and has an option to obtain control on these associates. As of December 31, 2023, the Company granted a loan in the amount of NIS 2.5 million to these associates. As of December 31, 2023, the associates’ total assets balance was NIS 4.2 million and total liabilities balance was NIS 4.3 million.
 
The associates had incurred losses in the amount of NIS 0.1 million in 2023. Since the Company has not incurred legal or constructive obligations or made payments on behalf of the associates, the Company did not recognize its share of the losses in 2023.
 
On April 18, 2024 the Company engaged in an agreement to purchase an additional 50% of “New day Eilat” pharmacy and 50% of “New day Distribution” trading house, subsequent to which the Company holds 100% from New day Eilat, See Note 8B(2), and from 2025 the Company holds 100% from “New day Distribution” trading house.
 
As of December 31, 2024, the Company granted a loan in the amount of NIS 0.1 million to the trading house. As of December 31, 2024, the trading house total assets balance is NIS 1.2 million and total liabilities balance is NIS 1.2 million.
 

D.     Joint   
     operations
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On December 19, 2022, the Company entered into a partnership agreement with Praetorian Global, Inc. the parent company of the cannabis brand, “Binske” to grant InterCure an exclusive right to cultivate, manufacture, market, and distribute Binske-branded products in major global pharmaceutical markets including Israel, Germany, Australia, UK and others. On December 30, 2022, the Company engaged in an agreement with a Business partner to establish a 50/50 partnership in order to produce the Binske products, the agreement included an investment by each partner of up to NIS 40 million. The Company invested in the partnership