InterCure Ltd. (TASE:INCR) entered into a share purchase agreement to acquire Leon Pharm Ltd for ILS 8.3 million on January 31, 2024. As a part of consideration, InterCure Ltd. will issue between 1.755 million to 1.845 million shares of the Company, depending on the share price of the Company at the time of completion. The entry into the Transaction is consistent with the Company?s strategy of expanding its market-leading distribution network, towards the new medical cannabis reform announced by the Israeli Ministry of Health. In connection with the Agreement, each of the Sellers agreed that any Company shares issued pursuant to the Transaction will be subject to certain lock-up restrictions, as well as additional exercise restrictions that have been agreed by the parties.

The Transaction is expected to close upon the fulfillment of certain closing conditions, including, among other things, the approval of the Israel Medical Cannabis Agency (IMCA) and the Israel Competition Authority. The completion of the transaction is expected to occur by June 2024. The Transaction is expected to be accretive to the Company?s business model.