InterCure Sues Cann Pharmaceuticals To Recover Funds Following Failed Merger

InterCure Ltd. INCR INCR INCR (dba Canndoc) has filed a lawsuit against Cann Pharmaceuticals Ltd. (dba “Better”), a company with which it had previously sought to merge, to recover funds loaned and invested in the course of their dealings in connection with the merger agreement.

The company and Better had initially agreed to merge, subject to certain closing conditions, which also included an outside date of January 31, 2023. However, as disclosed in the company’s public filings, fundamental disagreements arose, which ultimately led to the termination of the agreement on the outside date, as the closing conditions had not been satisfied prior thereto.

During the negotiations and after the merger agreement was executed, the company extended loans to Better, and also provided funding and cultivation services to it, in light of the parties’ cooperation.

The merger agreement was terminated, leaving the company to seek to recover the funds it had loaned and extended to Better. Despite repeated efforts to recover such loans, funding and cultivation services, Better has refused to repay the company, leaving it with no choice but to file a lawsuit against Better to enforce its rights to the amounts loaned to Better.

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