NEW YORK and HERZLIYA, Israel — Ehud Barak will step down as chairman of the board of directors at InterCure effective February 13. He will be succeeded by Alexander Rabinovich, who has led the company as CEO for the past five years, executing growth, building strategic international partnerships, and establishing InterCure’s position as a leader in pharmaceutical cannabis.
Barak, who recently celebrated his 83rd birthday, has decided to pursue personal endeavors after six years of service as board chairman. His contributions helped guide the company’s progress alongside the executive team.
In February, InterCure secured NIS 66 million (approximately US$18.2 million) to support the recovery of Nir Oz Facility. The financing also included the issuance of warrants which may further increase the proceeds up to a total of approximately NIS 107 million (approximately US$29.8 million) if fully exercised, to support the post-war expansion of the facility in collaboration with the “Tkumah” administration. The funding includes investments from key shareholders of the company, including Rabinovich, as well as lead investors Yaron Yakobi and Ynon Hagag. The funding includes a loan agreement from a leading Israeli bank. In addition, the company anticipates receiving additional substantial payments from the Israeli authorities as part of the full compensation for war-related damages, including loss of profits to which the company is entitled.
“I joined InterCure over six years ago, deeply believing in the power of pharmaceutical cannabis to improve the lives of patients around the globe. Throughout my time with the company, we have upheld the highest professional standards, ensuring access to high-quality pharmaceutical standard cannabis products for those who need it most. I am incredibly proud of what we have achieved together,” said Barak. “We faced great challenges, particularly following the events of October 7, 2023, which severely impacted our Nir Oz facility, and impacted our communities and employees. However, under the exceptional leadership of Alex, the board, and our dedicated employees, InterCure is returning stronger than ever. InterCure will always have a special place in my heart, and I am confident that the company will continue to lead and innovate in the global pharmaceutical cannabis market.”
“During his six years as our chairman, Ehud has made meaningful contributions not only to InterCure but to our young industry, improving the quality of life of many patients. I sincerely appreciate his insights and support throughout the years,” said Rabinovich. “As we look ahead, we remain focused on completing the rehabilitation of our Nir Oz facility, a process that remains ongoing and essential for our recovery. We appreciate the strong vote of confidence from our investors and remain committed to ensuring the company’s long-term stability and growth. At the same time, we continue to work closely with the Israeli authorities to secure the necessary support for the damages sustained. We remain hopeful for a swift end to the ongoing war and the return of all hostages, including our employees and our close friends from the kibbutzim surrounding the Gaza strip, to their homes. We believe that completing the post-war damage recovery processes will enable the company to return to profitable growth without further delay, including exercising the Cookies agreement and expanding international operations in Germany, the UK, and Australia. With the successful financing round, we are reinforcing our position and ensuring patients continue to have access to a highest quality medical cannabis.”
About InterCure
InterCure (dba Canndoc) (NASDAQ: INCR) (TASE: INCR) is a leading cannabis company outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its distribution network, international partnerships, and a vertically integrated “seed-to-sale” model in one of the fastest growing cannabis markets outside North America.
