Cannabis company Intlicana reported today that at the end of the week the company signed an investment agreement with a corporation from the Neoprem Group, according to which Neoprem will invest NIS 1.5 million in the company in exchange for an allotment of 600,000 ordinary shares with no face value and 600,000 non-tradable options.
According to the agreement, the options can be exercised for 600,000 ordinary shares of the company at an exercise price of NIS 3 per share for 30 months from the date of their allotment. The investment funds will be used, among other things, to complete the GMP-EU standard.
The Neoprem Group is engaged in research, development, production, marketing, sales and distribution of a variety of products and services in the field of healthcare in Israel and in dozens of countries around the world. In September, the two companies announced that they would set up a joint venture with a corporation from the Neoprem Group, controlled by the Forer family, and Mr. Boris Mirkin, to market and sell medical cannabis products through a trading house and pharmacy.
In a separate announcement, Intellica updated today on another investment in the company, with Boris Mirkin, according to which Mirkin will invest NIS 400,000 in exchange for 160,000 shares and options to purchase an additional 160,000 shares at an exercise price of NIS 3 per share, similar to the terms of the agreement with NeoPharm. In its announcement, Intlicana states that Boris Mirkin is the brother-in-law of Mr. Uri Weiss, the company’s CEO and controlling shareholders.
In the joint activity set up by the companies, medical cannabis products will be marketed and sold, which will be supplied by IntelliCana, at the pharmacy owned by Neoprem. The companies will also develop an online ordering app for delivering medical cannabis directly to patients. The engagement will be brought to the approval of the general meeting of the company.
For the purpose of implementing the project, the parties will establish a limited partnership, the holdings of which will be: Intlicana – 37%, Neoprem – 37%, Boris Mirkin – 25%, the general partner of the partnership – 1%. The holdings in the general partner will be: Intlicana – 37.5%, Neoprem – 37.5%, Boris Mirkin – 25%.
The venture will leverage the extensive distribution network of Promedico Ltd., part of the Neoprem Group, which provides logistics services and supply chain management in the field of healthcare. Promedico currently handles more than 1,000 orders per day and 22,000 deliveries per month and reaches about 5,000 points of sale including private pharmacies. Hospitals, health funds, nursing homes, pharma chains, home care, clinics, universities, laboratories and research institutes, food chains, nature houses, specialty stores, convenience stores and more.
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