InterCure Ltd (TASE:INCR) signed a Letter of Intent to acquire Cann Pharmaceutical Ltd. for $35 million on April 5, 2021.Under the terms of the Transaction, the total consideration will be payable with InterCure shares, at the same valuation used in connection with the Transaction. The noted shares will be subject to a three-year lock-up period, where each year up to one-third of the shares will be released from the lockup using a monthly release mechanism. InterCure will also invest up to $2.5 million in Better Australia in consideration for an 11% ownership stake with Cann’s shareholders committing to making a parallel investment on the same terms. InterCure will acquire 100% of Cann’s shares, which includes Better’s operations in Israel and 50% of Cann Pharma's shares, which owns the commercial rights to develop cannabis-based medical products. InterCure’s acquisition of Better creates the largest cannabis company outside North America. The Better acquisition expands InterCure’s global reach and accelerates international expansion strategy to major markets worldwide. The companies expect to sign detailed and binding agreements within 90 days. Once the transaction is completed, InterCure's portfolio will include additional leading brands, distribution network, and unique partnerships, positioning us to deliver sustainable value for all stakeholders. As of April 21, 2021, all the conditions have been fulfilled and expects to close on or before April 23, 2021.