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InterCure’s $35M purchase of Israeli marijuana producer Better scrapped

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Israeli cannabis producer InterCure’s proposed acquisition of rival medical marijuana company Cann Pharmaceutical, also known as Better, was terminated after the companies failed to bridge differences.

Herzliya-based InterCure had announced the proposed transaction, valued at $35 million (44.4 million Canadian dollars), approximately one year ago.

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It’s the latest breakup in the cannabis industry and underscores the difficult market conditions facing marijuana companies.

They include a dearth of funding, falling wholesale cannabis prices and macroeconomic headwinds.

In January, U.S. multistate operator Ayr Wellness said it canceled its planned acquisition of Chicago marijuana retailer Dispensary 33, noting the “cannabis market has changed significantly in the 15 months since” the proposed $55 million deal was hammered out.

In a Wednesday news release, InterCure said its plan to purchase Better, based in Tel Aviv, Israel, was terminated because the closing conditions in the original agreement had not been met.

The terms

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Metrc secures cannabis track-and-trace contract extension in California

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California’s cannabis regulatory agency has extended the state’s contract with Florida-based marijuana track-and-trace software company Metrc.

The new contract took effect July 1, according to California’s Department of Cannabis Control, and will run for four years.

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The state has an option to extend the contract another two years.

The Department of Cannabis Control did not immediately respond to an MJBizDaily inquiry about the value of the contract.

Metrc said in a news release that it will focus on improving transparency and speeding up data-driven responses to support regulators and protect consumers.

According to Metrc, its traceability system is billed to track the life cycle of cannabis-based products, including:

Origin. Testing results. Handling. Chain-of-custody information.

The timing of the contract extension

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Colorado medical marijuana patient numbers hit new low

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The number of medical marijuana patients in Colorado is the lowest it’s been since 2014, when adult-use sales in the state began.

A little more than 65,100 patients were enrolled in Colorado’s MMJ program in May, Denver TV station KDVR reported, citing data from the state’s Department of Public Health and Environment.

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The number of medical marijuana patients in Colorado peaked in October 2014, when the registry contained 117,239 patients, according to KDVR.

The last time the state had more than 100,000 MMJ patients was in November 2016, the TV station noted.

Medical marijuana sales in Colorado rebounded in 2020 and part of 2021 but have been declining since September 2021, according to the report.

Colorado’s total cannabis sales numbers haven’t been

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When will Ohio launch adult-use cannabis sales? Here’s what we know

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The calendar has flipped well into July, and Ohio regulators have yet to grant any final approvals for retailers to launch adult-use cannabis sales.

The delays are an unwelcomed reality for local operators who hoped to cash in the perennial boost of the Fourth of July weekend, one of the busiest purchasing days of the year for the industry.

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Meanwhile, more than 100 retailers in the process of receiving dual licenses are restricted from serving consumers until they receive so-called “certificates of operation,” the Ohio Capital Journal reported.

Such requirements include potential inspections and point-of-sale integrations that distinguish between medical and recreational sales for state tracking purposes.

Potential launch date came and went

Though expectations were hyped by politicos that recreational marijuana sales

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