Business
Citrine Global, Corp. (OTCQB: CTGL) Announces Closing of Intelicanna Ltd. (TASE: INTL) Transaction
Citrine Global, Corp. (OTCQB: CTGL) Announces Closing of Intelicanna Ltd. (TASE: INTL) Transaction.
About this update from Citrine Global Corp.
[{"type":"text","content":"\n Tel Aviv, Israel, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Citrine Global, Corp. (OTCQB: CTGL) (“Citrine Global”) is pleased to update that it has closed on the transaction with Intelicanna Ltd. (TASE: INTL) (“Intelicanna”). Pursuant to the previously reported agreement, Intelicanna, a publicly-traded Israeli company listed on the Tel Aviv Stock Exchange (TASE: INTL) transferred 619,589 shares to Citrine Global, valued at approximately $500,000 at the time of signing the agreement on May 31, 2020 (the “Intelicanna Shares”). In addition, as contemplated by the agreement, Citrine Global transferred 2,143,470 of its shares to Intelicanna, valued at $500,000 at the time of signing the agreement on May 31, 2020. This acquisition was carried out as part of Citrine Global's strategic support of Intelicanna's growth, which also included a loan and a services agreement with Intelicanna, which were signed on June 25, 2020. Citrine Global, directly and via its wholly owned Israeli subsidiary, CTGL - Citrine Global Israel Ltd., intends to keep supporting Intelicanna's expansion plans in ways which may include a unique mix of ongoing financing and real-estate solutions as well as assisting with developing the company's strategy. Intelicanna is a publicly traded medical cannabis company based in Israel, which grows high quality medical cannabis strains. It has obtained all regulatory approvals needed to operate in Israel, including from the Medical Cannabis Unit in the Israeli Ministry of Health. Recently Intelicanna reported collaboration with Neopharm Group, which is engaged in the 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. The joint activity will include the marketing and sale of medical cannabis products through a trading house and pharmacies owned by Neopharm Group as well as directly to customers. About Citrine Global Corp. Citrine Global Corp. provides industry-wide solutions for innovative technologies, empowering the healthcare and wellness eco-systems to prosper by offering solutions and creating environments that inspire progress and growth. Citrine Global, Corp. provides multi-strategy financing, entrepreneurship, and business and facilities real-estate so...