InterCure (INCR) has started a review of US medical cannabis opportunities and completed the first phase of its acquisition of Israel-based cannabis company Botanico, the company said Monday.

The review is focused solely on regulated medical cannabis markets, after the US federal rescheduling of certain state-licensed medical cannabis, InterCure said.

InterCure announced its planned acquisition of Botanico last year, and under the initial closing, agreed to issue about 2.5 million common shares. It will also issue about 2.5 million additional shares following the completion of conditions under the share purchase deal.

InterCure shares were up 4.7% in early trading.

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