InterCure Archives - Green Market Report

StaffApril 4, 2022
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4min4670

Israeli-based cannabis company InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) also known as Canndoc reported its estimated financial and operating results for the fourth quarter and year ending December 31, 2021. InterCure reported revenue of $33 million (NIS 80 million), higher than preliminary results and three times greater than the fourth quarter of 2020 and representing sequential growth of 29%. The estimated net income was $1 million (NIS 3 million) for 2021.

Full Year Results

InterCure also reported the fiscal year 2021 revenue and adjusted EBITDA of $89 million (NIS 220 million) and $23 million (NIS 55 million), representing an increase of 230% and 250% year-over-year, respectively. The estimated net income of $5 million (NIS 13 million) for 2021. The company said it had cash at year-end of $89 million (NIS 217 million).

During the third quarter, InterCure said it had received 5.2 million shares back from the sponsor of its SPAC transaction. According to the agreement the shares were subject to forfeiture from the SPAC sponsor based upon share price target criteria. The return of the shares to the company without cost adds a significant value of approximately $56 million by the current share price to all InterCure’s shareholders.

“2021 was another successful year for InterCure as we continued to execute our profitable growth strategy while strengthening our brands, manufacturing, distribution and consolidation leadership” said InterCure CEO Alexander Rabinovitch, adding “We achieved another significant milestone of almost 230% year-over-year growth in revenues with 250% growth in adjusted EBITDA, with one of the strongest balance sheets in the sector. In addition, we increased our number one market share in the leading medical cannabis market outside North America. Looking towards 2022, we are focused on executing our international expansion, including opening the first medical cannabis pharmacies in Austria and UK, entering the Australian medical cannabis market and laying down the infrastructure for entering the US market in the mid-term as federal legalization advances. Leading the consolidation process, continued expansion of our pharmaceutical grade cannabis dispensing operation, and our global expansion creates visible momentum for continued near and long-term profitable growth, generating value for shareholders and relief for patient communities.”

Since the quarter ended, InterCure has signed a definitive agreement with Altman Health, the leading Israeli wellness brand with distribution into 1,700 points of sale, focusing on the new Israeli CBD product market. Plus, the company added three new medical cannabis dedicated pharmacies to the Company’s chain, totaling 23 retail locations across Israel, out of which 15 are actively dispensing medical cannabis.

“The fourth quarter of 2021 is InterCure’s eight consecutive quarter with quarter-to-quarter high double-digit growth and sixth consecutive quarter with positive cash flow from operations” said InterCure CFO Amos Cohen, adding “Our focus and strong execution in 2021 positions us very well for the significant growth opportunities in 2022 and beyond. I am proud of the hard work and dedication of all our team members who make this success possible.”


Debra BorchardtFebruary 16, 2022
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4min7600

Israeli-based cannabis producer InterCure Ltd. (NASDAQ: INCR) also known as Canndoc is buying medical cannabis company Cann Pharmaceutical Ltd. also known as Better in a deal valued at $35 million. It is expected to close at the beginning of the third quarter of 2022.

InterCure is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market-leading distribution network, international partnerships, and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America. Better is a pharmaceutical-grade medical cannabis company, with leading expertise in cannabis cultivation, marketing, commercialization, and research of medical cannabis products for a variety of medical indications. InterCure said that the acquisition of Better is expected to further strengthen InterCure’s leadership position in the pharmaceutical-grade medical cannabis market. In addition, the acquisition is expected to create an immediate value creation opportunity with revenue synergies estimated at NIS 50 million for the upcoming year.

“Today’s announcement is a major milestone in the cannabis industry,” said Alex Rabinovitch, InterCure CEO, adding “InterCure and Better’s combined business operations are expected to create a new force in the international cannabis industry that will further accelerate our global expansion plans and opportunities and the consolidation process. We believe our combined business strengths and capabilities will help us to connect more effectively with new and existing patients in Israel and internationally. Once we complete this acquisition, InterCure’s portfolio will include additional leading brands, distribution network, and unique partnerships, positioning us to deliver sustainable value for all stakeholders.”

Better’s leading brand, Better is driven by a unique genetic portfolio that is consistently in high demand among medical cannabis patients both in Israel and internationally. Better’s advanced pesticide-free cultivation methods with both patient health and environmental advantages. Better are pioneers in formulating cannabis into a medical product in Israel and the rest of the world. In clinical research regarding the treatment for refractory epilepsy in children and adolescents who have not responded to pharmacological treatment, patients supplied with Better’s lead therapy strain EP1 had greater efficacy of reducing seizures and less adverse effects as compared to other medical cannabis-based products including Epidiolex.

Amos Cohen, InterCure CFO said: “InterCure is continuing its growth momentum while leading the consolidation of the medical cannabis market. This acquisition is a first of its kind and is another step in the implementation of our strategy and strengthens InterCure’s position.”


StaffFebruary 8, 2022
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3min5790

Israeli-based InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) announced its preliminary financial results for the fourth quarter of 2021. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS). Revenue is estimated to be over $31 million, three times greater than the fourth quarter of 2020 and representing sequential growth of over 24%. The company did not disclose whether there was a net income or loss. The company also stated that it expects the full-year revenue to be $87 million, almost 250% growth year-over-year (YOY). Revenue growth is expected to continue throughout 2022.

InterCure said it plans to file its full financial results for the fourth quarter and full-year 2021 on Tuesday, March 15, 2022.

“InterCure continues to execute, achieving record growth in the quarter ended December 31, 2021, with preliminary revenue anticipated to be $31 million, up by over three times from the fourth quarter of 2020,” said InterCure’s Chief Executive Officer, Alexander Rabinovitch. “We have now achieved eight consecutive quarters of double-digit revenue growth and increased profitability, while also crossing the one-ton mark in GMP medical cannabis products dispensed monthly during the fourth quarter, which is a world record in the GMP-certified cannabis markets. Going forward, we remain focused on maintaining our market-leading position in Israel’s cannabis market while continuing with our international expansion plans. By executing on our profitable growth strategy, InterCure is well positioned to build shareholder value as one of the leaders of the international cannabis industry.”

Additional highlights included in the company’s statement were:

  • Eighth consecutive quarter of high double-digit growth representing an annualized run rate of $124 million.
  • InterCure said it expects continued increases in operating profit, EBITDA, and net profit during the fourth quarter of 2021.
  • Sustained market share growth due to solid demand for Canndoc’s branded products and expansion of the Company’s medical cannabis dispensing operations.
  • Announced European expansion with international cannabis brand Cookies – opening retail locations in Austria and the United Kingdom.
  • Expanded pharmacy chain to 20 locations in Israel.
  • The company surpassed one-ton medical cannabis products dispensed per month in the fourth quarter, representing approximately 30% market share of Israel’s medical cannabis.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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