InterCure Archives - Green Market Report

Debra BorchardtApril 3, 2023

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) also known as Canndoc released its financial results for the fourth quarter and year ended December 31, 2022 last after the markets closed on Friday. All the amounts are expressed in New Israeli Shekels (NIS) or Canadian dollars ($) unless otherwise noted.

Fourth Quarter

InterCure reported revenue of $41 million (NIS 106 million) 33% growth YoY and 5% QoQ growth due to continued increase in market share versus last year’s revenue of NIS 79 million. The company also reported a net income in the quarter of NIS 5.2 million versus last year’s net loss of NIS 3 million. The earnings per share for the quarter was NIS 0.19 versus last year’s NIS (0.03).

Full Year

InterCure also reported the fiscal year 2022 revenue of $150 million (NIS 389 million). The company attributed the growth to medical cannabis market growth, and increasing demand for its branded products, and the expansion of its medical cannabis dispensing pharmacies footprint across Israel. InterCure also launched the Humboldt series of strains and expanded its portfolio of products adding more than 30 new SKUs. The growth during the period is in line with the company’s strategy to increase its market share within the Israeli medical cannabis market. Selling and marketing expenses also increased due to the launch of 30 new SKUs, resulting in higher marketing budgets.

The company delivered a net income (consolidated) of $17 million (NIS 44 million). The adjusted EBITDA of $32 million (NIS 84 million) represents 22% of revenues. The company also reported positive (consolidated) cash flow from operations of $20 million (NIS 51 million). The cash (consolidated) at year-end was $95 million (NIS 246 million). The company delivered earnings per share for the year of NIS 0.99 versus 2021’s NIS 0.11.

“We are pleased to report another record-breaking quarter and fiscal year for InterCure, solidifying our leading position,” said InterCure CEO Alexander Rabinovich, adding “As our target markets are evolving, we remain focused on execution with financial discipline while navigating through regulatory barriers and market challenges. During 2022, we have successfully ramped up our upstream global supply chain and scaled our downstream distribution operations to meet the solid demand for our high-quality branded products. While favorable regulatory cannabis reforms are on the horizon, we expect our growth journey to continue as we remain focused and committed to expand our leading platform, building shareholder value and improving quality of life for patient communities across the world.”

After the quarter closed, InterCure announced the termination of the Better acquisition agreement, which prompted the company to file a lawsuit to recover the funds loaned in connection with the merger agreement.

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The Daily Hit is a recap of the top financial news stories for February 14, 2023.

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InterCure Sues Better Over Funds Deployed During Failed Merger

InterCure Ltd. (Nasdaq: INCR), also known as Canndoc, filed a lawsuit against Cann Pharmaceuticals Ltd., also known as Better, to recover some of the money that was loaned to and invested in the company when the two contemplated a merger. Read more here.

Massachusetts Extends COVID-Related Changes for Cannabis Companies

Massachusetts cannabis regulators this week announced the extension of several policy changes put in place during the early days of the COVID-19 pandemic, to give medical marijuana businesses in particular more flexibility in serving patients. Read more here.

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Minnesota

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Debra BorchardtFebruary 14, 2023

The loans look to be over $9 million.

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InterCure Kills Deal to Buy Better

InterCure Ltd. (Nasdaq: INCR) (TSX: INCR.U) has killed its deal with Cann Pharmaceutical Ltd., announced Feb. 13, 2022, to buy the company, which is also known as Better. The acquisition was already in trouble in November 2022, with the company citing fundamental disagreements between the parties. InterCure also said that the closing conditions contained in the agreement were not met and the agreement was terminated. Read more here.

New York Gives Cannabis Farmers Another Month to Choose Business Model

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FarmaceuticalRX LLC

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Debra BorchardtFebruary 1, 2023

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) has killed its deal with Cann Pharmaceutical Ltd. dated as of February 13, 2022, to buy the company also known as Better. The company announced the acquisition was in trouble in November 2022 and cites fundamental disagreements between the parties. InterCure also said that the closing conditions contained in the agreement were not met and the agreement was terminated.

InterCure said it is owed significant amounts loaned and advanced to Better, and since the Agreement was terminated, it intends to recover said amounts under all legal means available to it.

The deal was expected to close at the end of the third quarter of 2022. At the time, InterCure noted that Better’s leading brand Better was driven by a unique genetic portfolio that was consistently in high demand among medical cannabis patients both in Israel and internationally. At the time InterCure said, “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.”

In the company’s latest earnings report, however, it didn’t note the amounts forwarded to Better. InterCure reported in November that it had revenue of $39 million (NIS 101 million), which represented a 63% growth from the third quarter of 2021 and represented sequential growth of 6%. It was the eleventh consecutive quarter of growth representing an annualized run rate of over $155 million (Over NIS 402 million). The company also said that its revenue growth was expected to continue in the fourth quarter of 2022. At the time it also said that it was the first company to comply with the new strict 109 import regulations of the Israel Medical Cannabis Agency, resuming the importation of medical cannabis to Israel.

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The Daily Hit is a recap of cannabis business news for August 16, 2022.

ON THE SITE

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InterCure Beats on Earnings, Revenues Rise Amid Global Expansion

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) posted positive results despite barely missing revenue expectations, as the company looks to further its international reach and shore up its new-found partnerships. The Israeli-based cannabis company — also known as Canndoc — reported its financial report card for the second quarter ending June 30, 2022. Read more here.

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The Parent Company Revenues Fall as Losses Persist

After the market closed on Monday, TPCO Holding Corp. (OTCQX: GRAMF) posted results that missed expectations as the company restructures and recovers from record losses. The west-coast cannabis company delivered its financial results for the second quarter ending June 30, 2022. Read more here.

Fieldtrip Health is Now Reunion Neuroscience

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Indiva Limited

Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF), a Canadian producer of cannabis edibles and other cannabis products, is pleased to announce its financial and operating results for the second fiscal quarter ended June 30, 2022. Read more here.

Item 9 Labs Corp.

Item 9 Labs Corp. (OTCQX: INLB) —a vertically integrated cannabis dispensary franchisor and operator that produces award-winning products—today reported its fiscal third quarter operating and financial results for the nine months ended June 30, 2022. Read more here.

AmeriCann Inc.

AmeriCann Inc. (OTCMKTS: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, announced the release of financial and operational results for its fiscal quarter ending June 30, 2022. The company achieved a significant increase in year-over-year quarterly net income and revenue, with both being records for the company for the quarter ending June 2022. Revenue increased over 36% for the quarter ended June 2022 relative to the quarter ended June 2021, an increase of $213,188. Quarterly gross margins were 98.5%. Read more here.

Puration, Inc.

Puration, Inc. (OTC Pink: PURA) today announced an agreement remains in the works that is anticipated to result in a cash infusion within the next 90 days. Management expects the cash infusion to fuel a transition of the company’s overall cannabis market strategy. The marijuana cultivation license recently announced by PURA’s sister company, North American Cannabis Holding’s Inc. (OTC Pink: USMJ) has triggered an overall initiative for PURA and USMJ to evolve their respective cannabis market strategies to take advantage of the license and to adapt to the latest market conditions. Read more here.

Optimi Health Corp.

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N2 Packaging Systems LLC

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The National Association of Cannabis Businesses

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International Brotherhood of Teamsters

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Metrc

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Adam JacksonAugust 16, 2022

The Israeli-based cannabis company — also known as Canndoc — reported its financial report card for the second quarter ending June 30, 2022.

InterCure reported approximately $37 million in revenue during the period, more than double versus the same period last year; and a gain of 9% sequentially — though missing the Yahoo Finance Average analyst estimate for revenues of $39 million.

The company also reported a second-quarter net income of $6 million, remaining flat sequentially; and a net income of $2 million in the same period last year. The earnings were a gain of $0.34 cents per share — above analyst expectation — versus a gain of $0.12 cents per share in the previous quarter, according to SEDAR filings.

“We are proud to deliver our tenth consecutive quarter of profitable growth, solidifying our operational excellency and leading position,” said CEO Alexander Rabinovitch. “We remain focused on developing and launching the highest quality pharmaceutical grade medical cannabis products as our target markets are evolving at a rapid pace. During the second quarter we have successfully ramped up our upstream and downstream operations and executed our global expansion to meet the solid demand for our high-quality branded products.”

InterCure said that it’s the tenth consecutive quarter of high growth representing an annualized run rate of $150 million. Adjusted EBITDA rose 90% year-over-year to $9 million, representing 23% of revenues and 4% sequential growth. Gross profit soared over 115% year-over-year and 16% sequentially to over $16 million.

InterCure also reported that it was the eighth consecutive quarter of positive cash flow from operations — with the company adding that it had $96 million cash on hand.

The company expects continued boosts in revenues during the third quarter of 2022 and throughout the year — especially as it bolster it’s operations at home and its springing European cannabis pharmacies in Austria and the U.K.; as well as breaking into the Australian medical cannabis market.

“Our teams delivered another strong quarter across all sectors, focusing on execution of our profitable growth strategy and fiscal discipline,” CFO Amos Cohen said. “With a strong balance sheet and over $96 million cash on hand, we are well positioned ahead of the consolidation process.”

We expect this growth to continue, while we remain focused and committed to expand our unique platform, building shareholder value and improving quality of life for patient communities,” said Rabinovitch.

StaffApril 4, 2022

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

Israeli-based cannabis producer Inter C ure 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

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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InterCure Archives - Green Market Report

InterCure Delivers Rising Revenue, Positive Cash Flow

Daily Hit: February 14, 2023

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InterCure Sues Better Over Funds Deployed During Failed Merger

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New Jersey Revokes Cannabis Company's Licenses Over $700k in Unpaid Fees

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