Israel Archives - Green Market Report

Debra BorchardtOctober 30, 2023


Israeli-based cannabis company StickIt Technologies Inc. (CSE: STKT) began trading on the Canadian Securities Exchange (CSE) under the ticker symbol “STKT” on Friday, October 27.  The company’s CSE listing statement was filed on StickIt’s CSE portal and under the company’s profile on SEDAR+. It is the parent company of the Israeli technology and cannabinoid company StickIt Ltd. and was founded in 2019.

“StickIt is a unique company in the cannabis industry, we are excited to become a public company listed on CSE and to share our products and our vision with our new investors,” said Eli Ben Haroosh, CEO of StickIt. “We plan to be at the forefront of the technological development of the global cannabis industry,” concluded Mr. Ben Haroosh.

StickIt has developed a line of products as toothpick-sized products inserted into any cigarette to provide the smoker with a functional experience with CBD, CBG, HHC or other cannabinoids. According to the company statement, The Extra-C stick is created through a unique proprietary process, resulting in condensed cannabis oil presented in a toothpick-like matrix, allowing for the easy conversion of regular cigarettes into cannabis or hemp cigarettes.

No Revenue

Despite going public, StickIt has no revenue to report and in addition to that, the company said in its prospectus that it does not have sufficient working capital to continue operations in the normal course for the foreseeable future and will require additional financing to remain financially solvent. For the period ending May 31, 2023, the company reported it had incurred an operating loss of $35,663 and has incurred accumulated losses of $50,617 since inception.

Planned Revenue

The main source of StickIt’s revenue is expected to come from three sources:

  • Revenue from licensing – each of the licensees will pay the company an annual license fee of $75,000 (C$ 99,270);
  • Product sales RevShare – the resulting Issuer will be eligible for a 50% revenue share of all the products the licensees will sell under the license agreement
  • Raw materials sales – the Resulting Issuer will supply the licensees with proprietary raw materials needed for production and will be reimbursed for it.

Stickit reported that its primary assets are patents and patent applications related to plant extracts, therapeutic compounds in smoking utensils, and honey complexes. StickIt says it already has patents granted in the U.S., EuropeIsrael, and Canada.

StickIt operates from key facilities situated in Dalton, Northern Israel, these facilities are central to the company’s research, development, and manufacturing operations.

Stickit’s said in a statement that its operating model is to establish joint ventures in countries around the world where recreational cannabis is permitted. The statement went on to say, “Each licensee/joint venture partner will establish a production facility in which they will add the cannabis content to sticks produced and supplied by Stickit. As part of those arrangements, StickIt is expected to provide the joint venture with the know-how required to manufacture the finished product. The licensee/joint venture partner will produce the finished product, adding cannabis to the raw materials provided by StickIt, and will sell them either directly to the points of sale or through distributors The licensee is expected to pay a setup fee by investing the funds necessary to set up the local production facility. Each licensee will have exclusive rights to produce and market Stickit products in their designated territory.”

Debra BorchardtAugust 14, 2023


IM Cannabis Corp.  (NASDAQ: IMCC) (CSE: IMCC) announced its financial results today for the second quarter ending June 30, 2023. All amounts are reported in Canadian dollars.

Revenues at IM Cannabis increased 4% for the second quarter to $13.2 million versus last year’s $12.7 million for the same time period. The net losses were flat at $3.7 million. The basic loss per share from continuing operations in the quarter of 2023 was $(0.26), compared to a loss of $(0.49) per share in the second quarter of 2022.

“In Q2 2023, we continued towards our goal of sustainable profitability,” said Oren Shuster, Chief Executive Officer of IMC. “The rightsizing and refocusing we have been working through since Q4 of last year was led by the strategic decision to exit the recreational Canadian market, allowing us to fully lean into our heritage as one of the pioneers in the Israeli medical cannabis market.  Our extensive expertise within our highly regulated local market, gave us a clear advantage when expanding into Germany, another highly regulated medical market.  The strategic pivot to focus on the two largest national medical markets is clearly reflected within our organization post-restructure. I believe this is the cornerstone for our success and stability within these two similar markets.”

Cash and cash equivalents as of June 30, 2023, were $1.3 million, compared to $2.4 million on December 31, 2022. The company’s total liabilities as of June 30, 2023, were $34.2 million, compared to $36.9 on December 31, 2022, a decrease of approximately 7%. The decrease was mainly due to the reduction in trade payables according to the company’s statement.

“Active cost and margin management was a key focus of Q2, accelerating our to move towards sustainable profitability, while maintaining sales,” said Itay Vago, Chief Financial Officer of IMC. “The actions we took since exiting the Canadian market last year and the associated restructure, have significantly improved our gross margin and reduced our total operating expenses, leading to a substantial decrease in our non-IFRS Adjusted EBITDA Loss.”

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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