InterCure Provides an Update Regarding Nir Oz Facility
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InterCure's announcement regarding the impact of the conflict in Israel on its operations is of significant concern for investors and stakeholders. The utilization of the company's Southern Israel Site by the IDF and limited access due to the war situation may have implications for the company's production capabilities and supply chain. The commitment to restoring the site and the expectation of government compensation for damages are positive indicators. However, the uncertainty around the timeline for restoration and the actual receipt of compensation adds an element of risk.
It is crucial to monitor how these developments affect InterCure's financial performance, particularly in the second half of 2023 and the full year results. Delays or complications in the restoration process or in receiving compensation could lead to financial strain. On the other hand, successful compensation and restoration could mitigate the impact. Investors should watch for the preliminary and full financial results filings as they will provide a clearer picture of the fiscal health of the company and the financial repercussions of the conflict.
The medical cannabis industry is highly sensitive to regulatory and geopolitical events. InterCure's position as a leader in this market outside North America could be both an opportunity and a vulnerability. The conflict's impact on the Southern Israel Site may disrupt InterCure's market share and its ability to meet demand, potentially opening doors for competitors.
However, the company's commitment to supporting patient communities, especially those affected by the conflict, could strengthen its brand loyalty and corporate image. The company's ability to navigate these challenges and maintain its market position will be a key factor to watch. The restoration of the Southern Israel Site and the support from strategic partners could signal resilience and adaptability, which are valuable traits in the face of industry disruptions.
The legal framework surrounding compensation for damages caused by war or terrorist attacks can be complex. InterCure's confidence in receiving full compensation from the Israeli Governmental authorities is an important consideration for stakeholders. The legal precedents and policies governing such compensation will play a critical role in determining the extent and timing of any financial recovery for the company.
Understanding the legal nuances and the company's rights to compensation under Israeli law is essential. Any delays or disputes in the legal process could have significant financial implications. Stakeholders should remain informed about the progress of these legal proceedings as they could have a direct impact on the company's financial recovery and future prospects.
NEW YORK, and HERZLIYA, Israel, Feb. 13, 2024 (GLOBE NEWSWIRE) -- InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) (dba Canndoc) ("InterCure" or the "Company"), the leading medical cannabis company in Israel and outside of North America, reports today that, further to the Company’s press release issued on October 17, 2023, in which the Company provided an update regarding the status of the security situation in Israel, and its impact on the Company and its employees, the Company is providing an additional update regarding the status of its facility in Kibbutz Nir Oz (the “Southern Israel Site”).
Since October 7, 2023, war situation was declared by the Israeli government. As of this date, there is limited access to the Southern Israel Site, and parts of the site are being used by the Israel Defense Forces (the “IDF”), including, among others, the IDF’s medical corps.
The Company has begun the process of restoring the Southern Israel Site, and the restoring efforts are advancing according to its plans. In addition, the Company is working diligently with the Israeli authorities to obtain full compensation for the damages caused by the terrorist attack and the war in Gaza. The Company believes, with high certainty, that it will be entitled for compensation from the Israeli Governmental authorities for all direct and indirect damages suffered, as stated in the Company’s press release issued on October 17, 2023.
With the leadership position in the medical cannabis market and years of operations with the community of Kibbutz Nir-Oz, the Company is committed to restore and further develop the Southern Israel Site. The Company is also committed to support patients’ communities especially, patients living in affected and evacuated areas, casualties and IDF veterans. Bringing relief is our mission statement.
Intercure is thankful to its managers and employees for their commitment and to its strategic partners in Israel and worldwide who stand with us in this war time.
The Company intends to file preliminary results for the second half of 2023 and for its full year of 2023 through the beginning of March, and to file its full financial results for 2023 during April 2024.
About InterCure (dba Canndoc)
InterCure (dba Canndoc) (NASDAQ: INCR) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company outside of North America. Canndoc, a wholly owned subsidiary of 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, best in class international partnerships and a high-margin vertically integrated "seed-to-sale" model to lead the fastest growing cannabis global market outside of North America.
For more information, visit: http://www.intercure.co.
Forward‐Looking Statements
This press release may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to the security events in Israel, as well as statements, other than historical facts, that address activities, events or developments that InterCure intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause InterCure’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company’s success of its global expansion plans, its continued growth, the expected operations, financial results business strategy, competitive strengths, goals and expansion and growth plans, expansion strategy to major markets worldwide, the impact of the COVID-19 pandemic, the impact of the war in Israel and the war in Ukraine and the conditions of the markets generally. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond InterCure’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the U.S. regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in InterCure’s Annual Information Form dated March 31, 2023, which is available on SEDAR at www.sedar.com, and under the heading “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form 20-F, filed with the Securities Exchange Commission on May 1, 2023. InterCure undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Contact:
InterCure Ltd.
Amos Cohen, Chief Financial Officer
amos@intercure.co
