Welcome to our dedicated page for Intercure news (Ticker: INCR), a resource for investors and traders seeking the latest updates and insights on Intercure stock.
InterCure Ltd. reports developments for a medical cannabis company operating as Canndoc, with activities in research, cultivation, production and distribution of pharmaceutical-grade cannabis products. Company updates commonly cover financial results, Adjusted EBITDA, operating cash flow, recovery of production and sales after damage to its southern facility, and the role of Canndoc as a licensed Israeli cannabis producer with GMP-certified products.
News also includes international market activity and partnerships, including German market revenue and brand collaborations, as well as cannabis regulatory developments in the United States and Europe. Corporate items include Nasdaq minimum bid compliance, ordinary-share capital actions, annual meeting matters, material agreements and board leadership changes.
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On April 24, 2023, InterCure Ltd (NASDAQ: INCR) announced a lawsuit filed by minority shareholders of its subsidiary, Cannolam, in Tel Aviv-Jaffa District Court. This legal action arises from disagreements regarding Cannolam's management. InterCure has conducted a preliminary review of the claims and believes they lack legal merit. The company is exploring legal options, including potential counterclaims, to protect its interests. Established as the leading medical cannabis company outside North America, InterCure operates through its subsidiary Canndoc, which is Israel’s largest licensed cannabis producer, known for its GMP-certified products.
InterCure, a leading global cannabis company, has signed a collaboration agreement with TYSON 2.0, the premium cannabis brand founded by boxing legend Mike Tyson. The agreement provides InterCure with an exclusive distribution license to cultivate, manufacture, sell, and distribute TYSON 2.0 products in various key international markets, including Israel, Australia, the UK, Germany, and Switzerland.
This strategic partnership aims to expand InterCure's presence in rapidly growing legal cannabis markets. According to EuroMonitor International, the Israeli and German cannabis markets are projected to reach sales of $3.4 billion and $3 billion by 2027, respectively. The partnership will also allow InterCure to use TYSON 2.0's intellectual property and genetics for production. The agreement's terms are subject to change as a definitive agreement is finalized.
InterCure Ltd (NASDAQ: INCR) has announced a rescheduled conference call to discuss its financial results for the year ending December 31, 2022. The call will now take place on April 4, 2023, at 4:30 P.M. Eastern time, instead of the originally planned date of April 3. The change was necessitated by unforeseen technical issues. InterCure is noted as the leading and fastest-growing cannabis company outside North America, with its subsidiary, Canndoc, being Israel's largest licensed cannabis producer. The company aims to maintain its position in the rapidly growing global cannabis market.
InterCure reported record revenue of $150 million for fiscal year 2022, with a gross profit of $61 million and an adjusted EBITDA of $32 million, reflecting a solid 22% of revenues. The net income stood at $17 million, and the company generated $20 million in cash flow from operations, ending the year with a strong cash position of $95 million. In Q4 2022, revenue reached $41 million, marking a 33% year-over-year increase. The company expanded its operations with the addition of 8 medical cannabis dispensaries and launched over 30 new products.
InterCure Ltd. (NASDAQ: INCR) has announced a lawsuit against Cann Pharmaceuticals Ltd. (dba 'Better') to recover funds loaned during a terminated merger agreement. The merger, originally agreed upon with certain conditions, was abandoned as of January 31, 2023, due to fundamental disagreements. InterCure claims Better has refused to repay loans and funding despite repeated efforts, prompting the legal action. This situation highlights the financial strain on InterCure following the merger's failure, as it seeks to enforce its rights to recover the invested amounts.