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.
InterCure Ltd (NASDAQ: INCR) announced that its CEO, Alexander Rabinovitch, will participate in the ROTH Capital’s 34th Annual Conference on March 15, 2022. He will engage in a One-on-One Fireside Chat at 9:30 AM PT. InterCure, operating under the brand Canndoc, is a leading cannabis company outside North America and Israel’s largest licensed cannabis producer. The company focuses on GMP-certified, pharmaceutical-grade medical cannabis products and utilizes a vertically integrated 'seed-to-sale' model and strong international partnerships.
InterCure has signed a definitive agreement with Altman Health to enter the CBD wellness market in Israel, following a recent government decision to remove CBD from the Dangerous Drugs Act. This partnership aims to manufacture and distribute high-quality CBD products, including those of Charlotte's Web. InterCure, known for its pharmaceutical-grade medical cannabis, is well-positioned with a robust distribution network. Altman Health, a leader in nutritional supplements, has extensive retail presence, ensuring significant market access for CBD products in Israel.
InterCure has announced the acquisition of Cann Pharmaceutical Ltd. ("Better") for USD 35 million, aiming to enhance its position as a leader in the pharmaceutical-grade medical cannabis market. This strategic acquisition is expected to boost InterCure's global reach and product offerings, leveraging Better's unique strains and cultivation expertise. The transaction is structured as a share swap, maintaining a valuation of USD 10 per share, which aligns with previous transactions. Closing is expected in Q3 2022, pending regulatory approvals.
InterCure reported record preliminary revenue of over CAD$31 million (NIS 77 million) for Q4 2021, a 250% year-over-year increase. This marks the eighth consecutive quarter of double-digit growth, with an annualized run rate of $124 million. The company anticipates continued increases in operating profit, EBITDA, and revenue growth into 2022. Additionally, InterCure is expanding its market presence with openings in Europe and has increased its pharmacy locations to 20 in Israel, capturing approximately 30% of the medical cannabis market.
InterCure Ltd (NASDAQ: INCR) announces a strategic partnership with Cookies to launch retail locations in Austria and the U.K. in early 2022. This multi-year agreement will enable InterCure to establish Cookies stores and medical cannabis pharmacies, leveraging its supply chain expertise to cater to the medical cannabis market in Europe. InterCure, already thriving in Israel, plans to replicate its successful business model as the European cannabis landscape evolves favorably.
Cookies announces a partnership with InterCure to expand into Europe, establishing retail locations in Austria and the U.K. in early 2022. This multiyear agreement allows InterCure to utilize its international supply chain to provide Cookies-branded products in these markets. Both companies aim to deliver quality cannabis products to the growing medical cannabis community. Cookies plans to enhance its brand presence internationally, leveraging its recognized status in the cannabis industry.
InterCure Ltd (NASDAQ: INCR) announces participation in Cowen’s 4th Annual Cannabis Conference from November 29 - December 1, 2021. CEO Alexander Rabinovitch will join the ‘International’ panel on November 30 at 11:50 a.m. ET. The event is virtual, allowing management to hold one-on-one meetings with institutional and corporate clients. InterCure, operating as Canndoc, is Israel's largest licensed cannabis producer and a leader in the rapidly growing cannabis market outside North America.
InterCure reported a remarkable third quarter in 2021, achieving a record revenue of $25 million, a 36% increase sequentially and threefold growth year-over-year. With an annualized revenue run rate of $100 million and an adjusted EBITDA run rate of $23 million, the company demonstrated strong operational performance. Cash flow from operations reached $4 million, marking five consecutive quarters of positive cash flow. The company expects continued growth through 2022, driven by strategic expansions and a solid cash reserve of $85 million.
InterCure has expanded its GIVOL pharmacy chain by adding four new locations in Israel, totaling 20 pharmacies. This move strengthens its market position in the pharmaceutical-grade medical cannabis sector, with 14 pharmacies licensed to dispense medical cannabis. In October 2021, InterCure achieved a record of one ton of medical cannabis products dispensed in a month, capturing about 30% of Israel's medical cannabis market. The company aims to enhance patient access to medical cannabis and expand its operations globally.
InterCure (NASDAQ: INCR) is set to release its third-quarter financial results on November 16, 2021, before the market opens. A conference call will follow at 8:30 AM ET, discussing the results and the company's growth strategy. InterCure, operating under the brand Canndoc, is Israel's largest licensed cannabis producer and claims to be the fastest-growing cannabis company outside North America. The firm has a vertically integrated model, ensuring high-margin operations.