Israeli Medical Cannabis Company InterCure Sees Q4 Revenue Tripling to NIS 77 Million

InterCure Reports Record Preliminary 2021 Fourth Quarter Revenue – 3 Times YoY and 24% QoQ Growth
  • Estimated revenue reaches over CAD$31 million (a record NIS 77 million)
  • Anticipates continued increases in adjusted operating profit and EBITDA
  • Revenue growth expected to continue throughout 2022

TORONTO and HERZLIYA, Israel, Feb. 08, 2022 (GLOBE NEWSWIRE) — InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc) (“InterCure” or the “Company”) today announced record preliminary financial results for the fourth quarter of 2021. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS), unless otherwise noted.

Preliminary Fourth Quarter 2021 Financial Highlights and Milestones

  • Record revenue estimated to be over $31 million (NIS 77 million), three times greater than the fourth quarter of 2020 and representing sequential growth of over 24%.
  • Eighth consecutive quarter of high double-digit growth representing an annualized run rate of $124 million.
  • Expected FY 2021 revenue of $87 million (NIS 217 million), almost 250% growth year-over-year (YOY). Revenue growth expected to continue throughout 2022.
  • Company 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.
  • Company surpassed one-ton medical cannabis products dispensed per month in the fourth quarter, representing approximately 30% market share of Israel’s medical cannabis.

“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.”

The Company plans to file its full financial results for the fourth quarter and full year 2021 on Tuesday, March 15, 2022.

About InterCure (dba Canndoc)

InterCure (dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (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.

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Original Press Release

Published by NCV Newswire
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