InterCure Announces Preliminary First Quarter Record Financial Results


Revenues expected to reach a record NIS 33 million (over CAD$12 million)

Revenue growth of 8 times YoY and increased more than 22% sequentially

Continued increase in operating profit, EBITDA and net profit

Revenue growth expected to continue in Q2 and throughout 2021

CAD $68 million raised by successful completion of the SPAC merger

InterCure continues to execute its profitable growth and global expansion strategy, and expects to list on the Nasdaq by the end of Q2

HERZLIYA, Israel, May 09, 2021 (GLOBE NEWSWIRE) — InterCure Ltd. (TSX: INCR:U, TASE: INCR)(dba Canndoc)(the “Company”) today announced preliminary financial results for the first quarter of 2021.

Preliminary First Quarter 2021 Highlights

  • Record revenue expected to be an estimated NIS 33 million, 8 times greater than Q1 2020 and an increase of more than 22% compared to Q4 2020;
  • Continued increase in operating profit, EBITDA and net profit;
  • Continued market share growth due to solid demand for Canndoc’s branded products and the expansion of ‘GIVOL’ Pharmacy chain;
  • Revenue growth expected to continue in Q2 and throughout 2021;
  • Successful launch of CANNDOC Cali™ GMP premium product family, fully cultivated and manufactured in Canndoc’s southern facility;
  • LOI signed for the acquisition of Israeli medical cannabis LP ‘Better’;
  • Californian cannabis brand Cookies™ to expand the brand to Europe through InterCure partnership.

Preliminary First Quarter 2021 Results

First quarter estimated revenue of NIS 33 million reflects an increase of 8 times compared to revenue of NIS 4 million in the prior year period. First quarter revenue reflects an increase of more than 22% sequentially compared to fourth quarter 2020 revenue of NIS 27 million.

Revenue growth supported by solid demand for Canndoc’s branded products, strategic and exclusive partnerships and the expansion of its distribution and dispensary footprint – ‘GIVOL’ pharmacy chain. Continued increase in operating profit, EBITDA and net profit reflects InterCure’s effective cost structure and operational excellence. Revenue growth expected to continue in the second quarter and throughout 2021.

In addition, strategic agreements with industry’s leading brands including Aphria, Tilray, Organigram, Charlotte’s Web and recently Cookies establish and positions InterCure’s leadership and brand equity in international target markets, including Europe.

CAD $68 million raised by successful completion of the SPAC merger with Subversive Acquisition LP and the LOI signed for the acquisition of Israeli medical cannabis LP ‘Better’ positions the company to further lead market consolidation as the fastest-growing, profitable cannabis company outside of North America. On April 20, 2021, InterCure applied to list on the Nasdaq and expects to begin trading by the end of Q2 2021.

About InterCure (dba Canndoc)

InterCure (dba Canndoc) (TSX:INCR.U, TASE:INCR) is the leading, fastest growing and the most profitable Israeli cannabis company. 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 be the most profitable cannabis company globally outside of North America.

InterCure is listed on the Toronto Stock Exchange under the symbol INCR.U and trades on the Tel Aviv Stock Exchange under the symbol INCR.TA. Listing of InterCure’s Shares on NASDAQ Expected in Q2 2021 and Will Trade Under the Symbol “INCR.”

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Caution Regarding Financial Estimates

The financial estimates set forth above are based on an initial review of the Company’s operations for the quarter ended March 31, 2021 and are subject to change. The Company’s independent registered public accounting firm, Somekh Chaikin (member firm of KPMG International), has not audited, reviewed or performed any procedures with respect to the accompanying financial estimates and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. They should not be viewed as a substitute for audited financial statements prepared in accordance with generally accepted accounting principles and are not necessarily indicative of the Company’s results for any future period.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects InterCure’s current expectations regarding future events. The words “will”, “expects”, “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to: the Company’s Q1 2021 revenue, the success of its global expansion plans, the expected annualized revenue for 2021, its continued growth, the expected operations, financial results business strategy, competitive strengths, goals and expansion and growth plans, expansion strategy to major markets worldwide and the expected listing of the Company’s shares on the NASDAQ. 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 Canadian 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 Subversive Acquisition LP’s final long form prospectus dated March 15, 2021, which is available on SEDAR at 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.


InterCure Ltd.
Amos Cohen, Chief Financial Officer