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InterCure Ltd. (IRCLF)

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7.70+0.00 (+0.00%)
At close: 12:09PM EDT
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Previous close7.70
Open7.70
Bid0.00 x 0
Ask0.00 x 0
Day's range7.70 - 7.85
52-week range0.74 - 9.99
Volume11,293
Avg. volume17,323
Market cap342.042M
Beta (5Y monthly)-0.74
PE ratio (TTM)N/A
EPS (TTM)-0.03
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • InterCure Acquires One of Israel's Leading Active Medical Cannabis Trade Houses & Initiates Special Home Delivery Service  in Collaboration With UPS
    GlobeNewswire

    InterCure Acquires One of Israel's Leading Active Medical Cannabis Trade Houses & Initiates Special Home Delivery Service in Collaboration With UPS

    Acquisition of one of the leading active, IMCA approved trade houses in Israel expanding InterCure's sales channel, distribution, delivery and storage capacity. As part of the acquisition, two additional pharmacies added to Intercure’s leading medical focused, pharmacy chain Acquisition expected to be accretive from Q3 2021 empowering InterCure to further boost growth and profits InterCure initiated a special medical cannabis home delivery program in collaboration with UPS - supporting Israel’s patients' community solid demand TORONTO and HERZLIYA, Israel, May 20, 2021 (GLOBE NEWSWIRE) -- InterCure Ltd. (TSX: INCR:U, TASE: INCR)(dba Canndoc)("InterCure" or the “Company”) today announced that it signed a definitive agreement to acquire a licensed active medical cannabis trading house and two pharmacies. The trading house is approved by the Israeli Medical Cannabis Agency (IMCA) and is one of the leading operating trading houses in the country, authorized to distributing GMP medical cannabis products to pharmacies. As part of GMP regulations, medical cannabis products can dispense through IMCA approved pharmacies which supply their inventories only from authorized medical cannabis trade houses. As part of the acquisition, two pharmacies, located in central Israel added to Inter Cure’s leading medical focused, pharmacy chain, expanding its footprint to 12 points of sale in key locations across Israel. This expansion positions the Company to meet the growing demand for medical cannabis products as the patient's community continues to grow, currently averaging 4% per month1. The acquisition is expected to be accretive beginning from Q3 2021 supporting InterCure’s vertically integrated model. The transaction is subject to regulatory approvals.In addition, as demand for medical cannabis products during the military conflict in Israel remains solid – the Company initiated a medical cannabis home delivery program in collaboration with UPS. For the first time, patients in Israel can order InterCure's high-quality branded products directly to their home with same day delivery using UPS's world renowned carrier service. 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”. For more information, visit: http://www.intercure.co 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 future growth of the Israeli cannabis market, the success of its ability to integrate the medical cannabis trade house into its operations, the future operational success of the medical cannabis trade house and pharmacies acquired and the overall future profitability of the acquisition. 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 www.sedar.com. 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 Officeramos@canndoc-pharma.com ____________________________ 1Israeli Ministry of Health Data publication, April 2021

  • InterCure Announces Another Record-Breaking First Quarter Financial Results
    GlobeNewswire

    InterCure Announces Another Record-Breaking First Quarter Financial Results

    TORONTO and HERZLIYA, Israel, May 17, 2021 (GLOBE NEWSWIRE) -- InterCure Ltd. (TSX: INCR:U, TASE: INCR)(dba Canndoc)("Intercure" or the the “Company”) today reported financial results for the first quarter of 2021. All amounts are expressed in New Israeli Shekels (NIS), unless otherwise noted. First Quarter 2021 Financial Highlights Record revenue of NIS 33.1 million (CAD 12.2 million), 8 times greater than Q1 2020 and an increase of more than 22% compared to Q4 2020;EBITDA for the first quarter was NIS 9.5 million (CAD 3.5 million), and NIS 10.1million(CAD 3.7 million) for the cannabis sector. This represents an annual run rate of over NIS 40 million (CAD 15 million), a significant increase year over year, driven by revenue growth, improvement in gross profit and operating profit;Positive cash flow from operations for the third consecutive quarter of NIS 8 million (CAD 3 million); andNIS 40 million cash (CAD 15 million), not including gross amount of NIS 182 million (CAD 68 million) raised by the SPAC prior to the merger;Current trends expected to continue in Q2 and throughout 2021; First Quarter 2021 Business Highlights Continued market share growth due to solid demand for Canndoc's branded products and the expansion of GIVOL™ pharmacy chain;Successful launch of premium products under the brand: CANNDOC Cali™. First family of GMP products cultivated and manufactured in Canndoc's advanced southern facility;2 fully operational GIVOL™ medical cannabis pharmacies during the quarter;Acquisition of an additional four new pharmacies, increasing the GIVOL™ pharmacy chain to 10 locations across Israel to be fully activated during 2021; andActive negotiation to acquire additional locations; Key Q1 2021 Financial Highlights – Cannabis Sector (In thousands NIS) Q1-21 Q1-20 33,051 4,259 Revenues 14,827 1,516 Gross Profit (1) 45% 36% % Gross Profit 7,552 (1,606) Operating Profit 10,065 (1,313) EBITDA (2) 7,705 (3,897) Net Cash from Operating Activities (consolidated) Q1-21 Q4-20 Q3-20 Q2-20 Q1-20 33,051 27,094 22,497 11,185 4,259 Revenues 14,827 13,302 10,755 4,814 1,516 Gross Profit (1) 10,065 8,675 6,970 1,575 (1,313) EBITDA (2) (1) Gross profit before effect of fair value.(2) EBITDA adjusted for changes in the fair value of inventory, share-based payment expense, impairment losses (and gains) on financial assets, non-controlling interest and other expenses (or income). This is a non-IFRS financial measure and does not have a standardized meaning prescribed by IFRS First Quarter 2021 Results First quarter revenue reached a record-breaking NIS 33 million, increasing market share leadership, 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 was 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. Solid demand for Canndoc’s branded products continued through the breakout of the Gaza conflict. Although demand remains high, some challenges to supply may occur if the conflict expands. Currently, all InterCure’s facilities and distribution channels are fully operational. Revenue growth expected to continue in the second quarter and throughout 2021. CAD $68 million (gross) raised by successful completion of the SPAC merger with Subversive Acquisition LP and the signed LOI 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 20th InterCure applied to list on the Nasdaq and expects to begin trading by the end of Q2. “During Q1 2021, we executed another solid quarter with record revenue growth, profitability and cash from operations marking our leading brands and strong business model. We achieved this while reaching a number of strategic goals, including the successful launch of our Californian genetics branded products and expanding GIVOL™ pharmacy-dispensary to 10 locations across the country," said InterCure CEO Alexander Rabinovich. "These milestones continue to solidify our leadership position while we are measuredly expanding our winning model globally to every market adopting the GMP – medical cannabis regulations. Our focus on high quality branded products, strong distribution and retail platforms and our global strategic partnerships provides us a significant runway for short and long-term profitable growth.” These Q1 2021 results are consistent with the preliminary results the Company provided in its press release on May 10, 2021. Consolidated Financial Statements and Management's Discussion and AnalysisInterCure's unaudited financial statements and accompanying notes for the periods ended March 31, 2021 and 2020 and related management's discussion and analysis of financial condition and results of operations ("MD&A") are available under the Company's profile on SEDAR:https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00048838 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”. For more information, visit: http://www.intercure.co Non-IFRS Measures This press release makes reference to certain non-IFRS financial measures. Adjusted EBITDA, as defined by InterCure, means earnings before interest, income taxes, depreciation, and amortization, adjusted for changes in the fair value of inventory, share-based payment expense, impairment losses (and gains) on financial assets, non-controlling interest and other expenses (or income). This measure is not a recognized measure under IFRS, does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. InterCure’s method of calculating this measure may differ from methods used by other entities and accordingly, this measure may not be comparable to similarly titled measured used by other entities or in other jurisdictions. InterCure uses this measure because it believes it provides useful information to both management and investors with respect to the operating and financial performance of the company. 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: future trends, 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 www.sedar.com. 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 Officeramos@canndoc-pharma.com

  • InterCure Announces Preliminary First Quarter Record Financial Results
    GlobeNewswire

    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.” For more information, visit: http://www.intercure.co. 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 www.sedar.com. 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 Officeramos@canndoc-pharma.com