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Intercure Ltd. (dba Canndoc) (Nasdaq: INCR) (TSX: INCR.U) (TASE: INCR) is a leading, profitable, and rapidly expanding cannabis company operating outside of North America. As a prominent player in the global cannabis market, Intercure is the parent company of Canndoc, Israel's largest licensed cannabis producer. Canndoc is renowned for being one of the first companies to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products.
Intercure's diversified operations include the cultivation, production, and distribution of pharma-grade cannabis products. Their offerings are supplied to a wide range of clients, including hospitals, pharmacies, research institutions, and government organizations, ensuring a broad and impactful reach.
Intercure operates through two primary segments: the Cannabis segment and the Biomed segment. Notably, the Cannabis segment is the major revenue driver, reflecting the company's strategic focus and expertise in this area. Intercure's business model is vertically integrated from 'seed-to-sale,' allowing for high margins and effective quality control.
Recent achievements include leveraging its market-leading distribution network and forming best-in-class international partnerships. These initiatives facilitate the delivery of top-quality cannabis products globally.
For more detailed and up-to-date information, investors and interested parties are encouraged to visit the official website at Intercure.co.
InterCure (NASDAQ: INCR) has secured funding commitments of NIS 66 million (USD 18.2M), potentially increasing to NIS 107 million (USD 29.8M), to support the recovery of its Nir Oz facility damaged during the war. The funding includes a private placement with key investors, including CEO Alexander Rabinovich and shareholders Yaron Yakobi and Tzahi Hagag, who will each hold over 5% stake. The placement involves issuing 7,349,896 ordinary shares at NIS 4.83 per share and warrants for additional shares at NIS 5.70.
Additionally, the company secured a NIS 30 million (USD 8.3M) loan from a leading Israeli bank. InterCure expects to receive substantial compensation from Israeli authorities for war-related damages and plans to expand its facility post-war in collaboration with the Tkumah administration.
InterCure (NASDAQ: INCR) reported its financial results for the first half of 2024, with revenue of NIS 126 million and Adjusted EBITDA of NIS 21 million (17% of revenues). The company achieved its 16th and 17th consecutive quarters of profitability despite challenges from the October 7, 2023 terrorist attack and the war in Gaza. InterCure is receiving compensation from Israeli authorities for damages to its Southern Facility.
The company announced an expansion of its partnership with Cookies™ to Germany, expecting to launch products there in Q4 2024. InterCure anticipates double-digit growth in the second half of 2024 due to expected launches in German and UK markets. The company continues to expand its medical cannabis pharmacy chain, now with 24 active locations.
InterCure (NASDAQ: INCR) has expanded its strategic partnership with Cookies, a globally recognized cannabis brand, to Germany. The agreement allows InterCure to cultivate, manufacture, import, and distribute Cookies' branded products in 8 licensed pharmacies across Germany through Cookies Corners. This expansion follows their existing partnerships in the UK, Austria, and Israel.
InterCure will produce Cookies' products at its EU-GMP manufacturing sites, including future offerings like live resin, live rosin, and vapes. The partnership aims to capitalize on Germany's growing medical cannabis market, which saw a 400% increase in prescriptions from March to June 2024 following the passage of the 'CanG' Cannabis Act.
This collaboration combines Cookies' diverse portfolio of over 70 cannabis cultivars and 2,000 products with InterCure's established presence as a leading vertically integrated medical cannabis company outside North America.
InterCure (NASDAQ: INCR, TASE: INCR), also known as Canndoc, announced its participation in the Canaccord Genuity 8th Annual Global Cannabis Conference. Scheduled for May 23, 2024, at the Westin NY Grand Central Hotel in New York City, the event will feature senior management teams from leading cannabis companies. InterCure's CEO, Alex Rabinovitch, will take part in panel discussions, fireside chats, and one-on-one meetings. The conference aims to foster engagement and share insights among industry leaders.
InterCure announced its FY2023 results, with revenues of NIS 356 million and adjusted EBITDA of NIS 61 million. The company's cash on hand is NIS 111 million. Despite challenges from a terrorist attack and war in Gaza, InterCure remains profitable and expects growth in 2024. The company plans to launch products in Germany and closely monitors U.S. cannabis rescheduling.
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