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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.
On April 24, 2023, InterCure Ltd (NASDAQ: INCR) announced a lawsuit filed by minority shareholders of its subsidiary, Cannolam, in Tel Aviv-Jaffa District Court. This legal action arises from disagreements regarding Cannolam's management. InterCure has conducted a preliminary review of the claims and believes they lack legal merit. The company is exploring legal options, including potential counterclaims, to protect its interests. Established as the leading medical cannabis company outside North America, InterCure operates through its subsidiary Canndoc, which is Israel’s largest licensed cannabis producer, known for its GMP-certified products.
InterCure, a leading global cannabis company, has signed a collaboration agreement with TYSON 2.0, the premium cannabis brand founded by boxing legend Mike Tyson. The agreement provides InterCure with an exclusive distribution license to cultivate, manufacture, sell, and distribute TYSON 2.0 products in various key international markets, including Israel, Australia, the UK, Germany, and Switzerland.
This strategic partnership aims to expand InterCure's presence in rapidly growing legal cannabis markets. According to EuroMonitor International, the Israeli and German cannabis markets are projected to reach sales of $3.4 billion and $3 billion by 2027, respectively. The partnership will also allow InterCure to use TYSON 2.0's intellectual property and genetics for production. The agreement's terms are subject to change as a definitive agreement is finalized.
InterCure Ltd (NASDAQ: INCR) has announced a rescheduled conference call to discuss its financial results for the year ending December 31, 2022. The call will now take place on April 4, 2023, at 4:30 P.M. Eastern time, instead of the originally planned date of April 3. The change was necessitated by unforeseen technical issues. InterCure is noted as the leading and fastest-growing cannabis company outside North America, with its subsidiary, Canndoc, being Israel's largest licensed cannabis producer. The company aims to maintain its position in the rapidly growing global cannabis market.
InterCure reported record revenue of $150 million for fiscal year 2022, with a gross profit of $61 million and an adjusted EBITDA of $32 million, reflecting a solid 22% of revenues. The net income stood at $17 million, and the company generated $20 million in cash flow from operations, ending the year with a strong cash position of $95 million. In Q4 2022, revenue reached $41 million, marking a 33% year-over-year increase. The company expanded its operations with the addition of 8 medical cannabis dispensaries and launched over 30 new products.
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