Welcome to our dedicated page for Intercure Ltd. news (Ticker: INCR), a resource for investors and traders seeking the latest updates and insights on Intercure Ltd. stock.
Intercure Ltd (INCR) delivers pharmaceutical-grade medical cannabis through its vertically integrated operations, maintaining GMP certification across production facilities. This news hub provides investors and healthcare professionals with essential updates on regulatory developments, research advancements, and strategic partnerships.
Access timely announcements about cultivation innovations, international distribution expansions, and compliance milestones. Our curated collection features earnings reports, product approvals, and biomed research breakthroughs that shape the medical cannabis sector.
Key updates include manufacturing process enhancements, new market entries, and collaborations with healthcare institutions. Bookmark this page for structured access to operational developments and quality assurance initiatives that maintain Intercure's position as a global cannabis industry leader.
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.
InterCure Ltd. (NASDAQ: INCR) has announced a lawsuit against Cann Pharmaceuticals Ltd. (dba 'Better') to recover funds loaned during a terminated merger agreement. The merger, originally agreed upon with certain conditions, was abandoned as of January 31, 2023, due to fundamental disagreements. InterCure claims Better has refused to repay loans and funding despite repeated efforts, prompting the legal action. This situation highlights the financial strain on InterCure following the merger's failure, as it seeks to enforce its rights to recover the invested amounts.
InterCure (NASDAQ: INCR), a leading cannabis company, announced the termination of its merger agreement with Cann Pharmaceutical Ltd. ("Better") as the closing conditions were not satisfied by the set deadline of January 31, 2023. Consequently, InterCure plans to pursue the recovery of significant amounts loaned to Better. This development reflects ongoing challenges within the company while emphasizing its commitment to financial recovery. InterCure remains a prominent player in the cannabis industry, leveraging a robust distribution network and a vertically integrated "seed-to-sale" model.
InterCure has signed a licensing agreement with Praetorian Global to manufacture and distribute the cannabis brand Binske globally. The exclusive multi-year deal allows InterCure to cultivate Binske products under EU-GMP standards in key international markets including Israel, Germany, and Australia.
This partnership leverages Binske's recognized brand and product portfolio, which includes nearly 200 premium offerings. The move aligns with InterCure's strategy to expand its presence in emerging markets, drawing on Binske's expertise in product quality and consumer experience.
InterCure Ltd (NASDAQ: INCR) announced CEO Alexander Rabinovitch will participate in the Cowen 5th Annual Cannabis Conference on December 8, 2022. He will join an industry leaders panel at 9:30 AM EST and conduct one-on-one sessions by appointment. InterCure, operating as Canndoc, stands as Israel's largest licensed cannabis producer, leading the cannabis market outside North America with a high-margin 'seed-to-sale' model.
For more information, visit InterCure's website.
InterCure (NASDAQ: INCR) has provided an update on its acquisition plans for Cann Pharmaceutical Ltd. (Better). The company reports significant disagreements regarding the transaction, raising doubts about its completion. These issues stem from unresolved matters at the time of the agreement's signing. InterCure is Israel's largest licensed cannabis producer, noted for its GMP-certified medical cannabis products and a strong distribution network.
Organigram Holdings has announced a multi-year agreement with InterCure for the supply of up to 20,000 kg of dried cannabis over several years. This follows a previous agreement from June 2020, which successfully fulfilled a 3,000 kg minimum supply requirement. The new deal includes a commitment of 10,000 kg with an option for an additional 10,000 kg. As of now, approximately 2,800 kg has been delivered. This exclusive supply agreement aims to enhance collaboration and support InterCure's international expansion plans, ensuring compliance with local regulations.
Organigram is set to supply InterCure with up to 20,000 kg of dried cannabis flower over several years, following a successful 3,000 kg supply agreement fulfilled since June 2020. This new multi-year agreement includes an initial commitment of 10,000 kg with an option for an additional 10,000 kg within three years. Approximately 2,800 kg has already been delivered. The collaboration aims to support both companies’ international expansion strategies, contingent upon compliance with local regulations.
InterCure Ltd. (NASDAQ: INCR) announced strong financial results for Q3 2022, marking its eleventh consecutive quarter of profitable revenue growth. The company reported a record revenue of $39 million, a 63% year-over-year increase, with an annualized revenue run rate of $155 million. Adjusted EBITDA rose 58% to $9 million, representing 22% of revenues. The robust financial position includes $92 million in cash. InterCure continues to expand its operations, having launched over 10 new products and increased its pharmacy locations to 25.
