InterCure Announces Record Preliminary Third Quarter Revenue of Over CAD$39 million – 63% Growth YoY
November 11th, 2022
News, Top News
Estimated revenue reaches CAD$39 million1 (a record of over NIS 100 million):
Eleventh consecutive quarter of profitable growth with revenue growth expected to continue in Q4 2022
NEW YORK and TORONTO and HERZLIYA, Israel, Nov. 11, 2022 (GLOBE NEWSWIRE) — InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (“InterCure” or the “Company”) today announced record preliminary financial results for the Third quarter of 2022. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS), unless otherwise noted.
Preliminary Third Quarter 2022 Financial Highlights and Milestones
- Record revenue estimated to be $CAD 39 million (Over NIS 100 million), 63% over the revenues of the third quarter of 2021 and sequential growth of over 6%.
- Eleventh consecutive quarter of growth representing an annualized run rate of over $CAD 155 million (Over NIS 400 million).
- Revenue growth expected to continue in Q4 2022.
- Solid demand for Canndoc’s branded products and expansion of the Company’s medical cannabis dispensing operations.
- Continued expansion of the company’s branded products portfolio, launching more than 10 new GMP SKUs during the quarter.
- First company to comply with the new 109 IMCA import regulations2.
- Continued expansion of the Company’s medical cannabis dedicated pharmacy chain to a of total 25 locations as of the end of the third quarter.
- Continued execution of the company’s global expansion plan.
The Company plans to file its full financial results for the third quarter on Tuesday, November 15th , 2022.
1 CAD conversion rate from NIS as of 09.30.2022 (2.59 NIS)
2 For the best of the company’s knowledge.
About InterCure (dba Canndoc)
InterCure (dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company outside of North America. 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 lead the fastest growing cannabis global market outside of North America.
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 September 30, 2022 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.
This press release may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to InterCure’s objectives plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that InterCure intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes”, “hopes”, “may”, “anticipates”, “should”, “intends”, “plans”, “will”, “expects”, “estimates”, “projects”, “positioned”, “strategy” and similar expressions. Specific forward-looking statements contained in this press release include, but are not limited to: the Company’s Q3 2022 revenue, the success of its global expansion plans, the expected annualized revenue for 2022, and its expansion strategy to major markets worldwide. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause InterCure’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company’s future revenue growth and profitability, the expected operations, financial results business strategy, competitive strengths, expansion strategy to major markets worldwide, the legalization of CBD in Israel and its impacts on the Company, the impact of the COVID-19 pandemic and the war in Ukraine. 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 Israeli, U.S. and 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 the Company Annual Information Form dated April 5, 2022 which is available on SEDAR at www.sedar.com, and under the heading “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the annual report on Form 20-F, filed with the Securities Exchange Commission on April 28, 2022. 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.
Amos Cohen, Chief Financial Officer
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