Full Press Release Details
Announces Preliminary Estimated 2023 Revenue of NIS 351 million and EBIDTA of over NIS 50 million
| Revenues for H2 2023 were affected by damages caused by the terrorist attack on October 7, 2023 and the war in Gaza. However, InterCure it is entitled to full compensation from the Israeli authorities for all direct and indirect damages caused. To date, InterCure has already received tens of millions of shekels as partial advanced payments from the Israeli authorities. | ||
| H2 2023's estimated EBITDA 1 to reach over NIS 20 million and over 14% of revenues. | ||
| Both Q3&Q4 ended with positive EBITDAs and profit from operations and represents InterCure's fourteenth & fifteenth consecutive quarter of profitability 2 . | ||
| Expects to launch its first products in Germany in the coming months and continues to closely watch developments surrounding Cannabis rescheduling in the U.S. | ||
| Expects sequential double digit quarterly growth during 2024. |
YORK and HERZLIYA, Israel, April 1st, 2024 - InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) ("InterCure" or the "Company")
today announced preliminary results for the full year of 2023. All amounts are expressed in New Israeli Shekels (NIS), unless otherwise
full year 2023 Financial Highlights and Milestones
EBITDA means EBITDA for the cannabis sector 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. This is a non-IFRS financial measure
and does not have a standardized meaning prescribed by IFRS, please see "Non-IFRS Measures" below.
Company plans to file its annual report on form 20F, which will include its full financial results for the year ended December 31, 2023
by the end of April, 2024.
Alexander Rabinovitch,
CEO of InterCure Noted: "Facing an unprecedentedly challenging year, InterCure has showcased remarkable resilience and sustained
growth, achieving our fifteenth consecutive quarter of profitability. Our continued profit from operations highlights the dedication
of our team and the strength of our leading platform. As pharmaceutical cannabis becomes the new global standard, we are encouraged
by the FDA's recent recommendations and the potential rescheduling of Cannabis in the US. Our established leadership, and commitment
to global expansion, product portfolio enhancement, and delivering value to our patients and shareholders sets us on a path of continued
growth and success."
InterCure is thankful
to its managers and employees for their commitment and to its strategic partners in Israel and worldwide who stand with us during
InterCure (dba Canndoc)
(dba Canndoc) (NASDAQ: INCR) (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.
more information, visit: https://www.intercure.co
Regarding Financial Estimates
financial estimates set forth above are based on an initial review of the Company's operations for the year ended December 31,
2023 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.
press release may contain forward-looking statements. Forward-looking statements may include, but are not limited to, the Company's
Q3 and Q4 2023 revenue, the success of its global expansion plans, the expected annualized revenue for 2023, its expansion strategy to
major markets worldwide, statements relating to the security events in Israel, 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 and 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 success of its global expansion
plans, its continued growth, the expected operations, financial results business strategy, competitive strengths, goals and expansion
and growth plans, expansion strategy to major markets worldwide, the impact of the COVID-19 pandemic, the impact of the war in Israel
and the war in Ukraine and the conditions of the markets generally. 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 U.S.
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
InterCure's Annual Information Form dated March 31, 2023, which is available on SEDAR at www.sedar.com, and under the heading "Risk
Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the registration statement on Form 20-F, filed
with the Securities Exchange Commission on May 1, 2023. 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.
Cohen, Chief Financial Officer