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Wednesday, Aug 10, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Israel-based InterCure previews record sales of $31M

The firm says it commands 30% of the country’s medical cannabis market

Israel-based InterCure previews record sales of $31M
Photo via InterCure

Boasting strong quarterly sales growth, InterCure Ltd. (TSX: INCR.U) (Nasdaq: INCR) (TASE: INCR) says it’s the leading licensed producer in Israel, the fastest-growing cannabis market outside of North America.

The firm, which does business as Canndoc, said Tuesday its quarterly revenue rose sequentially by 25 per cent to $31 million.

InterCure says it’s also expecting fiscal 2021 revenue of $87 million, representing annual growth of 250 per cent.

These figures are preliminary and unaudited. The firm plans to file its fourth quarter and year end results on March 15.

Due to demand of its Canndoc-branded products, the company says it’s sustained market-share growth and expects net profits to increase for the reporting period.

During the quarter ended Dec. 31, InterCure says it surpassed the one-ton mark in product dispensed per month, representing 30-per-cent market share of medical cannabis in Israel. It’s expanded its pharmacy chain to 20 locations in the country.

Also in the quarter, the company revealed a deal with retailer Cookies to open locations in Austria and the U.K.

Read more: IM Cannabis exports 400kg of pot to Israel

Read more: Gage to open flagship Cookies pot shop in Toronto

The firm continues to execute, says CEO Alexander Rabinovich.

“Going forward, we remain focused on maintaining our market-leading position in Israel’s cannabis market while continuing with our international expansion plans,” he said in a statement.

“By executing on our profitable growth strategy, InterCure is well positioned to build shareholder value as one of the leaders of the international cannabis industry.”

The firm’s board is chaired by former Israeli president Ehud Barak.

Company stock rose over 3 per cent Tuesday to $6.50 on the Nasdaq.

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