Estimated revenue reaches CAD$36 million 1(a record NIS 95 million)
Anticipates continued increases in EBITDA
Revenue growth expected to continue in Q3 and throughout 2022
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (“InterCure” or the “Company”) today announced record preliminary financial results for the second quarter of 2022. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS), unless otherwise noted.
Preliminary Second Quarter 2022 Financial Highlights and Milestones
- Record revenue estimated to be $36 million (NIS 95 million), more than double the revenues of the second quarter of 2021 and representing sequential growth of over 9%.
- Tenth consecutive quarter of high growth representing an annualized run rate of $143 million (NIS 380 million).
- Company expects continued increases in revenues during the third quarter of 2022.
- Sustained market share growth due to solid demand for Canndoc’s branded products and expansion of the Company’s medical cannabis dispensing operations.
- Successful opening of the first flagship Cookies retail location in Austria, located in the center of Vienna.
- Continued expansion of the Company’s medical cannabis dedicated pharmacy chain with the grand opening of InterCure’s flagship Cookies branded pharmacy in Be’er Sheva, the largest city in Israel’s southern region.
InterCure’s Chief Executive Officer, Alexander Rabinovitch said: “Our solid operating performance in the second quarter, led us to our tenth consecutive quarter of profitable growth.” Rabinovitch continued: “InterCure is focused on developing and launching the world’s leading pharmaceutical grade medical cannabis products in parallel to the global expansion of our production and distribution platform. InterCure’s target markets are evolving at a rapid pace as more and more countries adopt supportive regulations that allow us to operate and implement our leading model.”
The Company plans to file its full financial results for the second quarter on Monday, August 15, 2022.
