InterCure Announces Record Preliminary Third Quarter Revenue of Over CAD$39 million – 63% Growth YoY
12 November 2022 - 12:32AM
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR)
("InterCure" or the “Company”) today announced record preliminary
financial results for the Third quarter of 2022. All amounts are
expressed in Canadian dollars ($) 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.
Forward-Looking Statements
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.
Contact:
InterCure Ltd.Amos Cohen, Chief Financial
Officeramos@intercure.co
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