- InterCure (INCR.U) announced its financial and operating results for the third quarter ended September 30, 2022
- Record revenue of $39 million, representing a 63 per cent growth against Q3 of 2021 and sequential growth of 6 per cent
- Record new product launches with more than 10 new GMP SKUs added to the portfolio of products during the quarter
- InterCure engages in the research, cultivation, production, and distribution of pharma-grade cannabis-based products
- Intercure Ltd. (INCR.U) is up 0.76 per cent, trading at C$5.28 per share at 1:18 pm ET
InterCure (INCR.U) announced its financial and operating results for the third quarter ended September 30, 2022.
Key financial & operational highlights:
- Record revenue of $39 million, representing a 63 per cent growth against Q3 of 2021 and sequential growth of 6 per cent
- Eleventh consecutive quarter of growth, representing an annualized run rate of over $155 million
- The company expects revenue growth to continue in Q4 2022
- Adjusted EBITDA increased 85 per cent year-over-year to $9 million, representing 22 per cent of revenues
- Solid demand for Canndoc’s branded products and expansion of the company’s medical cannabis dispensing operations
- Record new product launches with more than 10 new GMP SKUs added to the portfolio of products during the quarter
- First company to comply with the new strict 109 import regulations of the Israel Medical Cannabis Agency, resuming importation of medical cannabis to Israel
- Expansion of the company’s medical cannabis dedicated pharmacy chain to a total of 25 locations as of the end of Q3
- Continued scaling up production cultivation and production of the Southern facility
- Driving forward with the execution of the company’s global expansion plan
Alexander Rabinovitch, CEO of InterCure, commented on the results.
“I am proud of our team for delivering our eleventh consecutive quarter of profitable growth with strong operating and financial performance. We continued to execute our international expansion plans building our footprint organically. The company continues to explore strategic acquisitions in key markets, to meet the solid demand for our high-quality branded products. We expect 2022 to be another milestone year for InterCure, solidifying our leadership position in the pharmaceutical cannabis market.”
InterCure engages in the research, cultivation, production, and distribution of pharma-grade cannabis-based products. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer.
Intercure Ltd. (INCR.U) is up 0.76 per cent, trading at C$5.28 per share at 1:18 pm ET.
