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  • Q3 revenue an estimated C$24 million, 3 times greater than Q3 2020 and up more than 36 prior compared to Q2
  • Over $78 million in cash as of September 30, 2021
  • The legalization of adult-use cannabis and CBD products in Israel is expected to drive further domestic demand
  • Continued demand for InterCure’s GMP-branded products internationally is expected to support the company’s global expansion
  • Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer
  • Intercure Ltd. (INCR.U) opened trading at C$6.96 per share

InterCure (INCR.U) has announced preliminary unaudited revenue of C$24 million for the third quarter of 2021.

Preliminary third quarter 2021 and recent highlights

  • Q3 revenue an estimated C$24 million, 3 times greater than Q3 2020 and up more than 36 prior compared to Q2
  • Increased market share due to solid demand for Canndoc’s branded products and expansion of InterCure’s retail footprint
  • Further increases in EBITDA during the third quarter
  • Over $78 million in cash as of September 30, 2021
  • Commenced trading on NASDAQ in September under the symbol INCR

The company plans to file its full financial results for the third quarter of 2021 on Monday, November 15, 2021.

Preliminary third quarter 2021 results commentary

Revenue and same-store sales growth during the third quarter of 2021 reflect increased market share, growing demand for InterCure’s branded products and expansion of its medical cannabis dispensing operations, including its ‘GIVOL’ pharmacy chain. Further increases in EBITDA realized during the quarter reflect InterCure’s execution success.

The legalization of adult-use cannabis and CBD products in Israel is expected to drive further domestic demand. Continued demand for InterCure’s GMP-branded products internationally and easing regulation in Israel for medical cannabis exportation is expected to support the company’s global expansion in international target markets, including Europe.

With one of the strongest balance sheets in the industry, including over $78 million in cash (more than NIS 200 million) as of September 30, 2021, and a vertically integrated and scalable seed to sell model, the Company expects to lead market consolidation.

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 Ltd. (INCR.U) opened trading at C$6.96 per share.

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