InterCure announces record third preliminary quarter

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Achieved a number of firsts and records including:

Seventh consecutive quarter of double-digit revenue growth

Seventh consecutive quarter of accelerated, high-digit profitable growth

Record quarterly EBITDA

Beginning of trading on NASDAQ in September

CEO bought over C $ 3.7 million in open market shares

NEW YORK and TORONTO and HERZLIYA, Israel, October 25, 2021 (GLOBE NEWSWIRE) – InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc) (“InterCure” or the “Company”) today announced unaudited preliminary sales of C $ 24 million (NIS 61 million) for the third quarter of 2021, which marks another record quarter of strong sequential and year-over-year revenue growth. All amounts are in Canadian dollars ($) or Israeli New Shekels (NIS), unless otherwise specified.

Third Preliminary Quarter 2021 and Recent Highlights

  • Record revenue is expected to be estimated at C $ 24 million (NIS 61 million), 3 times higher than in the third quarter of 2020 and up more than 36% from the previous quarter sequentially;
  • Increased market share due to strong demand for Canndoc branded products and the expansion of InterCure’s business footprint;
  • Further increases in EBITDA during the third quarter;
  • Over $ 78 million in cash (over NIS 200 million) as of September 30, 2021;
  • Beginning of trading on NASDAQ in September under the symbol INCR; and
  • The CEO of InterCure has bought more than 420,000 shares of the company on the open market, valued at more than $ 3.7 million.

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

* The amounts indicated are in CAD

Preliminary commentary on third quarter 2021 results

Comparable store revenue and sales growth in the third quarter of 2021 reflects increased market share, growing demand for the Company’s branded products and the expansion of its medical cannabis distribution operations, including its chain of “GIVOL” pharmacies. Further increases in EBITDA achieved during the quarter reflect the successful execution of InterCure.

The legislation on cannabis and CBD products for adults in Israel is expected to stimulate domestic demand for the company’s products. Complementing this, strong international demand for InterCure-branded products and an easing of regulations in Israel for the export of medical cannabis are expected to support the company’s global expansion into international target markets, including Europe. .

With one of the strongest balance sheets in the industry, comprising over $ 78 million in cash (over NIS 200 million) as of September 30, 2021, and a vertically integrated and scalable seed model, the company hopes to lead the way. market consolidation.

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 medical cannabis products certified to Good Manufacturing Practices (GMP) and pharmaceutical grade. InterCure leverages its market-leading distribution network, best-in-class international partnerships and a vertically integrated, high-margin “seed-to-sell” model to lead the fastest growing global cannabis market outside from North America.

For more information visit: http://www.intercure.co.

To be added to the InterCure email distribution list, please email InterCure@kcsa.com with “InterCure” in the subject line.

Cautionary Note Regarding Preliminary Financial Estimates and Growth

The preliminary financial estimates and growth information set forth above are estimates based on information currently available to the Company and on judgments that the Company considers reasonable. The Company’s financial close procedures for the quarter ended September 30, 2021 have not yet been completed and, therefore, its actual results may differ materially from these estimates. Preliminary estimates have been prepared by management and are the responsibility of management. The Company’s registered independent public accounting firm, Somekh Chaikin (a member firm of KPMG International), has not audited, reviewed, compiled or performed any procedures relating to the financial estimates and other accompanying data, and therefore expresses no opinion or any other form of assurance in this regard. They should not be considered a substitute for the Company’s complete audited interim financial statements prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, and are not necessarily indicative of the Company’s results for any period. future.

Forward-looking statements

This press release may contain forward-looking statements. Forward-looking statements may include, without limitation, statements relating to InterCure’s objectives, plans and strategies, as well as statements, other than historical facts, which relate to 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 words such as “believes”, “hopes”, “could”, “anticipates”, “should”, “intends”, “plans”, “will”, “expects”. “,” Estimates “,” “projects”, “positioned”, “strategy” and similar expressions and are based on assumptions and assessments made in light of experience and management’s perception of historical trends, current conditions, expected future developments and other factors deemed appropriate. statements are not guarantees of future performance and are subject to risks and uncertainties which could cause actual results to differ materially from those expressed or implied in such statements. There are many factors that could cause InterCure’s actual business or results to differ materially from the business and results anticipated in the forward-looking statements, including, but not limited to, the following: the company’s third-party income quarter of 2021, the success of its global expansion plans, annualized revenue for 2021, its continued growth, expected operations, business strategy, financial results, competitive strengths, objectives and expansion plans and growth, the strategy of expansion to the main markets of the world and the impact of the COVID-19 pandemic. 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 the control of InterCure, which could cause actual results and events to differ. substantially from those disclosed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: changes in economic, business and general political conditions, changes in applicable laws, the US and Canadian regulatory landscapes and law enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, rely on the expertise and judgment of senior management, as well as the factors discussed under “Risk Factors” in Subversive’s final long-form prospectus Acquisition LP dated March 15, 2021, which is available on SEDAR at www.sedar.com, and in other documents filed by InterCure and likely to do so with the SEC in the future. InterCure does not undertake and specifically disclaims any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

InterCure Ltd.
Amos Cohen, Chief Financial Officer
amos@canndoc-pharma.com

KCSA strategic communication
Investor and media relations
InterCure@kcsa.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/47e83a9e-7d3a-48af-9fd6-e109ae4d2c87


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