InterCure, the Tel Aviv and Toronto dual-listed producer and distributor of cannabis and cannabis-based products with its sights set on Europe, has announced a 400% year-on-year increase in revenue, and a 37% increase quarter-over-quarter.
Revenues for Q2 2021 were Canadian $17.6 million, with a gross profit of Canadian $7.5 million. Intercure has two main direct subsidiaries, Canndoc Ltd and Cannolam Ltd. According to a company report on the quarter’s figures, “InterCure continued to grow its market share with strong demand for Canndoc’s branded products, expansion of its medical cannabis dispensing operation and continued improvement across all facets of the business, including same store sales increase.”
Through its Cannolam subsidiary, it operates the Givol private chain of 13 pharmacies in Israel focused on medical cannabis.
International expansion is planned by InterCure and, as part of this strategy, it has entered into collaborations with cannabis companies from cultivators to CBD brands, including Tilray, Organisgram, Aphria, Fotmer and Charlotte’s Web.
The chairman of InterCure is a former prime minister of Israel, Ehud Barak.
The chief finance officer, Amos Cohen, comments, “The second quarter of 2021 is InterCure’s sixth consecutive quarter with quarter-to-quarter, high double-digit growth, and fourth consecutive quarter with positive cash flow from operations. Maintaining sound financial discipline and a strong balance sheet are key in strengthening our position leading the consolidation process outside North America.”
In April, InterCure applied to list on the Nasdaq Capital Market, and is now in the last stages of listing its ordinary shares on the NASDAQ exchange under the symbol ‘INCR’.