InterCure Provides an Update Regarding the Security Situation in Israel

NEW YORK, and HERZLIYA, Israel, Oct. 17, 2023 (GLOBE NEWSWIRE) -- InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) (dba Canndoc) ("InterCure" or the "Company"), the leading medical cannabis company in Israel and outside of North America, today addressed the status of the security situation in the State of Israel, and its impact on the Company and its employees.

On October 7, 2023, Hamas terrorists infiltrated Israel’s southern border (the “Israeli Southern Border”) from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along Israel’s border with the Gaza Strip and in other areas within the State of Israel. These attacks resulted in extensive deaths, injuries and kidnapping of civilians and soldiers. Following the attack, Israel’s security cabinet declared war against Hamas and a military campaign against these terrorist organizations.

As a Company that chose to establish its main facility in Kibbutz Nir Oz (the “Southern Israel Site”), approximately 2 kilometers from the Gaza border, we stand united with the Israeli villages and towns bordering the Gaza Strip, all the victims of the terrorist attack, the citizens and the defense forces of our country. We seek to strengthen and embrace all those who need assistance. Together, we will win.

Despite the numerous challenges, the Company's management, cannabis trading houses, and pharmacies are working diligently to provide the required service to patients, and meet the growing demand for the Company's products, especially during this difficult period. The Southern Israel Site in Kibbutz Nir Oz, one of the most advanced and largest facilities in Israel and outside North America, encompasses the largest genetic bank and inventory in Israel.

Since the beginning of the war, the Southern Israel Site facility in Nir Oz has been designated by the Israeli authorities as a closed military area. At this point, the Company is unable to assess the extent of the damage to the Southern Israel Site, and the scope of the rehabilitation that will be required. All of the Company’s remaining facilities, in Israel and abroad, are functioning normally, and have been asked to ramp up production. The Company estimates in high certainty that it will be entitled for compensation from the Israeli Government for the damages suffered.