InterCure Announces Preliminary First Quarter Record Financial Results

Revenues expected to reach a record NIS 33 million (over CAD$12 million)

Revenue growth of 8 times YoY and increased more than 22% sequentially

Continued increase in operating profit, EBITDA and net profit

Revenue growth expected to continue in Q2 and throughout 2021

CAD $68 million raised by successful completion of the SPAC merger

InterCure continues to execute its profitable growth and global expansion strategy, and expects to list on the Nasdaq by the end of Q2

HERZLIYA, Israel, May 09, 2021 (GLOBE NEWSWIRE) -- InterCure Ltd. (TSX: INCR:U, TASE: INCR)(dba Canndoc)(the “Company”) today announced preliminary financial results for the first quarter of 2021.

Preliminary First Quarter 2021 Highlights

• Record revenue expected to be an estimated NIS 33 million, 8 times greater than Q1 2020 and an increase of more than 22% compared to Q4 2020;
• Continued increase in operating profit, EBITDA and net profit;
• Continued market share growth due to solid demand for Canndoc's branded products and the expansion of ‘GIVOL’ Pharmacy chain;
• Revenue growth expected to continue in Q2 and throughout 2021;
• Successful launch of CANNDOC Cali GMP premium product family, fully cultivated and manufactured in Canndoc's southern facility;
• LOI signed for the acquisition of Israeli medical cannabis LP 'Better';
• Californian cannabis brand Cookies to expand the brand to Europe through InterCure partnership.
  

Preliminary First Quarter 2021 Results

First quarter estimated revenue of NIS 33 million reflects an increase of 8 times compared to revenue of NIS 4 million in the prior year period. First quarter revenue reflects an increase of more than 22% sequentially compared to fourth quarter 2020 revenue of NIS 27 million.

Revenue growth supported by solid demand for Canndoc's branded products, strategic and exclusive partnerships and the expansion of its distribution and dispensary footprint - ‘GIVOL’ pharmacy chain. Continued increase in operating profit, EBITDA and net profit reflects InterCure’s effective cost structure and operational excellence. Revenue growth expected to continue in the second quarter and throughout 2021.

In addition, strategic agreements with industry’s leading brands including Aphria, Tilray, Organigram, Charlotte’s Web and recently Cookies establish and positions InterCure’s leadership and brand equity in international target markets, including Europe.

CAD $68 million raised by successful completion of the SPAC merger with Subversive Acquisition LP and the LOI signed for the acquisition of Israeli medical cannabis LP 'Better' positions the company to further lead market consolidation as the fastest-growing, profitable cannabis company outside of North America. On April 20, 2021, InterCure applied to list on the Nasdaq and expects to begin trading by the end of Q2 2021.