Israeli Cannabis Co. InterCure's Shares Up On Preliminary Q3 Record Revenue Of $19.41M

InterCure Ltd. (NASDAQ: INCR) INCR INCR, doing business as Canndoc, reported Monday preliminary unaudited revenue of CA$24 million ($19.41 million) for the third quarter of 2021.

Israel’s largest licensed cannabis producer plans to file its full financial results for the third quarter of 2021 on Monday, November 15, 2021.

Preliminary Q3 Financial Highlights And Business Milestones 

• Estimated record revenue of CA$24 million would be three times bigger than a year ago, and by 36% higher sequentially; 
• Increased market share, and improved EBITDA;
• On September 30, the company held CA$78 million in cash;
• Started trading on NASDAQ in September under the symbol INCR;
• InterCure's CEO bought over 420,000 shares of the company’s stock on the open market, valued at over CA$3.7 million.

InterCure further added that with ongoing legislation of recreational marijuana and CBD products in Israel, the company should see higher domestic demand for its products. What’s more, easing regulation in Israel for medical cannabis exportation is expected to support the company’s global expansion in international target markets, including Europe.

In addition, InterCure confirmed that it expects to be among the leaders in market consolidation.

Price Action 

InterCure’s shares were trading 8.95% higher at $7.18 per share during Monday’s pre-market session.

Photo: Courtesy of Alex Woods on Unsplash