InterCure Reports Record Preliminary Q2 2022 Revenue – More Than Double YoY

InterCure Ltd. INCR INCR INCR released preliminary financial results for the second quarter of 2022, revealing record revenue estimated to be CA$36 million ($27,86 million), more than double the revenues of the second quarter of 2021 and representing sequential growth of over 9%.

Preliminary Q2 2022 Financial Highlights and Milestones

• Tenth consecutive quarter of high growth representing an annualized run rate of CA$143 million.

• Company expects continued increases in revenues during the third quarter of 2022.

• Sustained market share growth due to solid demand for Canndoc's branded products and expansion of the company’s medical cannabis dispensing operations.

• Successful opening of the first flagship Cookies retail location in Austria, located in the center of Vienna.

• Continued expansion of the company's medical cannabis dedicated pharmacy chain with the grand opening of InterCure's flagship Cookies branded pharmacy in Be'er Sheva, the largest city in Israel's southern region.

InterCure’s CEO, Alexander Rabinovitch stated: "Our solid operating performance in the second quarter, led us to our tenth consecutive quarter of profitable growth. InterCure is focused on developing and launching the world's leading pharmaceutical grade medical cannabis products in parallel to the global expansion of our production and distribution platform. InterCure's target markets are evolving at a rapid pace as more and more countries adopt supportive regulations that allow us to operate and implement our leading model."

The company plans to file its full financial results for the second quarter on Monday, August 15, 2022.

Photo by CRYSTALWEED cannabis on Unsplash

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