NEW YORK and HERZLIYA, Israel — InterCure Ltd. (dba Canndoc) reached a final settlement with the Israeli Tax Authorities and Compensation Fund regarding the Company’s claim for indirect damages resulting from the October 7, 2023, attacks and the subsequent war.
Under the final settlement, aggregated compensation for the indirect damage covered by the claim has been agreed at a total of NIS 230 million (approximately US$77 million).
Before the final settlement, the company’s total claim for indirect damages was more than NIS 300 million (approximately US$100 million) and the company previously received NIS 101 million (approximately US$34 million) in advance payments related to the claim.
Rebuilding Nir Oz and returning to full production
On October 7, 2023, Canndoc’s main cultivation and production facility at Kibbutz Nir Oz was severely damaged and rendered inoperable. The loss of the facility, a key component of InterCure’s genetics, cultivation, and production infrastructure, significantly impacted the company’s production capabilities, operations, and financial results.
Since the attacks, InterCure raised more than NIS 58 million (approximately US$20 million) from major shareholders and a leading pharma fund and committed significant resources to the rehabilitation of the Nir Oz facility.
The company intends to accelerate the rehabilitation and restoration of the Nir Oz facility and return the facility to full operations as soon as practicable.
The restoration of Nir Oz is expected to strengthen InterCure’s production capabilities and support the company’s international growth strategy, with a particular focus on supplying its products to the growing German medical cannabis market.
