NEW YORK & HERZLIYA, Israel — InterCure Ltd. reported results for the full year ended December 31, 2024. All amounts are expressed in New Israeli Shekels (NIS), unless otherwise noted.
FY2024 Financial Highlights and Milestones
Annual revenue for the year ended December 31, 2024 was NIS 239 million, and the Adjusted EBITDA for the year ended December 31, 2024 was NIS 24 million, approximately 10% of revenues.
H2/2024 represents the eighteenth and nineteenth consecutive quarters of profitability.
Due to the location of the Company’s Nir Oz facility, InterCure is entitled to full compensation from the Israeli authorities for all direct and indirect damages caused to the southern facility in Nir Oz. InterCure received NIS 62 million until December 31, 2024 (to date, NIS 82 million) as partial advanced payments from the Israeli authorities and expects to receive additional substantial payments to cover war related damages.
The Company ended 2024 with cash on hand of NIS 80 million.
Expands its European footprint with new strategic agreements with Cookies. Enhancing branded product offerings with the most-recognized global cannabis brand and expects to launch Cookies Corners licensed pharmacies in Germany and UK, alongside differentiated online platforms with the official cookies retail experience.
Continued expansion of the Company’s dedicated medical cannabis pharmacy chain to a of total 25 active locations as of today. The Company holds 100% of Cannolam LTD including the full rights to Cookies international agreements, alongside Israel’s largest chain of dedicated medical cannabis pharmacies, Givol and Leon Pharm.
Secured Funding of NIS 66 million to support the recovery of Nir Oz Facility. The funding may increase to NIS 107 million to support the expansion of the facility in collaboration with the “Tkumah” administration. The funding includes investments from key shareholders of the company, including our Chief Executive Officer (“CEO”) and Chairman, Alexander Rabinovich.
After the October 7, 2023, terrorist attack effects on revenues and operations in 2024, the Company expects to resume sequential quarterly growth during 2025.
As the restoration of the Nir Oz facility continues in full force, CANNDOC resume launching during 2025 with a pipeline of over 80 GMP SKUs, including Cookies, Binske and new brands, expanding Company’s branded products portfolio.
Alexander Rabinovich, CEO and Chairman of InterCure, noted, “Despite the unprecedented challenges we faced in 2024, including the impact of the October 7 attack on our Nir Oz facility and ongoing war in Gaza, InterCure remained resilient, generating revenues with positive Adjusted EBITDA, and focused on growth. Following the successful completion of our NIS 66 million funding, we are accelerating the recovery of our Nir Oz facility and have already resumed product launches from the site. As we enter 2025, we are seeing strong demand across our global markets and are confident in our ability to continue delivering double-digit growth, expand our international operations, and lead the Pharmaceutical cannabis industry forward.
“We remain hopeful for a swift resolution to the ongoing war and the safe return of all hostages, including our employee and dear friends from the surrounding of the Gaza Strip. We are committed to playing a meaningful role in the region’s recovery and rebuilding efforts in the aftermath of these tragic events.
“InterCure is thankful to its managers and employees for their commitment and to its strategic partners in Israel and worldwide who stand with us during this time of war.”
About InterCure
InterCure (dba Canndoc) (NASDAQ: INCR) (TASE: INCR) is among the leading cannabis companies outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market leading distribution network, best in class international partnerships and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America.
