INCRNasdaqPharmaceutical PreparationsUS GAAP · USD

Intercure Ltd.

InterCure Ltd. is an Israel-based medical cannabis company operating through its Canndoc subsidiary, with cultivation, manufacturing, and distribution tied together in a vertically integrated seed-to-sale model. Its business centers on GMP-certified, pharmaceutical-grade cannabis products for regulated medical markets, including Israel and selected international markets.

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Revenue239m USD
−32.8 %y/y
Operating profit (EBIT)-66.7m USD
−79.9 %y/y
EBIT margin-27.9%
−17.5 ppy/y
Net income-67.8m USD
−9.4 %y/y
Free cash flow-71.3m USD
−26.8 %y/y

Fiscal year 2024 · change from previous year

Development 2021–2024

-1000100200300400m USD2021: 220 m USD2021: EBIT 24 m USD20212022: 389 m USD2022: EBIT 59 m USD20222023: 356 m USD2023: EBIT -37 m USD20232024: 239 m USD2024: EBIT -67 m USD2024239-67
RevenueOperating profit (EBIT)
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Business

Share of revenue
Medical cannabis products70 %

Cannabis-based products sold for regulated medical use, including flower and related formats.

Cultivation and processing20 %

Growing, harvesting, and preparing cannabis biomass for sale and distribution.

Distribution and market access10 %

Licensed distribution services and channel access for medical cannabis products.

Customers

InterCure sells primarily into regulated medical cannabis channels, where patients access products through licensed healthcare and dispensing systems. It also serves institutional and commercial partners in markets where product registration, importation, or local distribution partnerships are needed.

Medical cannabis patients

Patients buying physician-recommended cannabis products for regulated medical use.

Pharmacies and dispensaries

Licensed outlets that dispense InterCure/Canndoc products to end patients.

International channel partners

Partners that import, register, or distribute products in foreign medical markets.

Regulated U.S. medical markets

Potential market access for regulated medical cannabis opportunities only.

Strategy

InterCure’s strategy is to build a multi-country medical cannabis platform by combining domestic strength in Israel with selective expansion into large regulated European markets. It also emphasizes partnerships, product launches, and acquisitions or investments that broaden its research, cultivation, and distribution capabilities.

International expansion in regulated marketsMedium term

Diversifies the business beyond Israel and targets larger addressable markets.

Product launch pipelineShort term

New formulations and registrations support channel growth and shelf presence.

Vertical integrationLong term

Control over cultivation, processing, and distribution supports quality and channel control.

Research and collaboration capabilityMedium term

R&D partnerships can improve product development and market differentiation.

Geography

InterCure is headquartered in Israel and is anchored by its domestic cannabis operations there, while also building exposure to Germany and other regulated international medical markets. The company has highlighted expansion activity in Europe and a selective review of U.S. opportunities limited to regulated medical cannabis markets.

Risks

InterCure faces regulatory, market-access, and execution risks that are common to cannabis operators, especially because each market depends on local licensing and product approvals. It also has exposure to geopolitical and operational disruption in Israel, while international growth depends on winning distribution, navigating import rules, and sustaining product quality.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory dependence1Geopolitical disruption in Israel2Execution risk in international expansion3Cannabis market pricing pressure4Quality and compliance risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory dependenceImpact: HighLikelihood: High

    Medical cannabis sales depend on licenses, product registrations, and local rules in each market.

    ExposureIsraelGermanyOther regulated markets
  2. Geopolitical disruption in IsraelImpact: HighLikelihood: Medium

    Core cultivation and management functions are tied to Israel, creating operational disruption risk.

    Exposure: Domestic operations and logistics

  3. Execution risk in international expansionImpact: HighLikelihood: Medium

    Growth in Germany and elsewhere requires product launches, local partners, and regulatory approvals.

    Exposure: Europe expansion

  4. Cannabis market pricing pressureImpact: MediumLikelihood: Medium

    Medical cannabis markets can see rapid changes in supply, competition, and pricing.

    Exposure: Product sales margins and channel economics

  5. Quality and compliance riskImpact: MediumLikelihood: Medium

    GMP and pharmaceutical-grade positioning require consistent standards across production and distribution.

    Exposure: Manufacturing and product registration

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Accounting

Judgemental items
Inventory fair value and impairment

Cannabis inventory valuation can change with harvest yield, aging, and market prices.

Impact: Affects gross profit and operating results

Allowance for credit risk

Receivables from distributors and partners may require provisioning.

Impact: Affects earnings and balance sheet quality

Non-IFRS Adjusted EBITDA adjustments

Management excludes fair-value inventory changes, share-based pay, and impairment items.

Impact: Can materially change the bridge from net income to operating performance

Quarterly revenue timing

Product launches and market registrations can shift sales between periods.

Impact: Affects comparability across quarters

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Last updated: 28/09/2026