"Intercure" recorded a triple-digit increase in its revenue in the third quarter: 61.7 million

The medical cannabis business is smiling at "Intercure". The company recorded a triple-digit increase in its revenue in the third quarter, thus completing seven consecutive quarters of double-digit increase in revenue, and it expects the trend to continue in the coming quarters. According to revenue data in the reported quarter, Intercure is approaching an annual revenue rate of a quarter of a billion shekels. The Company has been recording positive cash flow from operating activities for five consecutive quarters.
Intercure set a record last October, when it sold over a ton of cannabis products in Israel - a market share close to 30%. The company ended the quarter with revenue of 61.7 million, the highest figure in its history. This is an increase of 174% compared to the company's revenues in the corresponding quarter, and a growth of 36% compared to the second quarter this year. EBITDA (net profit less depreciation expenses, taxes and depreciation) doubled within a year and amounted to NIS 14 million in the quarter.
Intercure is the largest medical cannabis company on the Tel Aviv Stock Exchange in terms of market capitalization. Of the 10 companies in the Tel Aviv Cannabis Index, it is the only one worth more than NIS 1 billion (NIS 1.01 billion). Next in line in terms of value is Panaxia, and its market value is about one-fifth of Intercure - NIS 192 million.
During the third quarter, Intercure, headed by Chairman Ehud Barak, added 3 pharmacies it acquired from Canonmud and reported 4 more, bringing the number of its pharmacies nationwide to 20-14 of them licensed to dispense medical cannabis.