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Ehud Barak's cannabis company revenues: a quarter of a billion shekels a year

Intercure presents an annual revenue rate of about a quarter of a billion shekels and becomes the largest cannabis company in Israel in terms of both volume of activity and value.

Alex Rabinovich, CEO: "We crossed the 1 ton line in our medical cannabis products issued monthly, and served over 70,000 medical cannabis patients"

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• Ehud Barak

• Cannabis

• Medical Cannabis

• financial reports

Roast Greenberg

Tuesday, 16 November, 2021, 09:20 Updated: 10:08

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The medical cannabis company Intercure, led by Prime Minister and former Defense Minister Ehud Barak (serving as chairman), took over a third of the Israeli market, according to the company's financial statements for the third quarter of 2021

. the third annual income of a quarter of a billion shekels. after the firm made 61.69 million in the quarter - an increase of approximately -174.3% compared to 22.49 million in revenue last year.

That's about half of its total revenues for the nine months of the year, standing at 139.9 million.

the main Revenue for the quarter came from the import of cannabis products from the medical cannabis companies Tillrey, Organigram, and Putmar Life Sciences, and from the pharmacy operations, which at the time of publication of the report were 20, of which 14 were licensed for medical cannabis activity.

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Chairman of Intercure, Ehud Barak. Revenues of about a quarter of a billion shekels a year (Photo: PR)

"Our Profitable Growth Strategy"

The company notes that its medical cannabis cultivation activity in Israel brought in about NIS 13 million in the quarter, of which NIS 10 million came from the activity of its cultivation facility in Kibbutz Nir Oz, and NIS 3 million was generated from the activity of its cultivation facility in Kibbutz Beit HaEmek.

These two activities resulted in a total loss for a period of NIS 3 million, with two-thirds of them arising from its operations in Nir Oz.

The company showed a 95.6% increase in operating profit, which stood at NIS 4.5 million in the third quarter of the year, compared to NIS 2.3 million in the third quarter of 2020.

Net profit, however, decreased by about 71.8% and stood at only NIS 540,000, compared to about 1.9 NIS million net profit in the corresponding quarter last year, mainly as a result of the costs of listing the company for trading on the Nasdaq US Stock Exchange.

The company also presented an extensive cash flow of NIS 208.9 million as of the end of last September, along with short-term liabilities of NIS 164.3 million at the time. Alongside them, the company presented an inventory of medical cannabis products worth NIS 47.6 million, of which NIS 31.2 million were finished products.

Intercure is currently traded dual on the Tel Aviv and Nasdaq US stock exchanges, worth about NIS 1.08 billion. The company currently employs about 330 people and its annual revenue rate places it as the largest medical cannabis company in Israel both in terms of revenue and value.

, said during the conference call with investors that “during the quarter we continued to implement our profitable growth strategy, which established the company’s leadership position, and led to record results.

This is the seventh consecutive quarter that the company has experienced double-digit growth and improved profitability,And five consecutive quarters with positive cash flow.

We also crossed the 1-tonne line in our monthly medical cannabis products and served over 70,000 medical cannabis patients, achieving an annual revenue rate of approximately C $ 100 million, and EBITDA of C $ 23 million.

We will continue to focus on the growth strategy during 2022 as well. "

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