InterCure saw its stock jump nearly 10% after releasing its third quarter financial results on Tuesday, November 15.
The Israeli cannabis giant reported another quarter of record revenues and profits this week, marking its 11th consecutive quarter of positive growth.
In the three months to September 30, 2022, InterCure reported revenues of C$39m, up around 6% on the previous quarter and 63% year-on-year, equating to an annualised run rate of C$155m.
Its adjusted EBITDA for the period also grew 9% to C$9m sequentially, and 85% compared with the same period a year earlier, equating to a margin of 22%.
When BusinessCann reported on InterCure’s Q2 figures in August, its CEO Alexander Rabinovich explained that Israel, currently the world’s largest importer of medical cannabis, was facing major new barriers to importation amid changes to the ‘109 Protocol’.
This effective import blockade threatened to lead to supply shortages in the country, and saw Tilray state that it had ‘made the conscious decision’ not to repeat shipments to Israel ‘due to the severe deterioration of market conditions with medical cannabis sales and pricing declining’.
ccording to InterCure’s recent update, it has now become the first company to comply with the new 109 IMCA import regulations, a major step forward, which will allow it to resume the importation of medical cannabis to the region.
Days after the release of its results, InterCure announced a major new supply deal with Organigram, which will see it supply InterCure’s international supply chain with up to 20,000kg of dried flower, around 2,800kg of which has already been delivered.
Mr Rabinovich added: “Establishing exclusive long-term strategic partnerships with world-class partners supports our international expansion plans and profitable growth strategy.”