Estimated revenue reaches CAD$39 million¹ (a record of over NIS 100 million):

Eleventh consecutive quarter of profitable growth with revenue growth expected to continue in Q4 2022

NEW YORK and TORONTO and HERZLIYA, Israel, Nov. 11, 2022 (GLOBE NEWSWIRE) — InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (“InterCure” or the “Company”) today announced record preliminary financial results for the Third quarter of 2022. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS), unless otherwise noted.

Preliminary Third Quarter 2022 Financial Highlights and Milestones

• Record revenue estimated to be $CAD 39 million (Over NIS 100 million), 63% over the revenues of the third quarter of 2021 and sequential growth of over 6%.
• Eleventh consecutive quarter of growth representing an annualized run rate of over $CAD 155 million (Over NIS 400 million).
• Revenue growth expected to continue in Q4 2022.
• Solid demand for Canndoc’s branded products and expansion of the Company’s medical cannabis dispensing operations.
• Continued expansion of the company’s branded products portfolio, launching more than 10 new GMP SKUs during the quarter.
• First company to comply with the new 109 IMCA import regulations^2.
• Continued expansion of the Company’s medical cannabis dedicated pharmacy chain to a of total 25 locations as of the end of the third quarter.
• Continued execution of the company’s global expansion plan.

The Company plans to file its full financial results for the third quarter on Tuesday, November 15^th , 2022.

____________________________
^{1 CAD conversion rate from NIS as of 09.30.2022 (2.59 NIS)}

^{2 For the best of the company’s knowledge.}

About InterCure (dba Canndoc)

InterCure (dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company 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.

For more information, visit: http://www.intercure.co.

Caution Regarding Financial Estimates

The financial estimates set forth above are based on an initial review of the Company’s operations for the quarter ended September 30, 2022 and are subject to change. The Company’s independent registered public accounting firm, Somekh Chaikin (member firm of KPMG International), has not audited, reviewed or performed any procedures with respect to the accompanying financial estimates and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. They should not be viewed as a substitute for audited financial statements prepared in accordance with generally accepted accounting principles and are not necessarily indicative of the Company’s results for any future period.

Forward-Looking Statements

This press release may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to InterCure’s objectives plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that InterCure intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes”, “hopes”, “may”, “anticipates”, “should”, “intends”, “plans”, “will”, “expects”, “estimates”, “projects”, “positioned”, “strategy” and similar expressions. Specific forward-looking statements contained in this press release include, but are not limited to: the Company’s Q3 2022 revenue, the success of its global expansion plans, the expected annualized revenue for 2022, and its expansion strategy to major markets worldwide. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause InterCure’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company’s future revenue growth and profitability, the expected operations, financial results business strategy, competitive strengths, expansion strategy to major markets worldwide, the legalization of CBD in Israel and its impacts on the Company, the impact of the COVID-19 pandemic and the war in Ukraine. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond InterCure’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the Israeli, U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in the Company Annual Information Form dated April 5, 2022 which is available on SEDAR at www.sedar.com, and under the heading “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the annual report on Form 20-F, filed with the Securities Exchange Commission on April 28, 2022. InterCure undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Contact:

InterCure Ltd.
Amos Cohen, Chief Financial Officer
[email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Revenue Grew 27% Year Over Year
Non-GAAP Adjusted EBITDA Grew 29% Year Over Year
Company Maintains Full Year 2022 Guidance

NORWOOD, Mass., May 10, 2022 (GLOBE NEWSWIRE) — MariMed, Inc. (OTCQX: MRMD) (“MariMed” or the “Company”), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the first quarter ended March 31, 2022.

“I am very pleased with our solid financial results this past quarter despite a slowdown in our industry coupled with rising inflation in the U.S.,” said Bob Fireman, Chief Executive Officer of MariMed. “We are executing on our strategic growth plan, as evidenced by the recent closings of both our Maryland and Illinois acquisitions. We will continue delivering on our promises to our shareholders, including maintaining our standing as one of the best stewards of capital in our industry.”

CONFERENCE CALL
MariMed management will host a conference call on Wednesday, May 11, 2022, to discuss these results at 8:00 a.m. Eastern time. The conference call may be accessed through MariMed’s Investor Relations website by clicking the following link: MariMed Q122 Earnings Call.

FIRST QUARTER OPERATIONAL HIGHLIGHTS

• Revenue from retail dispensary operations grew 41% compared to the first quarter of 2021, which was driven by a new dispensary in Metropolis, Illinois, and higher customer counts in both Illinois and Massachusetts.
• Revenue from wholesale operations grew 6% compared to the first quarter of 2021 as a result of both the increased production from MariMed’s manufacturing facility and the increased number of licensed dispensary clients in Massachusetts.
• Revenue from licensing, management fees, and real estate income increased 2% compared to the first quarter of 2021 as a result of the continued success of the Company’s award-winning brands that are licensed in seven states and Puerto Rico, as well as growth in the Company’s managed businesses.
• The Company launched Vibations: High + Energy, entering the fast-growing beverage category with a line of THC-infused powdered drink mixes in Massachusetts.
• The Company licensed its award-winning portfolio of branded edibles, including Betty’s Eddies, Bubby’s Baked, k Fusion, and Vibations: High + Energy, to its partner in Delaware.

SIGNIFICANT BUSINESS DEVELOPMENTS
Subsequent to the end of the first quarter 2022, the Company announced the following significant business developments:

• April 7: The Company announced it filed a preliminary non-offering long-form prospectus in Canada. The Company also intends to apply to list its common shares on the Canadian Securities Exchange (CSE). The Company believes trading on the CSE will increase liquidity for shareholders and provide easier access to Canadian retail and institutional investors, in addition to U.S. investors on the OTCQX market.
• April 28: The Company announced it closed on the acquisition of Kind Therapeutics USA, LLC (“Kind”), a leading vertically integrated cannabis operation in Maryland, that MariMed developed and managed for several years. The Company now operates a cultivation and processing facility in a 180,000 square foot industrial building in Hagerstown and plans to open and operate a medical dispensary in Annapolis later this summer.
• May 5: The Company announced it closed on the acquisition of a craft cannabis license in Illinois, enabling MariMed to become fully vertical in this high-growth state. Construction of a new cultivation and processing facility in Mount Vernon, Illinois is underway. When completed, the Company expects to sell its portfolio of award-winning brands in its four Thrive dispensaries and into the Illinois wholesale marketplace. The Company expects this will lead to increased revenue and gross margins in Illinois beginning in late 2022.

2022 FINANCIAL GUIDANCE MAINTAINED
The Company maintained its previous financial guidance for fiscal year 2022, including:

• Revenue of $145 million to $150 million.
• Gross margin in line with fiscal 2021 gross margin of 54% to 55%
• Non-GAAP Adjusted EBITDA of $47 million to $52 million.
• Capital Expenditures of approximately $25 million.

“We ended the first quarter with a cash balance of $33.5M and generated positive cash flow from operations of $8.5 million. Our strong first quarter financials during an industry-wide slowdown, gives us confidence we will meet or beat our financial guidance for 2022,” said Jon Levine, Chief Financial Officer of MariMed.

The table below reconciles Net Income to Adjusted EBITDA:

DISCUSSION OF NON-GAAP FINANCIAL MEASURES
The Company has provided in this release non-GAAP Adjusted EBITDA as a supplement to Revenues, Gross Profit, and other financial measures prepared in accordance with GAAP.

Management defines non-GAAP Adjusted EBITDA as net income, determined in accordance with GAAP, excluding the following items:

• interest income and interest expense;
• income taxes;
• depreciation of fixed assets and amortization of intangible assets;
• non-cash expenses on debt and equity issuances;
• impairment or write-downs of intangible assets;
• unrealized gains and losses on investments and currency translations;
• legal settlements;
• gains or losses from the extinguishment of debt via the issuance of equity;
• discontinued operations; and
• merger- and acquisition-related transaction expenses.

Management believes Non-GAAP Adjusted EBITDA is a useful measure to assess the performance of the Company as it provides meaningful operating results by excluding the effects of expenses that are not reflective of its operating business performance. In addition, the Company’s management uses Adjusted EBITDA to understand and compare operating results across accounting periods, and for financial and operational decision making. The presentation of non-GAAP Adjusted EBITDA is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.

Management believes that investors and analysts benefit from considering non-GAAP Adjusted EBITDA in assessing the Company’s financial results and its ongoing business as it allows for meaningful comparisons and analysis of trends in the business. Non-GAAP Adjusted EBITDA is used by many investors and analysts themselves, along with other metrics, to compare financial results across accounting periods and to those of peer companies.

As there are no standardized methods of calculating non-GAAP measurements, the Company’s calculations may differ from those used by analysts, investors, and other companies, even those within the cannabis industry, and therefore may not be directly comparable to similarly titled measures used by others.

For further information, please refer to the Company’s Quarterly Report on Form 10-Q for the three month period ended March 31, 2022 available on MariMed’s Investor Relations website at www.ir.marimedinc.com or on Edgar’s website at www.SEC.gov.

ABOUT MARIMED
MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy. For additional information, visit www.marimedinc.com.

IMPORTANT CAUTION REGARDING FORWARD LOOKING STATEMENTS:
This release contains certain forward-looking statements and information relating to MariMed Inc. that is based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events, including consummation of pending transactions, launch of new products, expanded distribution of existing products, obtaining new licenses, estimates and projections of revenue, EBITDA and Adjusted EBITDA and other information about its business, business prospects and strategic growth plan which are based on certain assumptions of its management, including those described in this release. These statements are not guaranteeing of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement, and changes in the economic environment. Additional risk factors are included in the Company’s public filings with the Securities and Exchange Commission. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “hoped,” “anticipated,” “believed,” “planned, “estimated,” “preparing,” “potential,” “expected,” “looks” or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.

All trademarks and service marks are the property of their respective owners.

For More Information, Contact:

Investor Relations:
Steve West, Vice President, Investor Relations
Email: [email protected]

Media Contact:
Trailblaze PR
Email: [email protected]

Company Contact:
Howard Schacter, Chief Communications Officer
Email: [email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.