If Israel's cannabis sector has a flagship, it is InterCure. Trading on both Nasdaq and the Tel Aviv Stock Exchange under the ticker INCR, and operating through its wholly owned subsidiary Canndoc, the company is the clearest example of a profitable, vertically integrated Israeli cannabis business. This profile sets out what it is and where it stands in 2026.
This guide is informational and is not investment advice. Figures are point-in-time and change; verify against the company's filings.
What InterCure is
InterCure (doing business as Canndoc) describes itself as the leading, profitable and fastest-growing cannabis company outside North America (Nasdaq / GlobeNewswire). Its subsidiary Canndoc is Israel's largest licensed cannabis producer and one of the first to offer GMP-certified, pharmaceutical-grade medical cannabis (GlobeNewswire).
The model
The company runs a high-margin, vertically integrated "seed-to-sale" operation: it cultivates and manufactures product, imports through international partnerships, and controls distribution through a market-leading network in Israel. That integration — owning the chain from production to pharmacy — is the core of its strategy and the main reason it has reached profitability in a sector where many peers have not.
2025 financials
InterCure reported revenue of around NIS 270 million for 2025, with positive operating cash flow, after preliminary estimates of NIS 265 million and a reported cash position of about NIS 43 million (GlobeNewswire, April 2026; GlobeNewswire, February 2026). First-half 2025 revenue was about NIS 130 million (Nasdaq). Positive adjusted EBITDA and operating cash flow are what distinguish it from much of the global cannabis sector, where losses are common.
Stock listings
InterCure is one of the few Israeli cannabis pure-plays accessible to international investors, dual-listed on Nasdaq (INCR) and the Tel Aviv Stock Exchange (INCR). That dual listing, and its filings with the U.S. Securities and Exchange Commission, make it the most transparent window into the economics of the Israeli market.
Why it matters
InterCure's position tells you a lot about the Israeli sector as a whole: scale and vertical integration, not boutique cultivation, are what produce durable profits, and the most successful players pair domestic distribution strength with international supply partnerships. For investors and observers, it functions as a bellwether — when InterCure's margins move, it usually reflects something happening across the whole market, from import costs to regulatory pressure.
For the wider competitive picture, see our Companies hub and our profile of IM Cannabis. For the trade dynamics that shape every producer's costs, see Israel's cannabis export industry, and for how to think about the listed names, investing in Israeli cannabis stocks.
Compiled and reviewed by Tamar Levin, Editor. Sources are linked inline. This guide is informational and is not medical or legal advice; consult a licensed physician about your own treatment.
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