InterCure (Canndoc): Israel's Largest Cannabis Company

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, it is the country's largest licensed producer and the clearest example of a vertically integrated Israeli cannabis business at scale. 2026 has been an eventful year for it: a NIS 230 million war-damage settlement, a reverse share split, and the first tranche of an acquisition aimed at the United States. This profile sets out what the company is and where it actually stands.

This guide is informational and is not investment advice. Figures are point-in-time and change; verify against the company's filings before making any decision.

What InterCure is

InterCure (doing business as Canndoc) describes itself as the leading, profitable and fastest-growing cannabis company outside North America (GlobeNewswire). Its subsidiary Canndoc is Israel's largest licensed cannabis producer and one of the first anywhere to supply GMP-certified, pharmaceutical-grade medical cannabis (GlobeNewswire). It is one of the few Israeli cannabis pure-plays that international investors can buy directly, and it appears in our Israeli cannabis companies directory alongside the sector's other listed names.

The model: seed-to-sale, not boutique

InterCure runs a vertically integrated "seed-to-sale" operation. It cultivates and manufactures product domestically, imports through international partnerships to cover gaps in supply, and controls distribution through a market-leading network reaching Israeli pharmacies. Owning the chain from genetics to dispensing counter is the core of the strategy, and it is the main structural reason the company has reached operating-level profitability in a sector where many peers have not.

That matters beyond one company. The Israeli market runs on imports as well as domestic cultivation, and margin in the sector is largely decided by who controls distribution rather than who grows the best flower. InterCure's position is the clearest working demonstration of that thesis.

2025 results: growth, positive EBITDA — and a net loss

Read the headline numbers carefully, because the company's own framing and its bottom line say different things.

For the 2025 financial year InterCure reported revenue of over NIS 270 million, up from NIS 239 million in 2024, together with NIS 47 million in adjusted EBITDA, NIS 17 million in positive operating cash flow — and a net loss of NIS 37 million (GlobeNewswire, April 2026). Preliminary figures issued in February 2026 had put revenue at NIS 265 million with a cash position of about NIS 43 million (GlobeNewswire). The company also marked a twelfth consecutive half-year of positive adjusted EBITDA.

The distinction is worth holding onto. Positive adjusted EBITDA and positive operating cash flow are real achievements in global cannabis, where cash burn is the norm. They are not the same as profit. Adjusted EBITDA excludes interest, tax, depreciation, amortisation and various non-cash or one-off items — and in InterCure's case the gap between NIS 47 million of adjusted EBITDA and a NIS 37 million net loss is the whole story of the company's capital structure and its damaged asset base.

The NIS 230 million war-damage settlement

The single most consequential development of 2026 concerns a facility, not a balance sheet line.

Canndoc's main cultivation and production site sits at Kibbutz Nir Oz, in the western Negev. It was severely damaged and rendered inoperable in the 7 October 2023 attacks and the war that followed. In August 2026 InterCure finalised a settlement with the Israeli Tax Authority and the Compensation Fund covering its claim for indirect war-related damages, agreed at a total of NIS 230 million (roughly US$77 million) (GlobeNewswire, 24 August 2026). Shares rose sharply on the news (RTTNews).

The company has said the funds will accelerate rehabilitation of the Nir Oz facility — described as a cornerstone of its genetics, cultivation and production infrastructure — with restored output intended to support expansion into the German medical cannabis market. Production at the site had already partially resumed during 2025.

For a company carrying a NIS 37 million annual net loss and a NIS 43 million cash position, a settlement of this size is not a rounding item. It is the difference between rebuilding on borrowed money and rebuilding on compensation.

The 1-for-5 reverse share split

Shareholders approved a one-for-five reverse share split at an extraordinary general meeting on 11 August 2026; the company announced it on 19 August and it took effect later that month (GlobeNewswire). The split reduced the issued and outstanding ordinary shares from 59,228,556 to approximately 11,845,711.

A reverse split does not change what a holder owns proportionally, and it does not by itself change the value of the company. It is usually undertaken to lift a share price — often to satisfy an exchange's minimum bid-price requirement. Anyone comparing InterCure's share price across dates in 2026 needs to adjust for it, or the historical chart will be misleading.

Acquisitions: Botanico (ISHI) and Cannasoul

InterCure has been buying rather than only building — the clearest sign of consolidation in a sector that has spent three years shedding weaker operators.

Botanico Ltd., trading as ISHI, is a premium cannabis technology and brand business with established partnerships among American operators. InterCure announced the acquisition in September 2025, structured in two tranches: 50% of the equity at initial closing for 2,467,055 InterCure shares, and the balance for a further 2,457,206 shares on the earlier of ISHI reaching three consecutive months of positive operating profitability or 24 months from that closing. The total consideration of 4,924,261 shares represented roughly 10% of InterCure on a fully diluted basis, and two ISHI founders joined InterCure's leadership (GlobeNewswire; Cannabis Business Times). The deal required clearance from the Israeli Medical Cannabis Agency, the Israel Securities Authority and the Tel Aviv Stock Exchange. The first tranche completed on 15 June 2026 (Investing.com).

Separately, in November 2025 InterCure took a 28% stake in the research company Cannasoul R&D Ltd., with an exclusive option to increase that holding to 51% within two years (Investing.com) — a link into the research side of the sector covered on our research hub.

Both deals were paid in shares rather than cash, which tells you something: InterCure is buying capability and optionality with equity it considers cheap, while protecting a cash position it needs for rebuilding.

Stock listings and transparency

InterCure is dual-listed on Nasdaq (INCR) and the Tel Aviv Stock Exchange (INCR), and files with the U.S. Securities and Exchange Commission as a foreign private issuer. That reporting obligation makes it the most transparent window available into the economics of the Israeli cannabis market — most of the sector is private, and what can be said about domestic margins, import costs and pharmacy distribution is disproportionately said through InterCure's filings.

How to read InterCure

Treat it as a bellwether, with caveats. When InterCure's margins move, it usually reflects something happening across the whole market — import pricing, regulatory pressure, or a shift in what pharmacies dispense. But it is also an unusually large, unusually well-capitalised participant whose 2026 balance sheet has been reshaped by a one-off war-damage settlement no competitor received. Its results are the sector's best available proxy and a poor sector average at the same time.

The contrast with IM Cannabis is instructive: two Nasdaq-listed Israeli operators, one consolidating through acquisitions and rebuilding on a nine-figure settlement, the other selling its European arm under going-concern doubt. Between them they define the range of outcomes this market has produced.

For the wider competitive picture, see our Companies hub and the full company directory. For market sizing and patient demand, see the Israel cannabis market overview and Israel's medical cannabis market size. For the trade dynamics that shape every producer's costs, see Israel's cannabis export industry, and for the listed-equity view, investing in Israeli cannabis stocks.