What InterCure does

InterCure Ltd. is a vertically integrated pharmaceutical cannabis company dual-listed on NASDAQ and the Tel Aviv Stock Exchange (ticker: INCR), headquartered in Herzliya, Israel. The company operates a four-pillar platform: Givol, a retail network of 25+ dedicated medical cannabis pharmacies staffed by licensed pharmacists across Israel and Germany; Cannasoul × Technion, an exclusive R&D partnership led by Prof. Dedi Meiri at the Technion conducting 11 active clinical trials and profiling 120+ cannabinoids through the Entourage Effect; Canndoc, the exclusive international distribution platform for 12+ premium cannabis brands (including Cookies, The Flowery, Runtz, DOJA, Backpack Boyz, Preferred Gardens, Wizard Trees) outside North America; and Botanico AI, a proprietary domain-specific intelligence engine processing 2.4M signals per day across 70,000+ patient records with claimed 98% forecast precision over a 12-month planning horizon.

The company's core technology stack is Botanico AI, which automates cultivation planning, predicts pharmacy stockouts before they occur, integrates via live API with Cannasoul's cannabinoid database for product formulation, and surfaces emerging strain preferences from social and purchase data. InterCure distributes 80+ EU-GMP certified SKUs and launched 75+ new GMP products in 2025. The company has invested in vertical integration across genetics (via the June 2026 Botanico acquisition), cultivation, EU-GMP manufacturing, and retail, serving more than 100,000 patients across Israel and Germany.

Revenue is generated through three primary streams: pharmaceutical retail via Givol pharmacies (transaction-fee model), exclusive international brand licensing and distribution of premium U.S. cannabis brands through Canndoc (licensing/royalty and distribution margins), and emerging R&D and AI platform services through the Cannasoul partnership. The company is dual-listed, dual-regulated, and reports 12 consecutive half-years of positive Adjusted EBITDA with FY2025 Adjusted EBITDA of NIS 47M and positive operating cash flow of NIS 17M, a turnaround from -NIS 67M in FY2024. Geographic markets are currently Israel and Germany, with a strategic review of U.S. entry initiated in June 2026.

Name

InterCure

Legal name

InterCure Ltd.

Website

https://intercure.co

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

InterCure is a vertically integrated pharmaceutical cannabis company operating a 25+ Givol pharmacy retail network, exclusive international distribution for premium cannabis brands, Technion-backed cannabinoid R&D, and proprietary Botanico AI, serving 100,000+ patients across Israel and Germany.

Ownership category

akta.pro rank

Product category

Pharmaceutical Cannabis

NAICS

Medicinal and Botanical Manufacturing (325411), Pharmaceutical and Medicine Manufacturing (32541)

SIC

Retail-Drug Stores And Proprietary Stores (5912)

akta.pro primary industry

Medical Cannabis Dispensaries (CRANAFAB)

akta.pro secondary industries

Cannabis Dispensary + Delivery/Online Pickup (Omnichannel Retail) (CRANAFAG), Dispensary-Owned Online Ordering & Delivery (Direct-to-Consumer) (CRANAGAE)

Keywords

• Pharmaceutical cannabis
• Medical cannabis retail
• Cannabis brand distribution
• EU-GMP cannabis products
• Cannabis AI platform

Headquarters

HQ city

Herzliya

HQ country

Israel

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Pharmaceutical Retail (Givol Pharmacies): Revenue from direct-to-patient medical cannabis sales through owned pharmacy network across Israel and Germany. Each Givol pharmacy is staffed by licensed pharmacists and carries the full Canndoc brand portfolio, providing clinical-grade retail experience.
2. Brand Licensing and Distribution (Canndoc): Revenue from exclusive international distribution rights for premium cannabis brands including Cookies, The Flowery, Runtz, Preferred Gardens, Backpack Boyz, and other U.S. operators. The company earns licensing/royalty fees and distribution margins on EU-GMP certified products.
3. AI Platform / Technology Services: Botanico AI platform optimizes internal operations across cultivation, supply chain, and retail. While primarily used internally, the platform provides competitive moat enabling operational efficiency and data-driven decision making.
4. R&D Partnership Revenue: Strategic partnership with Cannasoul Analytics includes research collaboration, clinical trials, and cannabinoid profiling services. The company holds 28% stake in Cannasoul R&D Ltd. with option to increase to 51%.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Core offering

InterCure is a vertically integrated pharmaceutical cannabis company that manufactures and distributes EU-GMP-certified medical cannabis products through its owned Givol pharmacy network (25+ dedicated pharmacies across Israel and Germany) and licenses premium international cannabis brands (Cookies, The Flowery, Runtz) outside North America through its Canndoc distribution platform. The company operates a proprietary Botanico AI platform that automates cultivation planning, supply chain, and patient care across the enterprise.

Product overview

InterCure operates as a vertically integrated pharmaceutical cannabis platform comprising four core pillars: Givol (medical cannabis pharmacy network with 25+ pharmacies in Israel and Germany), Cannasoul × Technion (exclusive R&D partnership for cannabinoid research and clinical trials), Canndoc (global brand portfolio with exclusive international distribution rights for premium brands including Cookies, The Flowery, Runtz, DOJA, and 9 others), and Botanico AI (proprietary intelligence engine for supply chain automation and patient care with 98% forecast precision). The company is dual-listed on NASDAQ and TASE, serving over 100,000 patients across Israel and Germany with 80+ GMP-certified SKUs.

Differentiator

Problem solved

Functional benefit

Brands

• Cookies: World's most recognised cannabis brand with exclusive international distribution rights outside North America.
• The Flowery
• DOJA
• Runtz
• Backpack Boyz
• Kootenay Quantum
• Packs
• Preferred Gardens
• Totem
• Purple Farm
• Koots Canna
• Wizard Trees

Products and services

• Givol Pharmacy Network Owned and operated medical cannabis pharmacy network of 25+ dedicated pharmacies across Israel and Germany, staffed by licensed pharmacists, providing clinical-grade patient consultations and dispensing pharmaceutical-grade cannabis products.
• Canndoc Brand Distribution Global brand portfolio and exclusive international distribution platform for premium cannabis brands (Cookies, The Flowery, Runtz, DOJA, and others) outside North America, with 80+ GMP-certified SKUs in active distribution.
• Botanico AI Platform Proprietary domain-specific AI platform for pharmaceutical cannabis operations, delivering 98% forecast precision across a 12-month planning horizon. Processes 2.4 million signals daily across 70,000+ patient records, supply chain data, and cannabinoid profiles to automate cultivation planning and real-time pharmacy inventory management.
• Cannasoul × Technion R&D Program Exclusive research partnership with Cannasoul Analytics and Prof. Dedi Meiri's Laboratory of Cancer Biology and Cannabinoid Research at the Technion, conducting 11 active clinical trials and metabolic profiling across 120+ cannabinoids to power product development for the Canndoc brand portfolio.

Quantifiable outcome

• 98% forecast precision across global operations
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and flagship.

• Cannasoul R&D Ltd.coreStrategic or Co-development Partner · 3 November 2025Strategic partnership and investment agreement with Cannasoul, acquiring 28% stake with option to increase to 51%. Partnership focuses on cannabis research, development, and commercialization. Scientific and regulatory collaborations aim to accelerate cannabis therapeutics development and international expansion. Led by Professor Dedi Meiri of the Technion, mapping the Entourage Effect across 120+ cannabinoids.
• Technion (Israel Institute of Technology)coreStrategic or Co-development PartnerExclusive research partnership with Cannasoul Analytics and Prof. Dedi Meiri's Laboratory of Cancer Biology and Cannabinoid Research at the Technion. Partnership includes 11 active clinical trials for chronic pain, PTSD, oncology support, epilepsy, and anxiety/sleep disorders. Prof. Meiri chairs InterCure's Scientific Advisory Board.
• Botanico Ltd. (ISHI)coreTechnology or IntegrationAcquisition of Botanico Ltd. (also known as ISHI), an Israeli cannabis technology and brand company. Transaction grants access to cannabis genetics, proprietary strains, AI-driven technologies, automated production systems, and brand alliances with U.S. cannabis operators including The Flowery. First tranche completed with 2,471,061 ordinary shares issued.
• CookiesflagshipChannel Partner/ Reseller/ DistributorExclusive international distribution rights for Cookies — the world's most recognized cannabis brand — outside North America. Partnership signed in 2020, with Cookies Corners established in Frankfurt and Berlin following Germany's 2024 cannabis legalization. Cookies is the first cannabis company to land on the cover of Forbes.
• The FlowerycoreChannel Partner/ Reseller/ DistributorExclusive partnership through Botanico acquisition providing access to The Flowery's cannabis genetics and brand. The Flowery is Florida's most influential boutique cannabis company, home to brands including 710 Labs, Backpack Boyz, Runtz, Preferred Gardens, and Packwoods through statewide delivery and dispensaries.
• RuntzcoreChannel Partner/ Reseller/ DistributorExclusive international distribution partnership for Runtz brand outside North America. Runtz is the Zkittlez × Gelato hybrid that became a cultural phenomenon, born in LA in 2017 and amplified by rapper Yung LB. Crossed over into the Cookies family in 2018.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Tilray Brands: Tilray is a global cannabis leader with operations across Canada, the U.S., Europe (including Germany), and Australia, offering medical cannabis cultivation, distribution, and branded products. Directly comparable to InterCure's vertically integrated pharmaceutical cannabis model spanning Israel and Germany, with overlapping distribution of premium brands and pharmacist-led retail.
• Canopy Growth Corporation: Canopy Growth is a Canadian cannabis producer with significant German medical cannabis operations through its EU-GMP facility and Spectrum Therapeutics brand. Comparable to InterCure's pharmaceutical cannabis positioning, EU-GMP certification, and German market expansion strategy.
• Aurora Cannabis: Aurora is a Canadian licensed producer with established European medical cannabis presence, including German distribution through Aurora Deutschland. Comparable to InterCure's EU-GMP distribution model, medical cannabis focus, and international expansion outside North America.
• Cronos Group: Cronos Group operates a global cannabis platform with brands including PEACE NATURALS and is owned by Altria. Comparable to InterCure as a publicly listed pharmaceutical-grade cannabis producer pursuing international distribution and brand licensing strategies.
• OrganiGram Holdings: OrganiGram is a Canadian licensed producer focused on medical and recreational cannabis with international ambitions. Comparable to InterCure's pharmaceutical cannabis manufacturing and export model targeting international regulated markets.
• IM Cannabis (formerly InterCure subsidiary, now separate): IM Cannabis is an Israeli medical cannabis company with international distribution focus, originally part of the InterCure/Canndoc ecosystem. Direct peer given shared Israeli origins, medical cannabis focus, and international distribution ambitions.

Broad incumbents

• Curaleaf Holdings: Curaleaf is a U.S. multi-state cannabis operator with the largest dispensary footprint in the U.S. Comparable to InterCure's Givol pharmacy network as a vertically integrated retail-led cannabis operator, though Curaleaf focuses on U.S. state markets rather than international pharmaceutical distribution.
• Trulieve Cannabis: Trulieve is one of the largest U.S. cannabis operators with strong retail presence in Florida and other states. Comparable to InterCure's vertically integrated pharmacy/retail model though concentrated in U.S. medical markets, contrasting with InterCure's international pharmaceutical positioning.

Others

• Cookies (cannabis brand): Cookies is the world's most recognized cannabis brand, of which InterCure holds exclusive international distribution rights outside North America. Compares as a key strategic partner and brand licensor rather than direct competitor, with InterCure serving as Cookies' international gateway.

Regional players

• Sanity Group: Sanity Group is a German cannabis company with both medical and consumer (post-2024 legalization) operations, including the Vayamed medical brand. Comparable as a Germany-focused cannabis operator competing in the same German medical cannabis market where InterCure has established Cookies Corners.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/inter-cure

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about InterCure