InterCure Subsidiary Canndoc Files Confidential Nasdaq Prospectus

Israeli cannabis cultivator Canndoc Ltd. has submitted a confidential prospectus for a Nasdaq initial public offering, parent company InterCure Ltd. announced in a Tel Aviv Stock Exchange filing Monday. The company intends to list 15%-20% of its shares, according to one person familiar with the matter who spoke with Calcalist on condition of anonymity.

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InterCure, chaired by former Israeli prime minister Ehud Barak, has previously announced its IPO intentions. InterCure itself is listed on the Tel Aviv exchange, with a market capitalization of NIS 1.15 billion (around $320 million).

Cannadoc is one of nine licensed cannabis growers in Israel. For 2018, the company reported revenues of NIS 7 million ($1.97 million) and a net profit of NIS 700,000 ($196,600). InterCure closed 2018 with an annual loss of NIS 12.7 million ($3.57 million), compared to a loss of NIS 5.5 million ($1.54 million) in 2017.