Israel’s largest cannabis company was been hard hit by the Hamas terrorist incursion on 7 October 2023. Intercure’s southern Israel cannabis facility is at Kibbutz Nir Oz, just two kilometres from the Gaza border and was one of the communities that was attacked by Hamas terrorists on 7 October 2023. 

At this stage it is unclear as to how many deaths there were, but the company has confirmed that two of its employees have been taken hostage. The facility was Israel's most sophisticated cannabis facility and the site was chosen to help build communities and jobs.

Intercure, which is listed on the Tel Aviv Stock Exchange and NASDQ, has been providing free medical cannabis in areas devastated by the massacres. It says it is receiving inventory support from its international partners but for the immediate future, its fate is uncertain, even though it hopes it will get government compensation for the damage.

InterCure CEO, Alexander Rabinovich, said the following in a statement released on  17 October 2023.

"Despite the despicable barbaric terrorist attack against the residents of Israeli towns and villages, we stand strong. We support the families of those murdered and injured, among them, several of Company’s employees from Kibbutz Nir-Oz.

We wish to thank the Israeli Defence Forces for their courage and commitment to achieving victory. 

Having seen the Company’s employees mobilized as soon as the war broke out, we are deeply grateful and proud for their commitment and dedication to providing aid to the Israeli towns and villages adjacent to the Gaza Strip.

We are thankful for all our managers and employees for their commitment and for our strategic partners in Israel and worldwide who stand with us in this war time.

The Company’s leadership position in the medical cannabis market and the fact that we operate from and through the wonderful community of Kibbutz Nir-Oz for years, makes it our obligation to act quickly to restore the Southern Israel Site in Kibbutz Nir Oz for the benefit of all our patients.

The Company is committed to support the communities and provide its products, to patients living in the affected areas and all the survivors of the terrorist attack. Bringing relief is our mission statement. Together, we will win.

Despite the numerous challenges, the Company's management, cannabis trading houses, and pharmacies are working diligently to provide the required service to patients, and meet the growing demand for the Company's products, especially during this difficult period. 

The Southern Israel Site in Kibbutz Nir Oz, one of the most advanced and largest facilities in Israel and outside North America, encompasses the largest genetic bank and inventory in Israel.

Since the beginning of the war, the Southern Israel Site facility in Nir Oz has been designated by the Israeli authorities as a closed military area. 

At this point, the Company is unable to assess the extent of the damage to the Southern Israel Site, and the scope of the rehabilitation that will be required. All of the Company’s remaining facilities, in Israel and abroad, are functioning normally, and have been asked to ramp up production. 

The Company estimates in high certainty that it will be entitled for compensation from the Israeli Government for the damages suffered.

During the COVID-19 pandemic, the Company's facilities, including the Southern Israel Site in Nir-Oz, were recognized as an “essential enterprise” by the Israeli government.

The Company has received substantial offers to supply its inventories and to grow its genetics from various local and international strategic partners.

At this point, the duration of the war, and its direct and indirect damages are highly uncertain. While the Company is estimated in high certainty that the Israeli government will compensate the Company for damages that were caused by the terrorist attack and the war, the Company is currently unable to estimate the impact on its financial results.

As the largest and leading medical cannabis company in Israel, InterCure has decided to support and supply the communities in the Israeli Southern Border, as well as the survivors from the terrorist attack, with its line of products, free of charge, to ease their pain and provide relief for various medical conditions, including pain relief and trauma treatment. The Company is working closely with the Ministry of Health of Israel to promote special trauma treatment programs.

InterCure, along with the entire nation of Israel, recognizes the difficult loss of families who have lost loved ones, wish a full recovery for the thousands injured, strengthen the hands of the families who's loved ones have been kidnapped, including two of our Nir-Oz employees and families who's loved ones have been missing, and hope they return home safely and shortly.

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