Close this search box.

European Cannabis Stocks Review: InterCure Up 10% Amid More Record Results, Stenocare Secures New Funding, & More From Goodbody Health


InterCure saw its stock jump nearly 10% after releasing its third quarter financial results on Tuesday, November 15. 

The Israeli cannabis giant reported another quarter of record revenues and profits this week, marking its 11th consecutive quarter of positive growth. 

In the three months to September 30, 2022, InterCure reported revenues of C$39m, up around 6% on the previous quarter and 63% year-on-year, equating to an annualised run rate of C$155m. 

Its adjusted EBITDA for the period also grew 9% to C$9m sequentially, and 85% compared with the same period a year earlier, equating to a margin of 22%. 

When BusinessCann reported on InterCure’s Q2 figures in August, its CEO Alexander Rabinovich explained that Israel, currently the world’s largest importer of medical cannabis, was facing major new barriers to importation amid changes to the ‘109 Protocol’. 

This effective import blockade threatened to lead to supply shortages in the country, and saw Tilray state that it had ‘made the conscious decision’ not to repeat shipments to Israel ‘due to the severe deterioration of market conditions with medical cannabis sales and pricing declining’.

According to InterCure’s recent update, it has now become the first company to comply with the new 109 IMCA import regulations, a major step forward, which will allow it to resume the importation of medical cannabis to the region.  

Days after the release of its results, InterCure announced a major new supply deal with Organigram, which will see it supply InterCure’s international supply chain with up to 20,000kg of dried flower, around 2,800kg of which has already been delivered. 

Mr Rabinovich added: “Establishing exclusive long-term strategic partnerships with world-class partners supports our international expansion plans and profitable growth strategy.”

Goodbody Health 

Conversely, Goodbody Health has seen its share price decline by over 70% since it completed a 1:10 share consolidation on the Aquis Stock Exchange in August.

This includes a more than 40% drop in share value since the start of November, putting its share price at the time of writing at 3.75p and giving the company a market cap of just £1.3m. 

Last week, the company, which has CBD formulation and production operations in the UK and extraction and formulation facilities in Poland, announced its Q3 results. 

It reported a significant drop in year-on-year revenues, profits and cash, while lowering expectations for the full year as its once lucrative foray into COVID-19 testing continued to dissipate. 

In the three months to September 30, 2022, Goodbody reported revenues of £1.8m, down from £5m in the same period a year earlier. 

This was reflected in a near 70% drop in gross profits to £846k and a net loss of £1.2m, down from a net profit of £1k in 2021. 

Its total current assets also dropped from £7.2m to £3.9m, though this was still three times its current market cap. 

While the company said its strategic direction ‘remained focussed on the clear opportunities in Health & Wellness products’, suggesting there were no plans to move away from CBD, its ‘main focus’ is now reportedly on preventative diagnostics including blood and genetic testing. 


Ahead of its extraordinary general meeting, due to take place today, the Danish medical cannabis operator announced that it has secured further funding.

This financing will come in the form of a convertible loan facility of up to DKK11m (£1.2m), enabling the company to issue convertible bonds where lenders will have the opportunity to convert to shares at 25% above market price on issue. 

It has reportedly already received ‘firm commitments’ for DKK3.9m (£459k) with repayments due in January 2024, an amount ‘considered sufficient to finance the company until break-even’. 

Stenocare says it expects to reach break-even status by the end of 2023 ‘without raising further capital’. 

In August, Stenocare’s CEO Thomas Skovlund Schnegelsberg told BusinessCann he believes the company could ‘fairly easily recreate’ the DKK4m–DKK5m in quarterly sales it experienced before its medical cannabis oil products were pulled from its home market. 

According to its latest update, the company is ‘on track’ to reach these targets, equating to an annual run rate of DKK16m–DKK20m (£1.9m–£2.3m) in 2023. 

Related Posts

Related Posts


Related Posts

Related Posts

Recent Posts

Related Posts

Subscribe to our mailing list to receives daily updates!

We won’t spam you


Browse by Tags




© 2023 Prohibition Holdings Ltd. All Rights Reserved.


Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?