INCR - InterCure: Bargain Israel Cannabis Play

2024-04-22 15:41:00 ET

Summary

• InterCure Ltd. has faced challenges due to the conflict with Hamas, including not having access to a prime facility in Israel, but is expected to recover.
• The cannabis market in Israel is still limited to medical use, with expansion to medical cannabis patient access to grow the market in 2024.
• InterCure stock is cheap at only about 1x sales, with catalysts for growth in 2024 and beyond.

InterCure Ltd. ( INCR ) has surprisingly rallied sharply off the post October 7 lows despite not having access to a prime facility in Israel. The cannabis business likely deserves a better stock valuation, but the dust needs to settle in both the Israel cannabis market and the conflict with Hamas. My investment thesis remains Bullish on the cannabis stock, even after the double off the lows already....

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