Company: INCR
Filing Date: 2025-05-01
Form Type: 20-F
Source: 0001641172-25-007971
Chunk: 15

Company: Intercure Ltd.
Filing Date: 2025-05-01
Form: 20-F
Item: Item 3
Chunk 15
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 that we will not be able to develop functional and scalable products, or that although functional and scalable, our products will not be economical to commercialize; that our competitors hold proprietary rights that preclude us from marketing such products; that our competitors commercialize a superior or equivalent product; that we are not able to upgrade and develop new technologies or enhanced products; or the failure to receive necessary regulatory clearances for our operations and products. To successfully introduce and distribute products at a profit, we must establish brand name recognition and competitive advantages for our products. There can be no assurance that we can successfully address these challenges. If we are unsuccessful, we and our business, financial condition and operating results could be materially and adversely affected.
 
Our current and future expense levels are based largely on estimates of planned operations and future revenues. It is difficult to accurately forecast future revenues because the medical-use cannabis market has not been fully developed, and we can give no assurance that our products will continue to fuel revenue growth. If our forecasts prove incorrect, our business, operating results and financial condition will be materially and adversely affected. Moreover, we may be unable to adjust our spending in a timely manner to compensate for any unanticipated reduction in the revenue we expect to generate from our products. Consequently, any failure to generate revenues may immediately and adversely affect our business, financial condition and operating results.
 
We have had negative cash flow from operating activities for the years ended December 31, 2024 and December 31, 2023, after having positive cash flow from operating activities for the years ended December 31, 2022 and December 31, 2021.
 
We have had a negative cash flow from operating activities for the years ended December 31, 2024 and December 31, 2023, after having positive cash flow from operating activities for the year ended December 31, 2022 and December 31, 2021. The main reason for the negative cash flow for the years ended December 31, 2024 and December 31, 2023 was the impacts of the October 7, 2023 attacks and the war in Gaza that began thereafter on our Southern Facility. There is no assurance that any of our operations will generate earnings, operate profitably or provide a return on investment in the future.
 

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We may be adversely impacted by the failure of any of our joint ventures or by our failure, or the failure of our joint venture partners, to fulfill obligations to the joint venture.
 
We are