Welcome to our dedicated page for IM Cannabis Common Shares news (Ticker: IMCC), a resource for investors and traders seeking the latest updates and insights on IM Cannabis Common Shares stock.
IM Cannabis Corp. (IMCC) is a leading international company specializing in premium medical-grade cannabis, with extensive operations in Israel, Europe, and Canada. Over the last decade, IM Cannabis has built a robust reputation for quality, consistency, and purity in its products, including popular strains such as 'Roma', 'Tel Aviv', and 'London'.
Headquartered in Canada, IM Cannabis operates primarily through its subsidiary, Focus Medical Herbs Ltd. in Israel, where it generates the majority of its revenue. Focus holds a cultivation license that enables the breeding, growth, and supply of medical cannabis products. The company also has a strong presence in Germany through its EU-GMP certified distribution arm, Adjupharm GmbH. This vertical integration allows the company to control every aspect of the value chain from cultivation to distribution, ensuring high standards and compliance with stringent regulatory requirements.
IM Cannabis has recently pivoted its focus from the Canadian market to concentrate on its high-value markets in Israel and Germany. This strategic move is aimed at achieving sustainable and profitable growth. The company leverages a transnational ecosystem powered by proprietary data and patient insights, alongside a globally sourced product supply chain. This unique data-driven approach enables IM Cannabis to deliver products that meet the specific needs of medical patients in these regions.
IM Cannabis's recent achievements highlight its commitment to innovation and growth. In Germany, the company is poised to benefit from the regulatory rescheduling of medical cannabis from a narcotic to a regular prescription, which is expected to drive significant market growth. The company has all the necessary infrastructure, including EU-GMP and EU-GDP certifications, to support accelerated growth in this expanding market.
In Israel, the company continues to benefit from the recent medical cannabis regulatory reforms that have made cannabis more accessible to patients. IM Cannabis's strategic alliances with certified suppliers and its comprehensive distribution network, including retail pharmacies and online platforms, position it as a leader in the Israeli market.
IM Cannabis has also formed a significant partnership with Avant Brands Inc. to introduce the BLK MKT™ brand to the German medical cannabis market. This collaboration aligns with IM Cannabis's strategy to provide ultra-premium cannabis products and expand its market presence.
Financially, IM Cannabis has been proactive in managing costs, reducing its annual G&A expenses by 49% in 2023. The company has also secured convertible debentures to support its growth in Germany, reinforcing its commitment to financial prudence and strategic investments.
As IM Cannabis continues to navigate the ever-evolving landscape of the medical cannabis industry, its focus remains on delivering high-quality, reliable products to medical patients, supported by a robust and compliant operational framework.
IM Cannabis Corp. (NASDAQ: IMCC) reported Q3 2024 financial results showing a 12% revenue increase to $13.9M compared to Q3 2023. The company achieved significant growth in Germany with 66% revenue increase to $5.8M. Operating expenses decreased by 16% to $4.1M, while the operational expense ratio improved by 25% to 30%. The company reduced its EBITDA loss by 68% to $0.5M and adjusted EBITDA loss by 82% to $0.2M. Average selling price per gram increased by 42% to $6.20, though total dried flower sales volume decreased to 2,202 kg.
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC), a medical cannabis company operating in Israel and Germany, has announced it will release its third quarter 2024 financial results on November 14, 2024, before market opening. The company will host a zoom conference at 9:00am ET on the same day to discuss the results and conduct a Q&A session with investors. A recording of the call will be available on the company's investor website within 24 hours after the event.
IM Cannabis Corp. (NASDAQ: IMCC) (CSE: IMCC) has announced a non-brokered private placement offering of up to US$1,613,000 through the sale of approximately 625,000 units. Each unit consists of one common share and one share purchase warrant. The offering price will be based on the 10-day volume weighted average price of shares on the Canadian Securities Exchange preceding October 3, 2024.
The company's management team, including CEO Oren Shuster and director Shmulik Arbel, will lead the offering. Proceeds will be used to repay a loan to A.D.I. CAR ALARMS & STEREO SYSTEMS The closing is expected by November 11, 2024.
Additionally, IM Cannabis plans to settle a US$560,000 benefit related to personal loan guarantees provided by Mr. Shuster. The company has also cancelled 32,305 options and 142,784 share purchase warrants, while granting 32,305 new options to eligible persons.
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) has announced outstanding preliminary Q3 2024 performance for its German subsidiary, Adjupharm GmbH (IMC Germany). The company reported a remarkable 50% increase in revenue compared to Q2, where IMC Germany sold about CAD$ 3.5M. This growth exceeds expectations and demonstrates IMC Germany's successful execution of strategic initiatives and strong market demand for its products.
The partial legalization of cannabis in Germany, which came into effect in April 2024, has significantly increased demand for cannabis products in pharmacies. IMC's CEO, Oren Shuster, emphasized that ensuring a robust supply chain to meet this increased demand was a key objective since April 1st. The preliminary 50% growth is seen as a testament to delivering on this objective.
IM Cannabis Corp. (NASDAQ: IMCC) (CSE: IMCC) has appointed Shmulik Arbel to its Board of Directors, effective September 9, 2024. Arbel, who recently retired as Deputy CEO from Leumi, Israel's largest banking group, brings extensive experience in strategic planning, finance, and corporate governance. With over 25 years at Leumi, including roles in Israel, New York, and London, Arbel has a broad international business perspective.
CEO Oren Shuster expressed enthusiasm about Arbel's appointment, highlighting his valuable experience in banking and finance. Arbel, who holds a BA and MBA from Tel Aviv University, stated his commitment to leveraging his expertise to guide IMCC's growth in the cannabis industry.
IM Cannabis Corp. (NASDAQ: IMCC) (CSE: IMCC) reported its Q2 2024 financial results, showing a 12% revenue increase to $14.8M compared to Q2 2023. The growth was primarily driven by a 200% increase in German sales following cannabis legalization. Key highlights include:
- IMC Germany sales grew 129% year-over-year to $3.5M, now comprising 24% of total revenue
- Gross margin decreased to 6% from 26% in Q2 2023 due to inventory clearance
- Operating expenses decreased by 29% to $3.7M
- Net loss was $3.5M, with a loss per share of $0.23
- Cash and cash equivalents stood at $0.7M as of June 30, 2024
The company faces challenges with inventory management and maintaining profitability, but sees significant growth potential in the German market post-legalization.
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC), a leading medical cannabis company operating in Israel and Germany, has announced it will release its second quarter 2024 financial results on Wednesday, August 14, 2024, before market open. The company will host a zoom web conference at 9:00am ET on the same day to discuss the results and conduct a Q&A session for investors.
Interested parties can register for the zoom call using the provided link. If unable to attend live, a recording of the call will be available on the company's investor relations website within 24 hours after the event. This announcement highlights IMC's commitment to transparency and investor communication regarding its financial performance.
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) has regained compliance with Nasdaq's minimum bid price requirement. The company received formal notice from Nasdaq on July 26, 2024, confirming its adherence to the $1.00 per share minimum for 10 consecutive business days from July 12 to July 25, 2024. This development follows a previous notification of non-compliance on August 1, 2023, and a subsequent 180-day extension granted on January 31, 2024. IMC, a leading medical cannabis company operating in Israel and Germany, is now fully compliant with all applicable Nasdaq listing standards and will continue to be listed and traded on the Nasdaq Stock Market.
IM Cannabis has announced the commencement of trading its common shares on a 6:1 post-consolidated basis as of July 12, 2024. The number of common shares has been reduced from 13,394,136 to 2,232,357. The trading symbol on both the CSE and NASDAQ remains 'IMCC'. New CUSIP and ISIN numbers are 44969Q406 and CA44969Q4060, respectively. Fractional shares were managed by rounding or cancellation. Adjustments were made to the exercise and conversion prices of convertible securities. Registered shareholders received instructions for the exchange of their pre-consolidation shares, while beneficial holders are advised to contact their intermediaries for details on the consolidation process.
IM Cannabis has announced a 1-for-6 reverse stock split for its outstanding common shares, effective July 12, 2024. The consolidation will reduce the number of shares from 13,394,136 to 2,232,357. No fractional shares will be issued; shares will be rounded up or canceled. The company's CUSIP and ISIN numbers will change, but its name and stock symbols will remain the same. Shareholders will receive instructions from Computershare Investor Services for exchanging their shares. No action is required from beneficial holders; they should contact their brokers for details.
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