IM Cannabis and Flora Growth Partner to Bring Vessel Cannabis Accessories to the Israeli Market

Rhea-AI Summary

IM Cannabis Corp. (IMCC) forms a strategic distribution agreement with Vessel Brand Inc, a subsidiary of Flora Growth Corp., to enhance its presence in the Israeli medical cannabis market. The agreement aims to offer premium cannabis accessories through IMC's established distribution channels, including pharmacies and online platforms.

TORONTO and GLIL YAM, Israel, April 9, 2024 /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the "Company", "IMCannabis", or "IMC"), a leading medical cannabis company with operations in Israel and Germany, entered, through its subsidiary, a strategic distribution agreement with Vessel Brand Inc, a subsidiary of Flora Growth Corp. ("Flora"), a global consumer-packaged goods leader and pharmaceutical distributor, headquartered in Carlsbad, CA.   

IMC's brands are well known in the premium Israeli cannabis market, facilitating the import and wholesale of premium medical cannabis through retail pharmacies, online platform, and distribution center. Vessel is a premium cannabis accessories brand with a wide range of products.

"The Israeli Ministry of Health recently decreed that grinders can only be legally purchased in pharmacies," said Oren Shuster, Chief Executive Officer of IMC. "We believe that Vessel premium accessories not only compliment our premium cannabis flowers, but also bolster our pharmacies' positioning as a one stop shop for a premium medical cannabis experience."

"Israel is one of the world's largest and longest standing medical cannabis markets and one in which we expect to play a key role," noted Clifford Starke, Chief Executive Officer. "Anticipation runs high as we embark on realizing our strategic agenda, aiming to secure a significant market presence in Israel together with IMC."

About IM Cannabis Corp.

IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis for the adult-use market in Canada. The Company has exited operations in Canada and considers these operations discontinued.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to statements relating to compliance with Nasdaq's continued listing requirements, and timing and effect thereof and the potential for an extension to regain compliance; Company leaving the Canadian cannabis market to focus on Israel, Germany and Europe and the potential outcome of the Distribution Agreement and the effect of collaboration with Flora in the Israeli market.

The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include:  the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company's ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the "Group") to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group's obligations; the Group's possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group's cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East.

Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de

Oren Shuster, CEO
IM Cannabis Corp.
info@imcannabis.com

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SOURCE IM Cannabis Corp

FAQ

What is the ticker symbol for IM Cannabis Corp.?

IM Cannabis Corp. is listed on the CSE and NASDAQ under the ticker symbol IMCC.

Who did IM Cannabis Corp. enter a strategic distribution agreement with?

IM Cannabis Corp. entered a strategic distribution agreement with Vessel Brand Inc, a subsidiary of Flora Growth Corp.

Where is Flora Growth Corp. headquartered?

Flora Growth Corp. is headquartered in Carlsbad, CA.

What type of products does Vessel Brand Inc. offer?

Vessel Brand Inc. is a premium cannabis accessories brand with a wide range of products.

What recent decree was made by the Israeli Ministry of Health?

The Israeli Ministry of Health recently decreed that grinders can only be legally purchased in pharmacies.