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 (IMCC) announces accelerated growth in Germany, partly due to a new supply agreement with EU-GMP certified Glasshouse Botanics. The April 1st partial legalization of cannabis in Germany is driving significant growth in the medical market. IMC's German subsidiary, Adjupharm, has enhanced its supply chain to support this growth, achieving 182% growth in 2023.
Since the legalization, sales from April to May have increased by over 160% compared to the previous six months. IMC's strategy focuses on maintaining a reliable supply chain through EU-GMP certification. In addition, Marc Lustig is stepping down from the Board, with Oren Shuster taking over as Chairman.
IM Cannabis Corp (IMCC) has closed a non-brokered private placement of secured convertible debentures, raising $2,091,977. The debentures, maturing on May 26, 2025, may be converted to common shares at $0.85 per share and will not incur interest unless there is a default. This move aims to reduce financial costs and support accelerated growth in Germany following its recent legalization of cannabis. CEO Oren Shuster, a related party, subscribed for $237,214 in debentures. IMC has also reduced its 2023 G&A costs by 49% compared to 2022.
IM Cannabis Corp. reported its financial results for Q1 2024, showing a 13% revenue increase compared to Q4 2023. Gross profit increased by 125% but dropped by 39% compared to Q1 2023. Operating expenses decreased by 29%, with a 12% increase in Non-IFRS Adjusted EBITDA loss. The Company plans a private placement of secured convertible debentures. Despite revenue effects from the Israel-Hamas war, IMC expects growth in the German market post-legalization.
IM Cannabis Corp. will report its operational and financial results for the first quarter of 2024 on May 8th, 2024. The company, a key player in the medical cannabis sector operating in Israel and Germany, will hold a zoom conference at 9:00am ET to discuss the results with investors. A recording will be available on the company's website within 24 hours.
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