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 (CSE: IMCC, NASDAQ: IMCC) will release its third-quarter financial results for 2022 on November 14, 2022, before market opens. The results will be discussed in a Zoom conference at 9:00 AM ET, followed by a Q&A session for investors. IM Cannabis operates in significant cannabis markets including Israel, Canada, and Germany, focusing on delivering premium products to both medical and recreational consumers.
IM Cannabis Corp. (NASDAQ: IMCC) announced that its Roma strain was voted Israel's Favourite Strain of the Month for August 2022, highlighting its market momentum following recent restructuring initiatives. The Roma strain, known for its therapeutic benefits, sold 100 kilograms in Israel in August. IMC's efforts include expanding product offerings and streamlining operations, establishing itself as a leader in the Israeli medical cannabis market with over 25 new SKUs launched in the past year. CEO Oren Shuster emphasized the success of these initiatives in enhancing product quality and patient satisfaction.
Avant Brands and IM Cannabis Corp. announced on October 12, 2022, a Licensing Agreement permitting IMC exclusive rights to launch the BLKMKT brand in Israel's medical cannabis market. This agreement enhances their collaboration, allowing IMC to utilize Avant’s premium cannabis products in its offerings. The partnership aims to meet the increasing demand for high-quality cannabis in Israel and strengthens IMC’s leadership in the ultra-premium segment. Avant will provide cannabis grown in Canada, ensuring compliance with regulatory standards.
Avant Brands (OTCQX: AVTBF) and IM Cannabis Corp. (NASDAQ: IMCC) have signed an international trademark licensing agreement allowing IMC exclusive rights to launch the BLKMKT brand in Israel's medical cannabis market. This agreement underlines the robust partnership between the two companies, enhancing IMC's premium product portfolio with Avant's high-quality strains. As part of their evolving collaboration, IMC aims to solidify its standing in the ultra-premium cannabis segment in Israel, catering to a growing demand for top-tier indoor cannabis products.
IM Cannabis Corp. (NASDAQ: IMCC) has completed the second tranche of a non-brokered private placement, issuing 1,112,504 common shares at USD$0.50 each, raising a total of USD$556,252. This brings the total raised from the offering to approximately USD$3 million. The proceeds will be used for general working capital purposes. The transaction involved insider participation from Executive Chairman Marc Lustig, exempting the company from certain minority approval requirements due to the market capitalization less than 25%. All shares are subject to a four-month hold period.
SNDL has successfully completed its first international export of approximately 167 kilograms of premium dried cannabis flower from Canada to Israel in partnership with IM Cannabis Corp. This export is part of a larger agreement to export a total of 1,000 kilograms for distribution in the Israeli medical cannabis market. SNDL aims to expand its international presence and increase revenue from cannabis operations. The collaboration with IMC is expected to enhance the supply chain and product quality in the emerging global cannabis markets.
IM Cannabis Corp. (NASDAQ: IMCC) announced the appointment of Einat Zakariya and Moti Marcus to its board of directors, replacing Vivian Bercovici and Haleli Barath. Zakariya, a CEO in real estate with experience on multiple boards, and Marcus, a CEO in metals with a strong financial background, bring substantial expertise. CEO Oren Shuster highlighted their leadership as pivotal for IMC's growth. The company continues to strengthen its position in the cannabis market across Israel, Canada, and Germany.
On September 8, 2022, Rafael Gabay, a notable shareholder of IM Cannabis Corp. (IMCC), announced his acquisition of 613,496 Common Shares through a non-brokered private placement of 4,887,496 shares at USD$0.50 each, totaling USD$2,443,748. Following this transaction, Mr. Gabay's ownership increased to 8,704,216 shares, representing approximately 11.67% of IMCC's total shares. This marks a slight rise from his previous ownership of 11.61%. The acquisition is intended for general investment purposes and may lead to future transactions, subject to market conditions.
IM Cannabis Corp. (CSE: IMCC, NASDAQ: IMCC) reported a strong Q2 2022, with revenues soaring by 114% year-over-year to $23.8 million. Gross profit rose to $5.6 million, aided by significant operational streamlining, including closures and restructuring, expected to save $6.5 million annually. The company aims for profitability through increased revenue and cost efficiencies while expanding its presence in Germany and Europe. However, net losses widened to $18.98 million, influenced by restructuring costs and increased administrative expenses.
Xinteza API Ltd., a biosynthesis technology company, announced a major expansion of its intellectual property portfolio with a breakthrough in cannabinoid synthesis. This discovery involves a novel, non-cannabis plant-derived production system that enables efficient cannabinoid biosynthesis throughout the entire plant. The system aims to address existing enzymatic and genetic modification challenges in cannabinoid production, enhancing yield, consistency, and cost-effectiveness. CEO Alon Gal emphasized that this innovative approach positions Xinteza at the forefront of cannabinoid sourcing.
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