IMC Announces a Strategic Entry to the Cyber Drone Interception and Satellite Intelligence Markets by Signing a Non-Binding Agreement to Acquire 51% of Blackaxe Technologies

Rhea-AI Summary

IM Cannabis (NASDAQ: IMCC) signed a non-binding letter of intent dated March 17, 2026 to acquire 51% of Blackaxe Technologies, a Polish defense-tech firm focused on satellite intelligence, AI imagery analytics and counter-UAS/cyber interception solutions.

The proposed deal would diversify IMC beyond medical cannabis into defense and homeland security; completion is subject to due diligence, definitive agreements and regulatory approvals, and may not occur.

Positive

• 51% stake proposed in Blackaxe Technologies
• Entry into satellite intelligence and counter-UAS markets
• Diversification from medical cannabis into defense technology

Negative

• Transaction is a non-binding LOI; completion is uncertain
• Deal subject to due diligence and regulatory approvals
• No financial terms disclosed for the proposed acquisition

Key Figures

Blackaxe stake: 51% Registered resale shares: 9,788,966 Common Shares Notes principal: US$2,412,956 +5 more

8 metrics

Blackaxe stake 51% Proposed equity interest in Blackaxe under non-binding LOI

Registered resale shares 9,788,966 Common Shares Form F-3 resale registration for a single selling shareholder

Notes principal US$2,412,956 Aggregate principal of two convertible promissory notes in F-3

Note interest rate 8% (14% on default) Interest terms on the registered convertible notes

Warrant shares 321,821 shares at C$3.45 Warrants registered in F-3, exercisable until January 21, 2031

Shares outstanding 5,894,812 Common shares outstanding as of February 4, 2026

Gross proceeds from notes US$2,132,912 Cash received from private placements of notes and warrants

Price move on news -12.08% IMCC 24h move around Blackaxe acquisition LOI announcement

Market Reality Check

Price: $0.7913 Vol: Volume 39,666 is at 0.8x ...

normal vol

$0.7913 Last Close

Volume Volume 39,666 is at 0.8x the 49,727 share 20-day average, indicating no outsized trading response. normal

Technical Shares at 0.7913 trade well below the 1.93 200-day MA and far under the 7.12 52-week high, hovering closer to the 0.65 52-week low.

Peers on Argus

IMCC fell 12.08% while key cannabis/healthcare peers like FLGC and GELS showed g...

2 Up 1 Down

IMCC fell 12.08% while key cannabis/healthcare peers like FLGC and GELS showed gains of 5.29% and 8.99%. Momentum scanner peers were mixed, with YCBD and CPHI up and BFRI down, reinforcing that IMCC’s move diverged from broader peer action.

Previous Acquisition Reports

1 past event · Latest: Oct 23 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Oct 23	Acquisition term sheet	Positive	-9.7%	Announced plan to buy 60% of quantum computing bio data company for growth.

Pattern Detected

Tag-specific history for acquisitions shows prior diversification announcements were met with negative price reactions.

Recent Company History

Over the past six months, IMCC has repeatedly signaled diversification beyond its core cannabis operations. On Oct 23, 2025, it signed a non-binding term sheet to buy a 60% stake in a quantum computing bio data company for up to $54 million, which saw shares fall 9.68% the next day. Today’s LOI for a 51% stake in Blackaxe continues this expansion theme into non-cannabis technology sectors.

Historical Comparison

-9.7% avg move · In the last similar acquisition announcement, IMCC dropped 9.68%. Today’s -12.08% reaction to anothe...

acquisition

-9.7%

Average Historical Move acquisition

In the last similar acquisition announcement, IMCC dropped 9.68%. Today’s -12.08% reaction to another non-binding tech deal extends the pattern of weak responses to diversification moves.

Acquisition activity has shifted IMCC from cannabis-only operations toward data/defense technologies, moving from quantum computing bio data in 2025 to cyber drone interception and satellite intelligence in 2026.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-02-05

An effective Form F-3 dated Feb 5, 2026 registers for resale up to 9,788,966 common shares tied to convertible notes and warrants with aggregate principal of US$2,412,956. As of Feb 4, 2026, 5,894,812 shares were outstanding; full conversion and warrant exercise in scenarios described could substantially increase the share count and dilute existing holders. Resale proceeds go to the selling shareholder, not IMCC.

Market Pulse Summary

This announcement outlines IMCC’s push into cyber drone interception and satellite intelligence thro...

Analysis

This announcement outlines IMCC’s push into cyber drone interception and satellite intelligence through a non-binding LOI to acquire 51% of Blackaxe. It extends a diversification path that previously included a tech acquisition term sheet in 2025. The move comes alongside an effective Form F-3 registering up to 9,788,966 resale shares and US$2,412,956 in convertible notes, making execution progress and capital structure changes key metrics to watch.

Key Terms

ai analytics, counter-uas, homeland security, letter of intent

4 terms

ai analytics technical

"satellite intelligence, imagery and AI analytics, and counter-UAS (anti-drone) solutions"

AI analytics uses computer programs that learn from large amounts of data to detect patterns, predict trends, and summarize complex information. For investors, it acts like a fast, attentive research assistant that can surface hidden risks or opportunities, speed decisions, and inform valuation or portfolio moves. Its usefulness depends on the quality of the underlying data and how the software is built, so outputs should be checked, not assumed infallible.

counter-uas technical

"and counter-UAS (anti-drone) solutions based on cyber interception technologies"

Counter-UAS (counter-unmanned aircraft systems) are tools and tactics used to detect, track, and disable or divert drones that pose a threat to people, property, or operations. Think of them as a combination of a security camera, alarm system, and net that can find an unwanted flying device and stop it before it causes harm. Investors care because demand, regulation, and deployment of these systems affect revenue, contract opportunities, legal risk, and the valuation of companies that build or use them.

homeland security technical

"expansion for IMC into the defense and homeland security technology sectors"

Homeland security is the set of government activities, agencies and policies designed to protect a country from threats such as terrorism, cyber attacks, natural disasters and border incidents. It matters to investors because shifts in spending, regulation or threat levels can change demand for sectors like defense, cybersecurity, transportation and infrastructure; think of it like a national alarm and safety plan—when it changes, it can reshape which companies get business and how risky markets feel.

letter of intent regulatory

"it has entered into a non-binding letter of intent (the "LOI") to acquire 51%"

A letter of intent is a document that shows an agreement in principle between parties to work towards a future deal or transaction. It outlines their intentions and key terms, acting like a roadmap before a formal contract is signed. For investors, it signals serious interest and helps clarify expectations early in the process.

AI-generated analysis. Not financial advice.

TORONTO and GLIL YAM, Israel, March 17, 2026 /PRNewswire/ -- IM Cannabis Corp. ("IMC" or the "Company") (NASDAQ: IMCC), a medical cannabis company with operations in Israel and Germany, today announced that, following its previous announcement regarding its decision to explore the introduction of additional business activities, it has entered into a non-binding letter of intent (the "LOI") to acquire 51% of Blackaxe Technologies Spolka z Organiczona ("Blackaxe"), a Polish technology company specializing in advanced defense and intelligence solutions.

The proposed transaction represents a potential strategic expansion for IMC into the defense and homeland security technology sectors.

Black Axe operates in various defense segments including satellite intelligence, imagery and AI analytics, and counter-UAS (anti-drone) solutions based on cyber interception technologies. Black Axe's activities are based on advanced Israeli technologies designed to support governments, defense organizations and security agencies in addressing evolving aerial and intelligence threats.

The proposed transaction takes place against the backdrop of a rapidly expanding global defense and security market driven by rising geopolitical tensions and the proliferation of new threats such as low-cost drones and advanced missile systems. Current conflicts in Eastern Europe and the Middle East have accelerated demand for satellite intelligence, real-time analytics, and counter-drone technologies, which are becoming critical capabilities for both military forces and homeland security agencies.

The proposed transaction is subject to completion of due diligence, execution of definitive agreements and customary closing conditions and regulatory approvals. There can be no assurance that the parties will enter into a definitive agreement or that the proposed transaction will be completed.

About IMC

IMC (Nasdaq: IMCC) is an international company focused on building and scaling innovative businesses and technologies across global markets. The Company currently operates a medical cannabis platform serving patients in Israel and Germany while evaluating opportunities to expand into additional technology-driven sectors.

The IMC ecosystem operates in Israel through its subsidiaries, which import and distribute cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies and online platforms, 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.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States 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: the proposed acquisition of 51% of Black Axe and the Company's potential strategic expansion into defense and homeland security technology markets; and its expectation to continue executing on its strategy to explore additional business activities. 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 Nasdaq Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and its subsidiaries (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; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the multi front war Israel is facing on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; the Company's inability to take advantage of the legalization of medicinal cannabis in Germany; the Company's inability to use the proceeds as set out herein; and the Company's inability to file registrations statements in the timelines outlined herein or at all.

Please see the other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual report dated March 31, 2025, which is available on the Company's issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. 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:

Michal Efraty
Investor & Public Relations
michal@efraty.com

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

Logo: https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg

 

View original content:https://www.prnewswire.com/news-releases/imc-announces-a-strategic-entry-to-the-cyber-drone-interception-and-satellite-intelligence-markets-by-signing-a-non-binding-agreement-to-acquire-51-of-blackaxe-technologies-302715975.html

SOURCE IM Cannabis Corp.

FAQ

What did IMCC announce on March 17, 2026 regarding Blackaxe Technologies?

IMCC announced a non-binding LOI to acquire 51% of Blackaxe, initiating a potential strategic expansion. According to the company, the transaction targets defense sectors including satellite intelligence, AI analytics and counter-UAS technologies and remains subject to approvals.

How would the proposed IMCC acquisition affect the company's business focus?

The proposed deal would diversify IMCC beyond medical cannabis into defense tech and homeland security. According to the company, the move adds satellite intelligence and cyber counter-drone capabilities to IMCC's operations in Israel and Germany.

Is the IMCC acquisition of Blackaxe Technologies finalized and binding?

No, the agreement is a non-binding LOI and is not finalized. According to the company, completion requires due diligence, definitive agreements and customary regulatory and closing conditions.

What technologies does Blackaxe Technologies provide that IMCC would acquire exposure to?

Blackaxe offers satellite intelligence, imagery AI analytics, and counter-UAS cyber interception solutions. According to the company, these capabilities support governments, defense organisations and security agencies facing aerial and intelligence threats.

What are the main risks investors should note about IMCC's proposed acquisition of Blackaxe?

Key risks include that the LOI is non-binding, regulatory approvals are required, and there is no disclosure of transaction price. According to the company, there can be no assurance the parties will complete the transaction.