Welcome to our dedicated page for Im Cannabis news (Ticker: IMCC), a resource for investors and traders seeking the latest updates and insights on Im Cannabis stock.
IM Cannabis Corp. (Nasdaq: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany. The IM Cannabis news feed on Stock Titan aggregates company-issued press releases and other coverage related to its operations, strategy, governance, and capital markets activity.
Readers can expect frequent corporate updates, such as board and management changes, including appointments and departures of directors and executive officers. These announcements often detail the backgrounds of new appointees and outline how governance changes fit within the company’s broader strategic review.
The news stream also features financial reporting items, including notices about upcoming earnings releases and press releases summarizing interim financial results. These communications may discuss revenue trends, gross margin, non-IFRS measures such as Adjusted EBITDA, and commentary on factors affecting performance in Israel and Germany.
Another key category of coverage involves strategic and transactional developments. IM Cannabis has reported on initiatives to identify additional business opportunities, the signing of a non-binding term sheet to acquire a majority stake in a quantum computing bio data company, and its evaluation of potential expansion into the United States cannabis market, as well as possible divestitures of its German and Israeli operations. Capital markets updates, such as warrant amendments, resale registration statements, and Nasdaq listing compliance notices, are also part of the company’s news flow.
For investors and observers tracking IMCC, this page offers a centralized view of how the company communicates its progress in medical cannabis markets, its strategic review, and its responses to regulatory and market conditions. Users who follow IM Cannabis can use this news feed to monitor developments over time and review the company’s own descriptions of its plans and performance.
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.
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.
FAQ
What is the current stock price of Im Cannabis (IMCC)?
What is the market cap of Im Cannabis (IMCC)?
