Im Cannabis Corp Stock Price, News & Analysis

IM Cannabis Corp. (NASDAQ: IMCC) has announced a restructuring plan aimed at achieving profitability in 2023, targeting CAD$3.5 million in annual cost savings. The company will reduce its workforce in Israel by 20%-25% across all functions, with completion expected by mid-2023. This comes after exiting the Canadian market to refocus on growth opportunities in Israel and Europe. Key leadership transitions are also part of the plan, including a new CFO, Itay Vago, taking over from Shai Shemesh. Additionally, the company reported no bids for Trichome Financial Corp.'s business, which is set to wind down operations.

IM Cannabis Corp. (NASDAQ: IMCC) announced an important update regarding its Panaxia Transaction, involving the acquisition of home-delivery services and an online retail footprint in Israel. The total consideration for the transaction was NIS 18.7 million (around $7.2 million), structured into cash and common shares. Recently, the Company and Panaxia agreed to terminate the Panaxia Pharmacy Option, which will result in IM Cannabis avoiding a fifth installment payment of $261,814. Additionally, IM Cannabis will receive $94,632 in services and cannabis products from Panaxia.

Xinteza API Ltd has announced a significant breakthrough in cannabinoid biosynthesis, discovering novel glycosylation enzymes and genes at the Weizmann Institute of Science. This innovation enables the creation of true water-soluble cannabinoids, eliminating the need for potentially harmful nanoparticles. CEO Alon Gal highlighted the advantages of this technology for producing high-quality cannabinoid products in beverages, edibles, and pharmaceuticals. Xinteza is in discussions with partners to commercialize these advancements, which could disrupt the current market by providing safer and more effective alternatives to traditional oil-based products.

IM Cannabis Corp. (NASDAQ: IMCC) announced that its common shares began trading on a post-consolidation basis on November 17, 2022. This follows a reverse stock split of one post-consolidation share for every ten pre-consolidation shares, approved by shareholders on October 20, 2022. The aggregate number of shares decreased from approximately 75.7 million to 7.57 million. This action aims to elevate the trading price to meet NASDAQ's minimum bid requirements. All trading occurs under the same IMCC symbol on both the CSE and NASDAQ.

IM Cannabis Corp. (CSE: IMCC, NASDAQ: IMCC) reported Q3 2022 revenues of $14.2 million, up 78% year-over-year, with a 12% sequential organic growth. Gross profit reached $2.8 million with a 20% gross margin. The company announced its exit from the Canadian market to focus on the Israeli and German markets. Total assets fell to $129.1 million, a 55% decline due to goodwill impairment. The company will consolidate shares to regain compliance with NASDAQ. A conference call will discuss detailed results.

IM Cannabis Corp. (NASDAQ: IMCC) announces its strategic exit from the Canadian cannabis market to focus on growth in Israel and Germany, aiming for profitability in 2023. The company has filed for creditor protection under the Canadian Companies' Creditors Arrangement Act (CCAA) for its subsidiary, Trichome Financial, while maintaining operations in its other markets. The restructuring aims to enhance efficiency and capitalize on market demand, leveraging strong sourcing skills and strategic alliances.

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.