Im Cannabis Corp Stock Price, News & Analysis

IM Cannabis Corp. (NASDAQ: IMCC) received notification from Nasdaq on April 10, 2023, indicating non-compliance with the minimum bid price requirement of $1.00 per share. This deficiency arose from the company's closing bid price over a 30-day period from February 24 to April 6, 2023. While this notification does not currently affect the company's Nasdaq listing, IM Cannabis has until October 9, 2023, to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive business days. Failure to comply may result in delisting. Additionally, the company has exited operations in Canada, focusing on the medical cannabis markets in Israel and Germany.

IM Cannabis Corp. (NASDAQ: IMCC) reported strong financial results for Q4 and the full year 2022, with a 60% revenue increase year-over-year, totaling $54.3 million. Q4 revenue reached $14.5 million, up 46%. Dried flower sales grew significantly, with 6,794kg sold in 2022 at an average price of $7.12 per gram. The company focused on streamlining operations by exiting Canada and strengthening its position in Israel and Germany. Despite these gains, operating losses increased to $30.8 million in 2022. Net loss from continuing operations was $24.9 million. The firm ended the year with $2.4 million in cash and significant goodwill impairment totaling $107.8 million.

IM Cannabis Corp. (IMC) will release its financial results for the fourth quarter and full year ended December 31, 2022, on March 29, 2023, before market open. The Company will host a Zoom web conference call at 9:00 a.m. ET to discuss these results. IMC is focusing its operations in high-value markets, specifically Israel and Germany, as it exits operations in Canada to enhance sustainable growth. IMC aims to leverage its data-driven ecosystem to improve compliance and product delivery in these markets.

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.