Im Cannabis Corp Stock Price, News & Analysis

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.

IM Cannabis Corp (CSE: IMCC, NASDAQ: IMCC) will release its operational and financial results for Q2 2022 on August 15, 2022, before market opens. The company, based in Israel, Canada, and Germany, focuses on medical and recreational cannabis. A Zoom conference is scheduled for the same day at 9:00 AM ET to discuss these results, followed by a Q&A session for investors. For those unable to attend, a recording will be accessible on the company's website within 24 hours post-call.

IM Cannabis Corp. (CSE: IMCC, NASDAQ: IMCC) announced it received a notification from Nasdaq on July 13, 2022, indicating non-compliance with minimum bid price requirements after its stock closed below $1.00 for 30 consecutive business days. The company has until January 9, 2023, to regain compliance by maintaining a closing bid price above $1.00 for at least 10 consecutive days. The notification does not impact IM Cannabis's listing on Nasdaq Capital Market or its Canadian Securities Exchange status.

IM Cannabis Corp. (CSE: IMCC, NASDAQ: IMCC) reported Q1 2022 revenues of $23.6 million, a remarkable 169% increase year-over-year. Gross profit grew 37% from Q1 2021 to $6.4 million. The company is on track to achieve positive Adjusted EBITDA in Q2 2022. Strategic acquisitions in Israel, including leading pharmacies, were completed to bolster market presence. Despite a net loss of $10.7 million and increased expenses, management highlighted strong demand for its WAGNERS brand and plans for growth in Germany.