Im Cannabis Corp Stock Price, News & Analysis

IM Cannabis Corp (CSE:IMCC, NASDAQ:IMCC) has announced managerial changes, including the appointment of Rinat Efrima as CEO of IMC Holdings, the company's Israeli subsidiary. Efrima, previously with Caesarstone and Kimberly-Clark, will focus on integrating recent acquisitions and driving growth. Yael Harrosh has been promoted to Chief Legal and Operations Officer, overseeing compliance and operations in the cannabis sector. These changes aim to strengthen leadership and enhance operational execution amid expansion in the Israeli market.

IM Cannabis plans to debut its WAGNERS brand in Germany's medical cannabis market in 2022, subject to regulatory approval. With expectations of strong demand for premium indoor-grown cannabis, the company is expanding its presence in one of the largest medical cannabis markets globally. The completion of a state-of-the-art logistics center through its subsidiary, Adjupharm GmbH, enhances its distribution capacity and operational capabilities in Germany, setting the stage for future growth.

IM Cannabis has announced the acquisition of a 51.3% stake in Oranim Plus Pharm Ltd., positioning the company as one of the largest medical cannabis retailers in Israel, with combined annualized revenues exceeding $44 million. Oranim, located in Jerusalem, generated approximately $16.5 million in revenue over the past year. The acquisition, valued at approximately NIS 11.94 million ($4.9 million), aims to enhance distribution capabilities and capitalize on market growth. The deal is expected to close by Q2 2022, pending necessary regulatory approvals.

IM Cannabis Corp (CSE:IMCC, NASDAQ:IMCC) announced that its recreational cannabis brand WAGNERS will be introduced in Israel following approval from the Israeli Ministry of Health for Focus Medical Herbs Ltd. to import premium cannabis from Trichome JWC Acquisition Corp. This move allows the import of an estimated 1,200 kilograms of cannabis throughout 2022. WAGNERS has shown significant market share growth in Canada, reaching 3.8% in Ontario. CEO Oren Shuster emphasized the strategic importance of this launch in enhancing the company's global supply chain and shareholder value.

IM Cannabis Corp (CSE:IMCC, NASDAQ:IMCC) announced the fourth installment of shares for the Panaxia Transaction, acquiring a license and pharmacy from Panaxia Pharmaceutical Industries for $7.2 million. The company issued 298,529 shares worth approximately $922,156 on November 16, 2021, at $3.089 per share. The acquisition, primarily paid with cash and shares, is part of IM Cannabis's strategy to strengthen its operational footprint in Israel, Germany, and Canada. The final share installment awaits approval from the Israeli Ministry of Health.

IM Cannabis Corp. (CSE:IMCC, NASDAQ:IMCC) reported Q3 2021 revenues of $14.4 million, a 30% increase from Q2 2021, while gross margins improved to 20% from 5.4%. Sales from WAGNERS and Highland Grow in Ontario surged over 110% from June to October. The company anticipates ongoing revenue growth into Q4 and 2022, driven by recent acquisitions and a strong market position. However, adjusted EBITDA loss was $7 million due to acquisition costs, and the net loss stood at $5.7 million, reflecting ongoing operational challenges.

IM Cannabis Corp (CSE:IMCC, NASDAQ:IMCC) announced the third installment of shares related to its acquisition of Panaxia-to-the-Home online pharmacy and trading center from Panaxia Pharmaceutical Industries. The overall purchase price stands at $7.2 million, combining $2.9 million in cash and $4.3 million in shares. The recent issuance of 248,212 shares at $3.225 each brings the total share value of this installment to approximately $905,306. This strategic acquisition enhances IM Cannabis's position in the growing cannabis market across Israel, Germany, and Canada.

IM Cannabis Corp. (CSE: IMCC, NASDAQ: IMCC) has provided details on its acquisition of the Panaxia online pharmacy and trading center license from Panaxia Pharmaceutical Industries Israel Ltd. for $7.2 million. This transaction consists of $2.9 million in cash and $4.3 million in shares. So far, IMC has completed the first closing and issued 246,007 shares at $3.68 each, valued at approximately $905,305.76. Additional share installments are expected over the next months, pending regulatory approval from the Israeli Ministry of Health.

IM Cannabis Corp. (CSE:IMCC, NASDAQ:IMCC) reported Q2 2021 revenues of $11.1 million, up 27% from Q1 2021. The company announced the acquisition of 51% of Vironna pharmacy for approximately $3.3 million, targeting the growing Arab consumer segment. With strong Q3 performance expected across regions, IMC anticipates further revenue growth, benefiting from acquisitions and medical sales boosts in Israel. Challenges included a 5% gross margin due to shipment delays and production issues, resolved this quarter, indicating potential for improved margins ahead.