IM Cannabis Corp. reports developments tied to its medical cannabis platform serving patients in Israel and Germany. Company updates commonly address medical cannabis operations, regulatory and commercial positioning, operating and financial results, and the management of liquidity through note purchase agreements, convertible notes and common share purchase warrants.
Recurring IMCC news also includes Nasdaq listing-compliance notices, board and executive appointments, shareholder or governance matters, and disclosures related to material agreements and capital structure. The company’s announcements frame IM Cannabis as an international medical cannabis issuer with cross-border supply and compliance considerations in regulated cannabis markets.
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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 2023 financial results on Monday, August 14, 2023, before the market opens. The company will host a zoom web conference at 9:00 a.m. 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.
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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.