TORONTO and GLIL YAM, Israel, April 16,
2024 /CNW/ -- IM Cannabis Corp. (CSE: IMCC)
(NASDAQ: IMCC) (the "Company" or "IMC"), a leading
medical cannabis company with operations in Israel and Germany, is announcing that, further to the
news release dated January 12, 2024,
the Company has decided not to make remaining installment
payments installments (i.e. NIS
5,873K including interest or 2,154K
CAD) by IMC Holdings Ltd., and as such will transfer the 51%
shares held by IMC Holdings Ltd back to the seller.
"With the April 1st
cannabis legalization in Germany,
we are focusing our resources on the German market, where we expect
to see the biggest growth potential," said Oren Shuster, CEO of IMC. "With both of our
core markets, Germany and
Israel, currently undergoing rapid
evolution, we need to assure that we allocate our resources to the
growth opportunities where we expect the best return on
investment."
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis
company that provides premium cannabis products to medical patients
in Israel and Germany, two of the largest medical cannabis
markets. The Company has recently exited operations in Canada to pivot its focus and resources to
achieve sustainable and profitable growth in its highest value
markets, Israel and Germany. The Company leverages a transnational
ecosystem powered by a unique data-driven approach and a globally
sourced product supply chain. With an unwavering commitment to
responsible growth and compliance with the strictest regulatory
environments, the Company strives to amplify its commercial and
brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship
with Focus Medical Herbs Ltd., which imports and distributes
cannabis to medical patients, leveraging years of proprietary data
and patient insights. The Company also operates medical cannabis
retail pharmacies, online platforms, distribution centers, and
logistical hubs in Israel that
enable the safe delivery and quality control of IMC's products
throughout the entire value chain. In Germany, the IMC ecosystem operates through
Adjupharm GmbH, where it distributes cannabis to pharmacies for
medical cannabis patients. Until recently, the Company also
actively operated in Canada
through Trichome Financial Corp and its wholly owned subsidiaries,
where it cultivated, processed, packaged, and sold premium and
ultra-premium cannabis at its own facilities under the WAGNERS and
Highland Grow brands for the adult-use market in Canada. The Company has exited operations in
Canada and considers these
operations discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements under applicable Canadian and U.S.
securities laws (collectively, "forward-looking statements"). All
information that addresses activities or developments that we
expect to occur in the future are forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect", "likely" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur
or be achieved and other similar expressions. Forward-looking
statements are based on the estimates and opinions of management on
the date the statements are made. In the press release, such
forward-looking statements include, but are not limited to,
the occurrence of growth opportunities and the likelihood of
growth potential.
Forward-looking statements are based on assumptions that may
prove to be incorrect, including but not limited to: the
development and introduction of new products; continuing demand for
medical and adult-use recreational cannabis in the markets in which
the Company operates; the Company's ability to reach patients
through both e-commerce and brick and mortar retail operations; the
Company's ability to maintain and renew or obtain required
licenses; the effectiveness of its products for medical cannabis
patients and recreational consumers; and the Company's ability to
market its brands and services successfully to its anticipated
customers and medical cannabis patients.
The above lists of forward-looking statements and assumptions
are not exhaustive. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated or implied by such forward looking
statements due to a number of factors and risks. These include: any
failure of the Company to maintain "de facto" control over Focus
Medical in accordance with IFRS 10; the failure of the Company to
comply with applicable regulatory requirements in a highly
regulated industry; unexpected changes in governmental policies and
regulations in the jurisdictions in which the Company operates; the
effect of the reform on the Company; the Company's ability to
continue to meet the listing requirements of the Canadian
Securities Exchange and the NASDAQ Capital Market; any unexpected
failure to maintain in good standing or renew its licenses; the
ability of the Company and Focus Medical (collectively, the
"Group") to deliver on their sales commitments or growth
objectives; the reliance of the Group on third-party supply
agreements to provide sufficient quantities of medical cannabis to
fulfil the Group's obligations; the Group's possible exposure to
liability, the perceived level of risk related thereto, and the
anticipated results of any litigation or other similar disputes or
legal proceedings involving the Group; the impact of increasing
competition; any lack of merger and acquisition opportunities;
adverse market conditions; the inherent uncertainty of production
quantities, qualities and cost estimates and the potential for
unexpected costs and expenses; risks of product liability and other
safety-related liability from the usage of the Group's cannabis
products; supply chain constraints; reliance on key personnel; the
risk of defaulting on existing debt and war, conflict and civil
unrest in Eastern Europe and the
Middle East
Any forward-looking statement included in this press release is
made as of the date of this press release and is based on the
beliefs, estimates, expectations and opinions of management on the
date such forward-looking information is made.
The Company does not undertake any obligation to update
forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements. Forward-looking statements contained in
this press release are expressly qualified by this cautionary
statement.
Company Contacts:
Anna Taranko, Director Investor
& Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, Chief Executive
Officer
IM Cannabis Corp.
info@imcannabis.com
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SOURCE IM Cannabis Corp.