TORONTO and GLIL YAM,
Israel, Oct. 2, 2024 /PRNewswire/ -- IM Cannabis Corp.
(CSE: IMCC) (NASDAQ: IMCC) (the "Company",
"IMCannabis", or "IMC"), a leading medical cannabis
company with operations in Israel
and Germany, is pleased to
announce that the preliminary sales results in Germany by its German subsidiary, Adjupharm
GmbH ("IMC Germany"), for the third quarter of 2024 have
significantly exceeded expectations, showing a remarkable 50%
increase in revenue compared to the second quarter, where IMC
Germany sold about CAD$ 3.5M. This
outstanding growth demonstrates IMC Germany's successful execution
of its strategic initiatives and strong market demand for its
products.
Since the partial legalization of cannabis in Germany came into effect in April 2024, the demand for cannabis products in
pharmacies has increased significantly, emphasizing the importance
of a robust, reliable supply chain.
"Since April 1st, one
of our key objectives was to ensure a supply chain strong enough to
meet the increase in demand. This preliminary 50% growth is
testament, in part, to delivering on this objective," said
Oren Shuster, CEO of IMC. "We
are thrilled with our Q3 performance, which not only surpassed our
own targets but also highlights the dedication and hard work of our
entire team."
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 focused its 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 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.
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,
statements relating to statements relating to compliance with
Nasdaq's continued listing requirements, and timing and effect
thereof; the potential outcome of the Licensing Agreement and the
effect of collaboration with Carmel in the Israeli market and the potential
exclusive launch of the BLKMKTTM brand this year in
Germany.
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: 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 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.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL
INFORMATION
This press release may contain future oriented financial
information ("FOFI") within the meaning of Canadian securities
legislation, about prospective results of operations, financial
position or cash flows, based on assumptions about future economic
conditions and courses of action, which FOFI is not presented in
the format of a historical balance sheet, income statement or cash
flow statement.
The FOFI has been prepared by management to provide an outlook
of the Company's activities and results and has been prepared based
on a number of assumptions including the assumptions discussed
under the heading above entitled "Cautionary Note Regarding Future
Oriented Financial Information" and assumptions with respect to the
costs and expenditures to be incurred by the Company, capital
expenditures and operating costs, taxation rates for the Company
and general and administrative expenses. Management does not have,
or may not have had at the relevant date, firm commitments for all
of the costs, expenditures, prices or other financial assumptions
which may have been used to prepare the FOFI or assurance that such
operating results will be achieved and, accordingly, the complete
financial effects of all of those costs, expenditures, prices and
operating results are not, or may not have been at the relevant
date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this press release and the
documents incorporated by reference herein, are, or may be, based
upon certain additional assumptions that management believes to be
reasonable based on the information currently available to
management, including those assumptions discussed under the heading
"Disclaimer for Forward-Looking Statements" and assumptions about:
(i) the future pricing for the Company's products, (ii) the future
market demand and trends within the jurisdictions in which the
Company may from time to time conduct the Company's business, and
(iii) the Company continued ability to maintain its capital to fund
its ongoing business development and future growth.
The FOFI or financial outlook contained in this press release do
not purport to present the Company's financial condition in
accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board, and there
can be no assurance that the assumptions made in preparing the FOFI
will prove accurate. The actual results of operations of the
Company and the resulting financial results will likely vary from
the amounts set forth in the analysis presented in any such
document, and such variation may be material (including due to the
occurrence of unforeseen events occurring subsequent to the
preparation of the FOFI). The Company and management believe that
the FOFI has been prepared on a reasonable basis, reflecting
management's best estimates and judgments as at the applicable
date. However, because this information is highly subjective and
subject to numerous risks including the risks discussed under the
heading above entitled "Cautionary Note Regarding Future Oriented
Financial Information", FOFI or financial outlook within this in
this press release should not be relied on as necessarily
indicative of future results.
Company Contact:
Anna Taranko, Director Investor
& Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, CEO
IM Cannabis Corp.
info@imcannabis.com
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