IM Cannabis to focus on Israel, German and European growth while exiting Canadian market
by Staff Writers
Glil Yam, Israel (TDN) Nov 14, 2022
IM Cannabis Corp. (NASDAQ: IMCC) (CSE: IMCC), an international medical and adult-use recreational cannabis company, announces, effective today, that it is commencing exit of the Canadian cannabis market to focus its resources on pursuing growth opportunities in Israel, Germany and Europe.
With this move, the Company aims for a leaner organization with a primary focus on achieving profitability in 2023. IMC will continue building on the increasing demand and positive momentum in Israel, fueled by strategic alliances with top-of-the-line Canadian suppliers and a highly skilled sourcing team, to cement its leadership position in Israel and to advance a long-term growth plan in Germany.
In the Company's view, the strong sourcing infrastructure in Israel, powered by advanced product knowledge and regulatory expertise, will constitute a key competitive advantage in Germany, especially upon legalization of recreational cannabis. This is based on the premise that the German and Israeli markets share a number of common attributes such as robust commercial infrastructure, highly developed digital capabilities, favourable demographics and customer preferences.
"Our announcement [today] is a crucial part of our ongoing strategic refocusing plan to concentrate our efforts on the highest value markets and accelerate our path to profitability" says Oren Shuster, CEO of IM Cannabis.
"By exiting the Canadian Cannabis market, we are seeking to maximize efficiency and create the right balance for future success. We are further strengthening our Israeli operations and preparing to bring our expertise to Europe to achieve market leadership in the medical cannabis market and to be fully ready to capitalize on the recreational market upon legalization."
In connection with the announced restructuring, IMC's wholly-owned Canadian subsidiary, Trichome Financial Corp. ("Trichome Financial"), and certain of its wholly-owned subsidiaries, including Trichome JWC Acquisition Corp., MYM Nutraceuticals Inc., Trichome Retail Corp., MYM International Brands Inc., and Highland Grow Inc. (Collectively Trichome Financial, "Trichome"), filed this morning and obtained creditor protection under the Canadian Companies' Creditors Arrangement Act ("CCAA") pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the "Court"). The CCAA proceedings are solely in respect of Trichome. As such, the Company's other assets or subsidiaries, including those in Israel and Germany, are not parties to the CCAA proceedings.
The CCAA proceedings will afford Trichome the stability and flexibility required to restructure its business, including through a sale and investment solicitation process to be approved by the Court ("SISP"). Accordingly, the Company's operations in Canada are expected to continue through Trichome until a sale transaction or one or more other restructuring transactions is completed.
Court materials filed in connection with Trichome's CCAA proceedings can be found at https://www.ksvadvisory.com/insolvency-cases/case/trichome.
Uber Eats and Leafly partner to bring cannabis delivery to Torontonians
Toronto, Canada (TDN) Oct 21, 2022
Starting tomorrow, Monday, October 17, Torontonians can order safe, legal cannabis and get it delivered straight to their homes thanks to a partnership between Uber Eats (NYSE: UBER), a global leader in ecommerce and delivery technology, and Leafly (NASDAQ: LFLY), a leading online cannabis marketplace and information resource. Torontonians 19+ can place orders from local licensed cannabis retailers in the Uber Eats app, and have it delivered to their door by the retailer's CannSell certified staff. This ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 2020-2022 - THE DAILY NETWORK LLC. Additional copyrights may apply in whole or part to other bona fide parties. All websites are published in United States of America and are solely subject to US law and governed by Fair Use principals for news reporting and research purposes. No Content or Advertising herein implies endorsement, agreement or approval of any opinions, statements or information provided by THE DAILY NETWORK LLC on any Web page published or hosted by THE DAILY NETWORK LLC. Questions? Email Editor@IndicaDaily.com Privacy Statement|