IM Cannabis Corp became the first Israeli medical cannabis operator to list its shares in Canada. It now trades under the ticker “IMCC” on the Canadian Securities Exchange. This listing follows Israeli-based IMC Holdings Ltd’s recent reverse takeover of IMC, formerly known as Navasota Resources Inc., that included a private placement offering of approximately CAD$20.4 million. The subscription receipts from the private placement purchase were converted into 19,460,527 Common Shares and 9,730,258 Common Share purchase warrants.
The company has been listed on the Canadian Securities Exchange for about a week. At the time of this article, IMCC is listed at CAD$0.40 cents per share with its previous close at CAD$0.50 cents per share. Their current shares outstanding is CAD$145.74 million.
The company also excitedly announced its plan for expansion to Europe, specifically with its operations in Germany, and will soon include Portugal and Greece. Oren Shuster, the CEO of IMC says, “The team at IMC has done exceptionally well to position the Company as a market leader in the EU. Against a backdrop of challenging capital market conditions in the cannabis industry, investors have recognized the team’s stellar operating history in the medical cannabis sector…”
Initial shipment from the EU-GMP facility in Europe to Germany is expected in Q2 2020.
IMC is an international medical cannabis company, and a well-known Israeli brand of medical cannabis products. In Europe , IMC is establishing a fully operational, vertically integrated medical cannabis business spearheaded by its distribution arm in Germany and augmented by strategic agreements with certified EU-GMP Standard suppliers, making it one of the only medical cannabis companies with fully integrated operations in Europe . IMC intends to leverage IMC’s brand to establish a foothold in emerging medical cannabis markets including Germany , Portugal and Greece . IMC’s core Israeli business includes offering branding, know-how and other intellectual property-related services to the Israeli medical cannabis market. Its key assets in Israel include commercial agreements with licensed producers and an option to purchase licensed entities. IMC has developed proprietary processes in its operations and is active in developing innovative technology for global medical cannabis consumers.