IM Cannabis Corp. to Lay Off At Least 20% of Workers in Major Restructuring

The move comes after the company withdrew from the Canadian cannabis market.

Israel-based IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC) announced Wednesday it will lay off at least 20% – and perhaps up to a quarter – of its employees in its Middle East home nation, in a restructuring push toward profitability.

“The company will be reducing its workforce in Israel by 20%-25% across all functions,” IM Cannabis stated in a press release, adding that the staff reductions and the corporate restructuring should be completed by midyear.

“The restructuring initiatives announced today follow our departure from the Canadian cannabis market to focus our resources on growth opportunities in IsraelGermany, and Europe,” CEO Oren Shuster said in the release.

“It further reflects our determination to continue with our strategic plan by maximizing efficiencies to create a leaner and more flexible organization to better suit the current market environment and our short- to mid-term objectives,” Shuster said.

Shuster projected cost savings of about CAD$3.5 million, or $2.5 million, thanks to the layoffs.

In addition, the company announced several C-suite changes in both IM Cannabis Corp. and various subsidiaries, including:

  • IM Cannabis Corp. CFO Shai Shemesh will hand the financial reigns to incoming CFO Itay Vago, former finance director at Israeli subsidiary IMC Holdings Ltd.
  • IMC Holdings CEO Rinat Efrima will be replaced by Eyal Fisher, who will become the new general manager of IMC.
  • Yael Harrosh, chief legal counsel and COO at IM Cannabis Corp., has been named to lead the restructuring push and will be replaced by a new general counsel.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.


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