IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) released financial results for the fourth quarter and fiscal year ended December 31, 2021. Revenues were $20.0 million in the fourth quarter, representing an increase of 309% over 2020’s fourth quarter and 35% sequentially. The net loss for the fourth quarter was $12.5 million versus a net loss of $20.0 million in 2020. The basic and diluted loss per share in the quarter was $0.19 compared to basic and diluted loss per share of $0.13 in the fourth quarter of 2020.
Revenues in 2021 were $54.3 million, representing an increase of 242% from 2020. Total dried flower sold for the year ended December 31, 2021, was 8,410kg at an average selling price of $4.90 per gram, compared to 2,586kg for the same period in 2020 at an average selling price of $5.75 per gram, derived from the lower average selling price per gram and higher sale volumes the Company gained from its acquisitions of Trichome and MYM. The net loss was $18.5 million in 2021 compared to a net loss of $28.7 million in 2020. The b asic and diluted loss per share in 2021 were $0.31 and $0.66, respectively, compared to basic and diluted loss per share of $0.74 in 2020.
“Our revenue growth of 242% to a record of over $54 million in 2021 is a direct result of executing on our strategy to build a world-class operating platform for the premium cannabis market,” said Oren Shuster, Chief Executive Officer of IMC. “The network of pharmacies we have acquired in Israel, which includes the country’s largest online pharmacy business, supports a tech-enabled expansion of our patient base to fortify our position as one of the leading retail medical cannabis providers in the country. In Canada, our premium WAGNERS brand and ultra-premium Highland Grow continue to gain market share, with retail sales in Ontario increasing over 50% in Q4 2021 as compared to Q3 2021. With continuous improvements in yields and quality, we have both the capacity and the desired quality attributes to support our discerning customer and patient needs in our addressable markets.”
The company said cash and cash equivalents totaled $13.9 million on December 31, 2021, compared to $8.9 million on December 31, 2020.
Looking ahead IMC said it expects first quarter 2022 revenue and gross margin to increase sequentially. The company said it expects to release first quarter financial results on or around May 16, 2022.