IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) provided preliminary unaudited financial results for the three months and fiscal year ended December 31, 2021. Preliminary revenues for the fourth quarter were at least $20 million, representing an approximate increase of at least 37% sequentially and at least 308% compared to the same prior-year period.
Preliminary revenues for fiscal year 2021 were at least $54 million, representing an approximate increase of at least 240% from fiscal year 2020. Preliminary gross margin before fair value adjustment was at least 22% in fiscal year 2021.
“We built significant momentum across our operating platform in 2021, as evidenced by our annual revenues growth of at least 240% to a record of at least $54 million,” said Oren Shuster, Chief Executive Officer of IMC. “In Israel, we have become among the largest distributors of medical cannabis and are well positioned to capture market growth today and in the future with the potential for recreational legalization. We continue to capture meaningful market share in the premium segment in Canada driven by our staunch focus on cultivation excellence and increasing brand recognition of WAGNERS and Highland Grow. Importantly, our execution with our recreational and medical operations in Canada and Israel and our global distribution expertise provides us with the blueprint to effectively capitalize on the substantial German market opportunity as it liberalizes its cannabis laws.”
In the fourth quarter, the company announced the anticipated 2022 launch of WAGNERS brand in the rapidly evolving German medical cannabis market. After the quarter ended, the WAGNERS brand was launched in Israel.
“As we move through 2022, we remain focused on realizing synergies across our supply chain while scaling operations in the three largest federally legal markets where we currently operate, which makes IMC uniquely positioned to emerge as the leading purveyor of premium cannabis on a global scale. I look forward to providing further updates to the market during our upcoming earnings call later this month,” concluded Shuster.