IM Cannabis Closes Three Previously Announced Strategic Acquisitions in Israel

IM Cannabis Closes Three Previously Announced Strategic Acquisitions in Israel

IM Cannabis Corp. (the “Company” or “IM Cannabis“) (CSE: IMCC) (NASDAQ: IMCC), a leading medical and adult-use recreational cannabis company with operations in Israel, Canada, and Germany, has completed three strategic acquisitions announced in 2021. The acquisitions were completed through IMC Holdings Ltd. (“IMC Holdings“), a wholly-owned subsidiary of IM Cannabis Corp. and I.M.C Pharma Ltd. (“IMC Pharma“), IMC Holdings’ wholly-owned subsidiary, following receipt of all requisite approvals, including from the Israeli Medical Cannabis Unit (“IMCU“). “Each of these strategic acquisitions are key progress points for our Israeli and global expansion strategy,” said Oren Shuster, Chief Executive Officer of IM Cannabis. “Our business model enables IM Cannabis to oversee the entire supply chain and ensure that the procurement and movement of quality supplies across our Israeli, German, and Canadian operations are done efficiently while providing our customers with premium quality cannabis. The positive reputation we have built in the industry is reflected in our increasing customer satisfaction and consumption levels.” Transaction Details All amounts below are in Canadian dollars unless otherwise stated. Vironna IMC Holdings successfully completed the acquisition of 51% of the outstanding ordinary shares of Revoly Trading and Marketing Ltd., dba Vironna (“Vironna“), as first announced on August 16, 2021 (the “Vironna Transaction“). Vironna ranks among the top 10 single cannabis dispensing points in Israel and is one of the largest pharmacies in Israel serving the rapidly growing Arab consumer segment of the medical cannabis market. The total consideration for the Vironna Transaction was NIS 8.5 million (approximately $3.33 million[1]), of which NIS 5 million (approximately $1.96 million) was paid in cash and NIS 3.5 million (approximately $1.37 million) was paid in common shares of IM Cannabis. For satisfaction of the cash consideration component, NIS 3.75 million (approximately $1.47 million) was paid at signing of the definitive agreement and the remaining NIS 1.25 million (approximately $490,000) will be paid post-closing of the Vironna Transaction (the “Vironna Closing Date“). In satisfaction of the share consideration component, the…

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Source : IM Cannabis Closes Three Previously Announced Strategic Acquisitions in Israel

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