Business
IM Cannabis Announces Q2 2021 Financial Results and Signing of Definitive Agreement to Acquire Vironna Pharm, Accelerating its Vertical Integration Strategy in Israel
Q2 2021 revenues of $11.1 million, a 27% increase from Q1 2021Acquisition of Vironna pharmacy positions IMC in rapidly growing Arab consumer segment in
About this update from Im Cannabis Corp.
[{"type":"text","content":"Q2 2021 revenues of $11.1 million, a 27% increase from Q1 2021Acquisition of Vironna pharmacy positions IMC in rapidly growing Arab consumer segment in IsraelFollowing strong start to Q3 across each of its geographic segments, IMC expects significant revenue growth this quarterTORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / August 16, 2021 / IM Cannabis Corp. (\" IMC \" or the \" Company \") (CSE:IMCC), (NASDAQ:IMCC), a multi-country operator (\" MCO \") in the medical and adult-use recreational cannabis sector with operations in Israel, Germany and Canada, is pleased to report its unaudited financial results for the three- and six-month periods ended June 30, 2021. IMC is also pleased to announce the purchase of 51% of the outstanding ordinary shares of Revoly Trading and Marketing Ltd., dba Vironna Pharm (\" Vironna \") by IMC Holdings Ltd. (\" IMC Holdings \"), a wholly-owned Israeli subsidiary of the Company (the \" Vironna Transaction \").All figures are expressed in Canadian dollars unless otherwise indicated.Q2 2021 Select Financial SummaryRevenues for the second quarter of 2021 were $11.1 million, a sequential increase of approximately 27% from Q1 2021.Gross Margin for the second quarter of 2021 was 5% impacted primarily by the previously disclosed delays in contracted shipments to Germany from its primary supply partner as well as temporary production constraints in Canada. These issues were resolved during the quarter. Consolidated margins will benefit going forward with the full integration of Trichome and MYM.Adjusted EBITDA[1] loss for second quarter 2021 was $5.8 million. Non-operational acquisition costs of $939 are included in second quarter Adjusted EBITDA.IMC Signs Definitive Agreement to Acquire Vironna Pharm, Marking 3 rd Acquisition in Israeli Vertical Integration StrategyStrategically located in Tira, a central Israeli city, Vironna ranks among the top 10 single cannabis dispensing points throughout Israel and is the largest pharmacy serving the rapidly growing Arab consumer segment of the medical cannabis market. Assets include a well-established brick and mortar storefront as well as a home-delivery operation to dispense cannabis directly to patients' homes, all operated by an experienced management team. Total annual revenue run rate is in excess of $7 million with positive EBITDA.[2]IMC Holdings has sig...