Business
IM Cannabis Announces Receipt of Court Action
TORONTO and GLIL YAM, Israel, Nov. 27, 2023 /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the "Company" or "IMC"), a leading medical cannabis
About this update from Im Cannabis Corp.
[{"type":"text","content":"TORONTO and GLIL YAM, Israel, Nov. 27, 2023 /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the \"Company\" or \"IMC\"), a leading medical cannabis company with operations in Israel and Germany announces that a complaint was in the Ontario Superior Court of Justice in Canada by Michael Wiener, 35 Oak Holdings Ltd. and MW Investments Ltd. (collectively the \"MYM Shareholder Plaintiffs\") against IMC Cannabis Corp. and its board of directors and officers, (collectively, \"IMC\"). A copy of this complaint was delivered to IMC on November 17, 2023.\n\nThe complaint claims that IMC made misrepresentations in its disclosures prior to the IMC/MYM transaction in 2021. MYM Shareholder Plaintiffs are claiming damages that amount to approximately 15 million dollars.\nIMC has reviewed the complaint and believes that the allegations are without merit. IMC plans to vigorously defend itself against the allegations. IMC's policy is not to discuss pending litigation.\nAbout IM Cannabis Corp.\nIMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.\nThe IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC's products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also ac...