Business
IM Cannabis Announces Third Quarter 2021 Financial Results and Provides Outlook and Business Update
Q3 2021 revenues of $14.4 million; a 30% increase from Q2 2021Gross margin improved to 20% from 5.4% in Q2 2021; expected to increase further in Q4 and into
About this update from Im Cannabis Corp.
[{"type":"text","content":"Q3 2021 revenues of $14.4 million; a 30% increase from Q2 2021Gross margin improved to 20% from 5.4% in Q2 2021; expected to increase further in Q4 and into 2022Canadian recreational brands WAGNERS and Highland Grow continue to gain market share, with sales in Ontario from June to October increasing by over 110%TORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / November 15, 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, Canada, and Germany, today announced its unaudited financial results for the three and nine-month periods ended September 30, 2021.All figures are expressed in Canadian dollars unless otherwise indicated.Q3 2021 Financial SummaryRevenues for Q3 2021 were $14.4 million, a sequential increase of approximately 30% from Q2 2021. Had the acquisitions of MYM closed and Pharm Yarok Transaction and Vironna Transaction[1] signed at the start of the quarter, revenue for Q3 2021 would have been approximately $1.4m higher.Gross Margin[2], before fair value adjustments, for Q3 2021 was 20.0%, up from 5.4% in Q2 2021Adjusted EBITDA[3] loss for Q3 2021 was $7.0 million, inclusive of $1.6 million of non-recurring acquisition-related costs in the quarterCommenting on the Company's results, Oren Shuster, Chief Executive Officer of IMC said, \"Our third quarter results are indicative of the embedded growth profile of our integrated MCO model. Over the past year, we have completed a number of strategic and accretive acquisitions that have vertically integrated our operations, providing IMC with premium cultivation capacity, sought after brands and expanded distribution reach. Today we are seeing the revenue growth and margin opportunities of our unique business model, trends that we expect to continue.\"Outlook and Regional Business UpdateIMC expects continued sequential revenue growth in Q4 2021 and into 2022, with recent acquisitions in Israel[4]and Canada having been integrated, and the portfolio positioned to optimize revenue and margins across jurisdictions. IMC anticipates that gross margin will continue to increase as revenue growth offsets fixed operating costs, particularly in Canada.Market conditions and activities across each of the jurisdictions in which IMC carries on bus...