Business
IM Cannabis Reports Fourth Quarter and Fiscal Year 2022 Financial Results; Revenues in 2022 Increased 60% Year-over-Year
Company to continue its focus on the Israeli and German markets with a primary goal of sustainably increasing revenue in each of these core markets and
About this update from Im Cannabis Corp.
[{"type":"text","content":"Company to continue its focus on the Israeli and German markets with a primary goal of sustainably increasing revenue in each of these core markets and accelerating path to profitability, while actively managing costs and margins\nTORONTO, and GLIL YAM, Israel, March 29, 2023 /PRNewswire/ -- IM Cannabis Corp. (the \"Company\" or \"IMC\") (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, today announced its financial results for the fourth quarter and full year ended December 31, 2022. All amounts are reported in Canadian dollars unless otherwise stated.\nManagement Commentary\n\"The fourth quarter marked another pivotal moment on our trajectory to growth and profitability,\" said Oren Shuster, Chief Executive Officer of IMC. \"By commencing our exit from Canada, and the restructuring initiatives announced a few weeks back, we will be able to better focus our resources on growth opportunities in Israel, Germany and elsewhere in Europe. We are determined to continue with our strategic plan by maximizing efficiencies to create a leaner and more flexible organization to better suit the current market environment and our short- to mid-term objectives. We will continue building on the increasing demand and positive momentum in Israel and Germany, supported by strategic alliances with Canadian suppliers and a highly skilled sourcing team, to cement our leadership position in the markets we operate in.\"\nQ4 & Full Year 2022 Financial Results\nRevenues from Continuing Operations[1] for the year ended December 31, 2022 were $54.3 million, compared to $34.1 million in 2021, an increase of 60%. Revenues from Continuing Operations for Q4 2022 were $14.5 million, compared to $9.9 million in Q4 2021, an increase of 46%. The increase in revenues is primarily attributed to the increase in the quantity of medical cannabis products sold, as well as from a higher average selling price per gram the Company realized from its portfolio of premium branded cannabis products in Israel. Additional increases were derived from the Company's organic growth and related synergies in the areas where it operates.Total Dried Flower sold in 2022 was 6,794kg at an average selling price of $7.12 per gram, compared to 4,278kg sold in 2021 at an average selling price of $6.18 per gram. This is mainly attributable to the higher average selling pri...