Business
IM Cannabis Reports Record Preliminary Fourth Quarter and Full Year 2021 Financial Results
Q4 2021 revenues expected to be at least $20 million, an increase of at least 308% year-over-year and at least 37% sequentially Full Year 2021 revenues
About this update from Im Cannabis Corp.
[{"type":"text","content":"Q4 2021 revenues expected to be at least $20 million, an increase of at least 308% year-over-year and at least 37% sequentially\n Full Year 2021 revenues expected to increase at least 240% year-over-year to at least $54 million\n\n\nTORONTO and GLIL YAM, Israel, March 10, 2022 /PRNewswire/ -- IM Cannabis Corp. (the \"Company\", \"IM Cannabis\", or \"IMC\") (CSE: IMCC) (NASDAQ: IMCC), a leading medical and adult-use recreational cannabis company with operations in Israel, Canada, and Germany, provided preliminary unaudited financial results for the three months and fiscal year ended December 31, 2021. All amounts are reported in Canadian dollars unless otherwise stated.\nPreliminary Q4 and Full Year 2021 Financial & Operational Highlights:\nPreliminary revenues for Q4 2021 were at least $20 million, representing an approximate increase of at least 37% from Q3 2021 and at least 308% compared to the same prior-year period. Preliminary gross margin before fair value adjustment was at least 18% in Q4 2021, temporarily impacted by modest investments in the German market and impact of COVID-19 restrictions in Canada that disrupted labour and supply chains. Preliminary revenues for fiscal year 2021 were at least $54 million, representing an approximate increase of at least 240% from fiscal year 2020. Preliminary gross margin before fair value adjustment was at least 22% in fiscal year 2021. Focus Medical Herbs Ltd. (\"Focus Medical\") successfully imported approximately 399 kilograms of premium, indoor-grown, Canadian dried cannabis following approval from the Ministry of Agriculture to import to the Israeli market in Q4 2021. Subsequent to Q4 2021, the WAGNERS brand was launched in Israel. In Q4 2021, the Company announced the anticipated 2022 launch of WAGNERS brand in the rapidly evolving German medical cannabis market. Signed a definitive agreement in Q4 2021 to acquire Oranim, Jerusalem's leading medical cannabis pharmacy, positioning IMC as one of the largest retailers of medical cannabis in Israel. The acquisition of Oranim is conditional upon receipt of all requisite approvals, including regulatory approval from the Israeli Medical Cannabis Agency. The closing of the Oranim acquisition is expected by the end of Q2 2022.Management Commentary\n\"We built significant momentum across our operating platform in 2021, as evidenced by o...