Business
IM Cannabis to Focus on Israel, German and European Growth; Commences Exiting the Canadian Cannabis Market
The company will focus its efforts and resources on growth in Israel and Germany, with a primary focus of achieving profitability in 2023 Trichome Financial
About this update from Im Cannabis Corp.
[{"type":"text","content":"The company will focus its efforts and resources on growth in Israel and Germany, with a primary focus of achieving profitability in 2023\nTrichome Financial Corp. and certain of its subsidiaries have obtained protection from creditors pursuant to the Companies' Creditors Arrangement Act (\"CCAA\")\nGLIL YAM, Israel, Nov. 7, 2022 /PRNewswire/ -- IM Cannabis Corp. (\"IMC\" or the \"Company\") (NASDAQ: IMCC) (CSE: IMCC), an international medical and adult-use recreational cannabis company, announces, effective today, that it is commencing exit of the Canadian cannabis market to focus its resources on pursuing growth opportunities in Israel, Germany and Europe.\nWith this move, the Company aims for a leaner organization with a primary focus on achieving profitability in 2023. IMC will continue building on the increasing demand and positive momentum in Israel, fueled by strategic alliances with top-of-the-line Canadian suppliers and a highly skilled sourcing team, to cement its leadership position in Israel and to advance a long-term growth plan in Germany. In the Company's view, the strong sourcing infrastructure in Israel, powered by advanced product knowledge and regulatory expertise, will constitute a key competitive advantage in Germany, especially upon legalization of recreational cannabis. This is based on the premise that the German and Israeli markets share a number of common attributes such as robust commercial infrastructure, highly developed digital capabilities, favourable demographics and customer preferences.\n\"Our announcement today is a crucial part of our ongoing strategic refocusing plan to concentrate our efforts on the highest value markets and accelerate our path to profitability\" says Oren Shuster, CEO of IM Cannabis. \"By exiting the Canadian Cannabis market, we are seeking to maximize efficiency and create the right balance for future success. We are further strengthening our Israeli operations and preparing to bring our expertise to Europe to achieve market leadership in the medical cannabis market and to be fully ready to capitalize on the recreational market upon legalization.\"\nIn connection with the announced restructuring, IMC's wholly-owned Canadian subsidiary, Trichome Financial Corp. (\"Trichome Financial\"), and certain of its wholly-owned subsidiaries, including Trichome JWC Acquisition Corp., ...