Business
IMC Partners with Leading US Brand to Launch cbdMD Products in Israel and Provides Further Details on Panaxia Transaction
TORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / August 9, 2021 / IM Cannabis Corp. ("IMC" or the "Company") (CSE:IMCC, NASDAQ:IMCC), a multi-country operator
About this update from Im Cannabis Corp.
[{"type":"text","content":"TORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / August 9, 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, Germany and Canada, is pleased to announce the signing of a binding letter of intent (the \"Binding LOI\") with cbdMD, Inc. (YCBD, YCBDpA), one of the leading and most highly trusted and recognized CBD health & wellness companies. Pursuant to the Binding LOI, the Company will be the exclusive importer of cbdMD, Inc.'s products to Israel. The Company is also providing details of the shares \\issued as part of the consideration paid in connection with the previously announced acquisition of Panaxia-to-the-Home online pharmacy from Panaxia Pharmaceutical Industries Israel Ltd. and Panaxia Logistics Ltd., part of the Panaxia Labs Israel, Ltd. group of companies (\"Panaxia\") (PNAX).Signing of Binding LOI with cbdMDOn August 3, 2021, IMC and cbdMD, Inc. executed the Binding LOI that will grant IMC an exclusive right to import, sell, distribute and market cbdMD products in Israel using the cbdMD brand name and trademark, subject to the legalization of CBD for non-medical purposes in Israel meeting all regulatory requirements for the import, sale, distribution and marketing of CBD products in Israel and meeting the minimum quantity targets as set out in the Binding LOI.cbdMD is an industry leader in the United States, offering a full range of CBD products and is recognized for its strategic partnerships in sports and fitness. It was the first US based CBD company to be listed on the NYSE:American Stock Exchange.\"We are excited to enter this partnership with a leading company such as cbdMD, and to extend this leadership into the Israeli market\" says Oren Shuster, IMC's CEO. \"The Israeli CBD market is expected to reach up to US$475 million by 20251. With this agreement with cbdMD, we have the opportunity to shape the Israeli CBD market upon legalization and plan to leverage IMC's new and expanding retail presence, distribution capabilities and data-driven insights to reach our patients and delight our future consumers with a leading CBD brand such as cbdMD.\"\"We are excited to partner with IM Cannabis Corp and to enter the Israeli market. The cbdMD brand continues to grow internati...