Business
IMC Reports First Closing of the Panaxia Acquisition and Provides Update on Canadian Business Activities
Launches WAGNERS brand with new cultivars and SKUsMYM shareholder meeting set for July 5, 2021Substantially completes loan portfolio run-off and realizes a
About this update from Im Cannabis Corp.
[{"type":"text","content":"Launches WAGNERS brand with new cultivars and SKUsMYM shareholder meeting set for July 5, 2021Substantially completes loan portfolio run-off and realizes a 24% IRRTORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / June 1, 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 provide the following update.First Closing of the Panaxia TransactionAs announced on April 30th, the Company's fully owned Israeli subsidiary, IMC Holdings Ltd., signed a definitive agreement with Panaxia Pharmaceutical Industries Israel Ltd. and Panaxia Logistics Ltd., part of the Panaxia Labs Israel, Ltd. group of companies (\"Panaxia\") (TASE:PNAX), Israel's largest manufacturer of medical cannabis products, pursuant to which IMC will acquire Panaxia's trading house and in-house pharmacy activities. This agreement will combine its home-delivery services online pharmacy business operating under the name Panaxia to the Home and customer service center, along with certain distribution assets, and an option to purchase a pharmacy with licenses to sell medical cannabis to patients from Panaxia.Panaxia to the Home currently stocks the largest medical cannabis products selection in Israel, which it offers to patients across the country through an online platform with temperature-controlled home delivery. Panaxia to the Home also operates a customer service center for patient support, as well as a team of skilled pharmacists who specialize in providing targeted counseling to patients on how best to use medical cannabis products. Upon the first closing announced today, all online-related activities and intellectual property are transferred to the Company, including, but not limited to, the online sales platform for medical cannabis products, a CRM platform and use of a large storage facility to support the operations of Panaxia to the Home.\"This is an important first step in the implementation of our Israeli retail strategy,\" said Oren Shuster, CEO of IMC. \"The reason we started with the Panaxia acquisition is that its distribution spans nationwide across Israel. We are on track to realizing the Company's global revenue and margin potential through the expansion of its multi-country ope...