Business
IMC to Bring Canadian Premium Indoor High-THC Medical Cannabis to Israel with Imports from GTEC
Multi-year agreement enables IMC to launch a premium product category in Israel - one of the world's largest import markets for medical cannabisThe agreement
About this update from Im Cannabis Corp.
[{"type":"text","content":"Multi-year agreement enables IMC to launch a premium product category in Israel - one of the world's largest import markets for medical cannabisThe agreement adds another international partnership to IMC's supply networkTORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / March 8, 2021 / IM Cannabis Corp. (the \"Company\" or \"IMC\") (CSE:IMCC), (NASDAQ:IMCC), a multi-country operator (\"MCO\") in the medical cannabis sector with operations in Israel and Germany, is pleased to announce that Focus Medical Herbs Ltd. (\"Focus Medical\"), with which IMC has exclusive agreements to distribute production under the IMC brand, has signed a multi-year supply agreement with GTEC Holdings Ltd. (\"GTEC\") (GTEC, GGTTF, 1BUP), a Canadian licensed producer of handcrafted and high quality cannabis (the \"GTEC Agreement\"). According to the GTEC Agreement, Focus Medical will import GTEC's high-THC medical cannabis flower into Israel to be sold under the IMC brand. With the arrival of these commercial shipments, IMC will launch a new category of imported premium indoor medical cannabis products under its well-established brand.\"Medical cannabis patients in Israel are beginning to demand more imported indoor products from Canada,\" said Oren Shuster, Chief Executive Officer of IMC. \"IMC is leveraging this increasing demand by partnering with GTEC to obtain high-THC flower from GTEC's Canadian indoor cannabis facility for sale in Israel under the IMC brand. We are thrilled about the anticipated launch of this new product category and expect its market share to grow domestically.\"Michael Blady, Co-founder, Vice President and Head of International Division of GTEC, commented, \"We are very excited to sign this agreement adding our premium product to the offerings of the well-known IMC brand in Israel.\"The import of the Canadian-grown high-THC strains from GTEC's subsidiary, Grey Bruce Farms Incorporated (\"GBF\"), is expected to commence in Q2 2021, subject to fulfilling all regulatory requirements in relation to such import, including compliance with the Israeli Ministry of Health (\"MOH\") regulations and receipt of a valid export license from Health Canada. According to the GTEC Agreement, Focus Medical will purchase a minimum quantity of 500 kg of high-THC medical cannabis flower from GBF and will be the exclusive recipient of GTEC cannabis prod...