IM Cannabis announces Focus Medical’s Import of 400 Kilograms of Premium-Indoor-Grown Dried Cannabis from Canada to Israel
The successful import demonstrates the strength of the IM Cannabis global supply chain and business model
TORONTO, ON and GLIL YAM, ISRAEL / ACCESSWIRE / January 19, 2022 / IM Cannabis Corp. (the “Company” or “IM Cannabis”) (CSE:IMCC)(NASDAQ:IMCC), a leading medical and adult-use recreational cannabis company with operations in Israel, Canada, and Germany is pleased to announce that Focus Medical Herbs Ltd. (“Focus Medical”) has completed the importation of approximately 399 kilograms of premium indoor-grown Canadian dried cannabis from Trichome JWC Acquisition Corp. (“TJAC”), the Company’s wholly-owned Canadian cultivation subsidiary, and an additional supply partner. The launch of this product in the Israeli medical cannabis market by Focus Medical is expected by the end of the first quarter of 2022[1]. The Company expects Focus Medical to import additional quantities of premium dried cannabis from TJAC, and its supply partners in Canada and elsewhere, on a consistent basis going forward.
As disclosed on November 29, 2021, the imported medical cannabis from TJAC will be sold to licensed Israeli patients under the WAGNERS brand, the Company’s popular Canadian recreational brand. In Ontario, WAGNERS Premium, indoor-grown dried flower was ranked second in market share in the fourth quarter of 2021, garnering 5.6% of the market[2]. To learn more about WAGNERS, please visit WAGNERS – Well Made Weed (wagnersweed.com) and follow @wagnersweed on Instagram.
The importation by Focus Medical of premium indoor-grown dried cannabis from our subsidiary TJAC is an important milestone in IM Cannabis’ strategic objectives. The Israeli medical cannabis market is rapidly evolving and demanding only the finest premium cannabis.
Oren Shuster, Chief Executive Officer of IM Cannabis
With our globally integrated supply chain, indoor cultivation in Canada, and a coordinated team of compliance, regulatory, and purchasing professionals, our Company is uniquely positioned to address the needs of patients and customers in Israel, Canada, and Germany. We expect 2022 to demonstrate the unique value of the business model that we have built and are excited about the opportunities in each of our core markets.
About IM Cannabis
IM Cannabis (NASDAQ: IMCC, CSE: IMCC) is a leading international cannabis company supplying premium products to medical patients and adult-use recreational consumers. IM Cannabis is one of the very few companies with operations in Israel, Germany and Canada, the three largest federally legal markets. The ecosystem created through its international operations leverages the Company’s unique data-driven perspective and product supply chain globally. With its commitment to responsible growth and financial prudence and ability to operate within the strictest regulatory environments, the Company has quickly become one of the leading cultivators and distributors of high-quality cannabis globally.
The IM Cannabis ecosystem operates in Israel through its commercial relationship with Focus Medical, which cultivates, imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centres and logistical hubs in Israel that enable the safe delivery and quality control of IM Cannabis products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates through Adjupharm GmbH (“Adjupharm”), where it also distributes cannabis to medical patients. In Canada, the Company operates through Trichome JWC Acquisition Corp. d/b/a JWC and MYM Nutraceuticals Inc., where it cultivates and processes cannabis for the adult-use market at its Ontario, Nova Scotia and Quebec facilities under the WAGNERS and Highland Grow brands.
About Focus Medical
Focus Medical is one of eight original licensed producers of medical cannabis in Israel and has over 10 years of experience growing high quality medical cannabis in the Israeli market. Focus Medical is an “investee” of the Company under IFRS due to the Company’s “de facto control” over Focus Medical despite not having any direct or indirect ownership of it. Focus Medical has an exclusive commercial agreement with IMC to distribute its production under the IMC brand. In addition to its own capacity, Focus Medical has supply agreements with other cultivators for additional supply using its proprietary genetics and for sale under the IM Cannabis brand.
[1] Subject to standard Israeli customs release for international cargo shipments
[2] Source: OCS Power BI.
