Glil Yam-based IMC (International Medical Cannabis), headed by Oren Shuster, has raised 20.4 million Canadian dollars on the Canadian Securities Exchange as IM Cannabis Corp., and will start to be traded on the exchange tomorrow (Tuesday) under the symbol IMCC. For the purposes of the offering, IMC was merged into a stock market shell listed on the Canadian Securities Exchange.
IMC is one of the eight oldest growers in the Israeli cannabis market, and has been active for a decade. This year, the company received the approvals enabling it to grow cannabis under the new regulations following the cannabis reform in Israel.
In February this year, the company revealed in an interview in "Globes" that it planned to carry out a merger with a stock market shell company in Canada, once certain legal obstacles were out of the way. In the interview, the company's representatives said that it had annual revenue of some NIS 10 million, and that it was profitable.
The cannabis reform was an upset for many companies, and it is therefore difficult to estimate future revenue on the basis of past performance, but at least up until the time that the reform came into force, IMC was one of the largest and most highly regarded companies in the market. Tens of millions of shekels have been invested in it over the years.
In February, IMC's farm, which is near the Gaza Strip border, had an area of 16 dunams (four acres). The company can expand it to as much as 200 dunams (50 acres).
In August this year, IMC bought a distribution company in Germany, and started importing cannabis into Germany from another company overseas. The plan for the future is to export products from the Israeli farm to the German company, once exports of medical cannabis from Israel are approved.
Published by Globes, Israel business news - en.globes.co.il - on November 4, 2019
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