Israeli Cannabis Co IMC Lists On Canadian Securities Exchange

Author:Yigal Arnon & Co
Profession:Yigal Arnon & Co
 
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IMC, one of the most highly regarded Israeli medical cannabis companies, holds the approvals required under the cannabis reform in Israel.

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...

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