Mr. Oren Shuster reports

IMC RESCHEDULES THE FINAL PAYMENT OF THE ORANIM PHARMACY ACQUISITION

IM Cannabis Corp.'s final sixth payment of the Oranim Pharmacy acquisition and the reconciliation between the parties regarding the remaining transaction payments are being rescheduled to April 15, 2024.

Through the transaction, completed on March 28, 2022, IMC Holdings Ltd. acquired 51 per cent of the rights in Oranim Pharm Partnership through the acquisition of Oranim Plus. As part of the transaction consideration, 5,363,000 new Israeli shekels or $1.93-million was supposed to be paid in six instalments throughout 2023, with the final payment due Feb. 15, 2024.

Through a new amendment signed Jan. 10, 2024, the sixth payment as well as the reconciliation between the parties regarding all remaining unpaid instalments have been postponed to April 15, 2024. All six instalments (that remain unpaid) will incur a 15-per-cent interest charge. Failure to meet the remaining payments will result in the transfer of IMC Holdings shares (51 per cent) back to the seller, along with the revocation of the transaction.

About IM Cannabis Corp.

IM Cannabis is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest-value markets, Israel and Germany. The company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

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