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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index gained 8.79 points to 141.14 Monday, while the Canadian Securities Exchange Composite Index rose 14.61 points to 319.74. Israel-based IM Cannabis Corp. (IMCC) gained four cents to 51 cents on 241,600 shares after its distributor, Focus Medical Herbs Ltd., signed a deal to purchase up to 8,060 kilograms of cannabis from an unnamed supplier. (Focus Medical obtains medical cannabis from third party companies to then distribute under IM Cannabis's brand.) Under the agreement, Focus will receive 560 kilograms of cannabis in 2020. If the quality is acceptable, it will receive 2,500 kg of cannabis per year between 2021 and 2023, for a total of 8,060 kg.
The purchase was necessary after Focus Medical signed a flurry of deals this month to supply medical cannabis to a number of different buyers under the IM Cannabis brand. In all, the company signed six deals in 2020 under which it will supply 33,075 kg ($193.5-million worth) over the next three years. Since the start of April, IM Cannabis's stock is up from 30 cents to 51 cents. The company has a market cap of about $74-million after today's rise.
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