Mr. Oren Shuster reports
IMC BOLSTERS GERMAN SALES NETWORK WITH PURCHASE COMMITMENT FROM ZUR ROSE PHARMA GMBH
IM Cannabis Corp.'s German subsidiary, Adjupharm GmbH, has received a definitive purchase commitment of medical cannabis over the next 12 months from Zur Rose Pharma GmbH, an established distributor in Germany. This is the Company's fourth definitive purchase commitment with a distributor in Germany and advances IMC's strategy of creating a network of distribution partnerships to maximize penetration of IMC-branded products.
"We have now signed our fourth sales agreement with a binding purchase commitment. More importantly, we have added Zur Rose Pharma GmbH as a key partner, a well-established and reputable pharmaceutical service provider and wholesaler that bolsters our ability to provide quality medical cannabis products across the large and dynamic German market. As we continue to add trusted partners to our MCO network, we firmly believe that we have created a strong foundation to become the preeminent brand in international medical cannabis," said Oren Shuster, CEO of IMC.
"The momentum IMC has established within the German market is indicative of strong demand and favourable industry fundamentals for medical cannabis. With the launch of the IMC brand in Germany in Q3 2020, we have been deploying our sales teams to further physician education across the country and build our brand's reputation as a reliable provider of top quality medical cannabis to patients, pharmacists and physicians," added Richard Balla, CEO of Adjupharm.
Details of the Purchase Commitments and Sales Agreements
Through its EU-GMP certified subsidiary, Adjupharm, the Company has entered into a three-year sales agreement with the medical cannabis distributor Zur Rose Pharma GmbH in Germany. This distributor has entered into a purchase commitment under its sales agreement.
IMC has also previously announced that Focus Medical Herbs Ltd. has signed six binding sales agreements for the distribution of IMC-branded medical cannabis products in Israel. Total consolidated revenue from all binding sales agreements in Israel is expected to be $193.5 million with an expected gross margin of 50%. A total of 33,075kg of medical cannabis will be delivered in Israel between Q2 2020 and 2023, and 3,000kg of medical cannabis under the sales agreements is expected to reach pharmacies in 2020.
About IM Cannabis Corp.
IMC is a multi-country operator in the medical cannabis sector, and a well-known Israeli brand of medical cannabis products. In Europe, IMC has established a medical cannabis operation first with its distribution subsidiary in Germany and augmented by strategic agreements with certified EU-GMP Standard suppliers, making it one of the only medical cannabis companies with fully integrated operations in Europe. IMC intends to leverage its operational experience and brand to establish a foothold in emerging medical cannabis markets including Germany, Portugal and Greece. IMC's core Israeli business includes offering branding, know-how and other intellectual property-related services to the Israeli medical cannabis market. Its key assets in Israel include commercial agreements with licensed producers and an option to purchase licensed entities. IMC has developed proprietary processes in its operations and is active in developing and investing in innovative technology for global medical cannabis consumers leveraging its reputation and expertise in the medical cannabis sector.
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