Mr. Oren Shuster reports
IMC REPORTS EXERCISE OF WARRANTS AND OPTIONS
Investors exercised IM Cannabis Corp. 12,350,795 common share purchase warrants and broker compensation options which were to expire by June 27, 2020. This amounts to gross proceeds of approximately $6.0 million and represents 92.1% of the warrants and broker compensation options expiring on or prior to June 27, 2020 - with the balance having expired.
Oren Shuster, Chief Executive Officer of IMC commented, "In markets that remain challenging to access capital, IMC has strengthened its financial position with solid support from our shareholders. We maintain ample financial resources to finance our growth plans going forward. Furthermore, as we gain momentum from recently signed pharmacy sales agreements in Israel, draft legislations in support of decriminalization in Israel and distribution agreements in Germany, we will continue to prove that our team can execute on driving value for our shareholders."
About IM Cannabis Corp.
IMC is an international medical cannabis company, 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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