IM Cannabis Corp. IMCC IMCC has completed the strategic acquisition of 51% of the rights in Oranim Pharm partnership, a pharmacy selling medical cannabis in Israel. The acquisition was completed through IMC Holdings Ltd., a wholly-owned subsidiary of IM Cannabis Corp., following receipt of all requisite approvals, including from the Israeli Medical Cannabis Agency.
For the twelve months ending October 31, 2021, Oranim Pharm generated revenues of approximately $16.5 million, with a gross margin from cannabis activity of approximately 25% and positive EBITDA. Oranim Pharm holds a pharmacy license from the IMCA to sell medical cannabis to patients.
"The successful acquisition of Oranim Pharm puts IM Cannabis at the forefront of medical cannabis distribution in Israel," stated Oren Shuster, CEO of IM Cannabis. "As we make further progress with our vertical integration strategy, this transaction expands our reach in Israel with a strategic entry point into the country's largest city. In addition, our ability to sell IMC brands directly through the pharmacies we own allows us to increase our margin profile while providing local medical cannabis patients with increased access to high-quality, premium cannabis. Given the rapid growth and potential upcoming legislative reform in the Israeli medical cannabis market, we view the addition of Oranim Pharm to the IMC family as a timely and mission-critical contribution to our near- and long-term success."
IMC Holdings acquired 51.3% of the outstanding ordinary shares of Oranim Plus Pharm Ltd., an Israeli company holding 99.5% of the rights in Oranim Pharm, resulting in IMC Holdings holding 51% of the rights in Oranim.
Oren Shuster CEO & director of IM Cannabis, will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.
Related News
IM Cannabis Closes Three Strategic Acquisitions In Israel Valued Around $11.77M
IM Cannabis Q4 Revenues To Increase 308% YoY, Positioned To Capture Market Growth In Israel
IM Cannabis Taps MZ Group To Lead Strategic Investor Relations & Shareholder Communications Program
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!