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Wednesday, May 25, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

IM Cannabis expects record Q4 revenue of $20M

The company says it’s well positioned for domestic and international growth

IM Cannabis expects record Q4 revenue of $20M
A premium recreational brand in Canada is now available to patients in Germany and Israel. Image via IM Cannabis

IM Cannabis Corp. (CSE: IMCC) (Nasdaq: IMCC) — a company with operations in Canada, Germany and Israel — is projecting record revenue in its upcoming earnings report.

In a statement Thursday, the firm said its preliminary sales for the fourth quarter ended Dec. 30 were up 37 per cent to $20 million, up from $14.4 million last quarter.

For the fiscal year, preliminary results show $54 million in sales, up 240 per cent from 2020.

IM has built significant momentum across its operational platform, CEO Oren Shuster says in a statement.

Read more: IM Cannabis exports 400kg of pot to Israel

Read more: Flowr Corp ships $825K of pot to Israel

“In Israel, we have become among the largest distributors of medical cannabis and are well positioned to capture market growth today and in the future with the potential for recreational legalization,” he says. “We continue to capture meaningful market share in the premium segment in Canada driven by our staunch focus on cultivation excellence and increasing brand recognition of Wagners and Highland Grow.”

“Importantly, our execution with our recreational and medical operations in Canada and Israel and our global distribution expertise provides us with the blueprint to effectively capitalize on the substantial German market opportunity as it liberalizes its cannabis laws.”

In the fourth quarter, IM exported nearly 400 kilograms of indoor-grown dried cannabis from Canada to Israel, where it has an exclusive commercial agreement with Focus Medical Herbs Ltd.

The company’s Wagners brand started selling in Israel during the period, as well as in Germany.

The firm also signed a deal to acquire Oranim, a leading medical cannabis pharmacy in Jerusalem. IM says the acquisition positions it to be one of the largest sellers of medical pot in the country. The deal is expected to close by the halfway point of this year.

 

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