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Wednesday, May 18, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

IM Cannabis exports 400kg of pot to Israel

Ongoing shipments to Focus Medical suggest a high demand for premium flower in the country

IM Cannabis exports 400kg of pot to Israel
A premium recreational brand in Canada is set to launch in Israel for patients. Image via Wagners

Canadian producer IM Cannabis Corp. (CSE: IMCC) (Nasdaq: IMCC) has made another substantial shipment of cannabis to Israel.

On Tuesday, the company said it shipped 399 kilograms of premium indoor-grown dried weed to Focus Medical Herbs Ltd., an Israeli firm that IM Cannabis has an exclusive commercial agreement with.

The pot was cultivated by the company’s wholly owned subsidiary Trichome JWC Acquisition Corp., an additional supply partner in Canada.

The firm says it expects Focus Medical to import additional shipments from Trichome JWC and other suppliers on a “consistent basis going forward.”

In Israel, the import also represents the launch of Wagners, a brand in Canada’s recreational market. The products are expected to launch by the end of the first quarter.

In Ontario, IM Cannabis says its Wagners Premium brand had almost 6-per-cent market share for dried flower in the fourth quarter of 2021.

CEO Oren Shuster says the import is an important milestone for his firm’s strategic objectives.

The Israeli medical cannabis market is rapidly evolving and demanding only the finest premium cannabis,” he continues. “With our globally integrated supply chain, indoor cultivation in Canada, and a coordinated team of compliance, regulatory, and purchasing professionals, our company is uniquely positioned to address the needs of patients and customers in Israel, Canada, and Germany.”

IM Cannabis made its first shipment to Focus Medical in Israel in June 2020. Last week, The Flowr Corporation (TSXV: FLWR) (OTC: FLWPF) said it shipped $825,000 dollars worth of pot to Focus Medical. Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) (FRA: 1BUP) has also shipped premium cannabis to the Israeli firm.

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

Read more: Aurora exports $10M of medical cannabis to Israel

 

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