Leading retailer SNDL Inc. (Nasdaq: SNDL) and the pot producer IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC) have sent their first shipment of dried flower to Israel.
On Friday, the Calgary-based firm announced that SNDL has completed its initial export of around 167 kilograms of pot flower from Canada to Israel. IM Cannabis and SNDL –formerly Sundial Growers– have a joint agreement of exporting 1,000 kilograms of pot for processing and distribution in the Israeli market.
IMC imports and sells medical cannabis in Israel via retail pharmacies, online platforms, distribution centres and logistical hubs through IMC Holdings Ltd. and its subsidiaries and affiliates.
SNDL said in a statement that in sight of more countries legalizing pot, international markets provide an emerging opportunity to increase revenue. The company said it is optimistic that as more countries turn to legalization more regulations arise and this allows for lower-barrier access to products from Canadian companies.
SNDL stock went down on Friday by 5.22 per cent to US$2.64 on the Nasdaq Exchange.
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“We are pleased with our partnership with IMC, one of Europe’s most established and trusted medical cannabis companies,” SNDL CEO Andre Stordeur said.
“SNDL plans to opportunistically expand the Company’s premium inhalables footprint to international cannabis markets, and this initial endeavour strengthens our pursuits in both established medical markets and emerging global recreational markets.”
“The medical cannabis market in Israel has shifted towards premium and ultra-premium cannabis products,” IM Cannabis CEO Oren Shuster said.
“By forming an international partnership with SNDL, we are improving our global supply chain and enhancing our ability to provide the Israeli market with the high-quality products it has come to expect.”
IM Cannabis stock went up on Friday by 1.69 per cent to $0.60 on the Canadian Securities Exchange.
