On Oct. 11, 2019, IM Cannabis Corp. (formerly Navasota Resources Inc.) (the "Company") announced the closing of its previously announced reverse takeover (the "RTO Transaction") by I.M.C. Holdings Ltd. ("IMC"). The RTO Transaction was effected by way of a "triangular merger" between the Company, IMC and a wholly-owned subsidiary of the Company pursuant to Israeli statutory law.
IM Cannabis Corp. has international medical cannabis operations and owns and licenses IMC's well-known Israeli brand of medical cannabis products. In Europe, the Company is establishing a fully operational, vertically integrated medical cannabis business spearheaded by its distribution arm 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. The Company intends to leverage IMC's brand to establish a foothold in emerging medical cannabis markets including Germany, Portugal and Greece.
The Company'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.
The Company's common shares commenced trading on the Canadian Securities Exchange (the "CSE") on November 5, 2019 under the ticker "IMCC".
Gowling WLG advised IMC with respect to this transaction with a team that included Peter Simeon, Josh Almario, Josh Rosen, Stephen Franchetto and Harrison Sversky, assisted by students-at-law Howard Xin and Taylor Hanson.