IM Cannabis closes three strategic acquisitions in Israel

2 minute read
15 March 2022

On March 15, 2022, IM Cannabis Corp. ("IM Cannabis") (CSE: IMCC) (NASDAQ: IMCC) announced that it had completed three strategic acquisitions announced in 2021. The acquisitions were completed through IMC Holdings Ltd., a wholly-owned subsidiary of IM Cannabis and I.M.C Pharma Ltd., IMC Holdings' wholly-owned subsidiary, following receipt of all requisite approvals, including from the Israeli Medical Cannabis Unit ("IMCU").

IMC Holdings successfully completed the acquisition of 51% of the outstanding ordinary shares of Revoly Trading and Marketing Ltd., dba Vironna. Vironna ranks among the top 10 single cannabis dispensing points in Israel and is one of the largest pharmacies in Israel serving the rapidly growing Arab consumer segment of the medical cannabis market.

IMC Holdings also completed the acquisition of all the outstanding ordinary shares of R.A. Yarok Pharm Ltd., a leading medical cannabis pharmacy located in central Israel; and Rosen High Way Ltd., a trade and distribution centre with an IMC-GDP license that provides medical cannabis storage, distribution services and logistics solutions for cannabis companies and pharmacies in Israel.

Lastly, IMC Holdings received the requisite IMCU approval to acquire an IMC-GDP license for distribution of medical cannabis from Panaxia Pharmaceutical Industries Israel Ltd. and Panaxia Logistics Ltd., part of the Panaxia Labs Israel, Ltd. group of companies.

IM Cannabis is a leading medical and adult-use recreational cannabis company with operations in Israel, Canada, and Germany, the three largest federally legal markets.

Gowling WLG was Canadian counsel to IM Cannabis with respect to these acquisitions with a team that included Peter Simeon, Josh Rosen, Jacob Cawker, Cyndi Laval, Josh Almario and Navraj Pannu.

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.