On May 10, 2021, IM Cannabis Corp. ("IMC" or the "Company") (CSE: IMCC) (NASDAQ: IMCC) announced the closing of its previously announced overnight marketed offering of 6,086,956 common shares of the Company (each an "Offered Share") at a price of US$5.75 per Offered Share for aggregate gross proceeds of approximately US$35 million.

IMC also issued 3,043,478 common share purchase warrants (each a "Warrant") to purchasers of Offered Shares, for no additional consideration, that entitle the holders to purchase common shares of the Company at an exercise price of US$7.20 for a term of 5 years from the closing date.

A.G.P./Alliance Global Partners and Roth Capital Partners acted as co-lead agents for the Offering in connection with offers and sales in the US. Roth Canada, ULC acted as the sole agent in Canada.

The Offering was conducted pursuant to IMC's effective shelf registration statement on Form F-10 (File No. 333-254255) filed with the US Securities and Exchange Commission (the "SEC") and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces and territories of Canada. On May 5, 2021, the Company filed a final prospectus in Canada, which also was filed with the SEC.

IMC is a multi-country operator ("MCO") in the medical and adult-use recreational cannabis sector with operations in Israel, Germany and Canada.

Gowling WLG advised IMC in this financing with a team that included Peter Simeon, Josh Almario, Jill Dunn, Josh Rosen, Howard Xin and Harrison Sversky, assisted by student-at-law Blair Somerville.