Cannabis
View Systems, Inc.’s (VSYM) Sannabis Provides Update on their Hemp Operations in Uruguay and Colombia to Supply the World with Hemp Products.
Company files quarterly report with the SEC.
Barranquilla, Colombia, Dec. 10, 2019 (GLOBE NEWSWIRE) — View Systems, Inc.’s (VSYM), medical marijuana and hemp subsidiary, Sannabis S.A.S. (“the Company”) provides an update on their hemp operations in Colombia and Uruguay. Sannabis aims to become a reliable supplier to Hemp companies from around the World seeking to penetrate their local markets.
Colombia
Sannabis is a pioneer in the hemp/medical marijuana space in Colombia since 2014 through their indigenous partners and was a significant part of the legalization movement for over 20 years, even assisting in the drafting of medical marijuana legislation under former President Santos. They have since applied for a transformation license to convert non-psychoactive cannabis into finished products and by-products and are now preparing for a site visit from the agency in charge of issuing that license. Sannabis and its affiliates have also applied for the coveted Seed Bank License and Cultivation License, right now greenhouses are being built at their new facility where they moved their seed bank as they await a site visit from ICA (Agriculture Department). The Seed Bank application is a tremendous advantage since no more applications are being accepted.
Sannabis recently leased a new farm and moved the Seed Bank to be closer to their University partner where they intend to patent strains and develop other products. They’ve already effectively tested a hemp roof tile that is part of a much bigger bio-construction project that has initiated with multi-national organizations and universities that will be announced later. Not only did they perfect the hemp roof tile, but they also contributed to the project a custom-made hemp brick maker they developed. While they await their licenses, Sannabis is currently producing a line of topical creams, ointments, and oils to be sold directly to consumers in Colombia, the launch with the first 500 direct marketers is scheduled for March 2020. Although these products are new, some of the formulas are the same Sannabis has used for years with positive results in Colombia, all-natural plant-based ingredients with a bee’s wax or olive oil base. These innovative new products all have health registrations with INVIMA, Colombia’s Health Authority. For pictures of their new product lines, please visit https://drive.google.com/open?id=1ElYQYQyVFOhWywPapodJOig-UfJunGJR
Sannabis.co website is being updated with new marketing material and technical specifications of these new products. Sannabis will not only transform material grown by them and other legal growers in Colombia, but also transform raw material legally imported into Colombia from countries where legal. For a timeline of Sannabis’ progression, visit https://www.sannabis.co/taller-libre. To view a video history of Sannabis, visit https://youtu.be/GIf75LAayos
Uruguay
Sannabis owns a significant equity position in a one of the few licensed growers in Uruguay and is financing operations there. Company management was in Uruguay last month to oversee the importation of hemp seeds and subsequent planting. They purchased nutrients by the tonne to prepare their hemp fields for planting next week, this harvest will be ready in March/April 2020 and will generate a combination of hemp seeds and biomass to produce CBD in bulk. The seeds they’re planting can produce 10-12 Tonnes (22-24,000 pounds) of Hemp Biomass per hectare, they’re planting about 7-8 hectares now for a total of approximately 150,000 pounds of Biomass in the next 4 months. About 1 tonne per hectare of hemp seeds with high oil content can be achieved along with a high fiber content in the stem.
While in Uruguay management met with local accredited investors with influence to apply for a transformation license in a free trade zone giving them access to the much bigger markets of Argentina and Brazil. They also met with a qualified professional to assist with this transformation license application and distribution of their Colombian products in Uruguay.
Raw hemp flower, biomass, and seeds from their first harvest next Spring will be exported to countries where it can be legally transformed and sold while they obtain their transformation license in Uruguay. Greenhouses to grow high quality hemp flower for export to the U.S. will be built next month at the farm Sannabis purchased for major expansion. Sannabis works closely with an equity partner in Uruguay, a top law firm, to take advantage of every opportunity and oblige by the law in all jurisdictions their Uruguay operations does business in. Sannabis imported the Futura 75 Hemp seed from Europe which produces significant yields in oil, seeds, fiber, and biomass, but only has .12 % THC, well below the threshold for export to the U.S., Canada, and most countries. Click here for characteristics of Futura 75 posted by an independent vendor, https://www.ihempfarms.com/DS_Futura75
Although Uruguay was the first country in the World to legalize marijuana, its citizens aren’t aware of the medical benefits of the plant since it was primarily legalized for recreational use. Sannabis will use their decades of experience successfully socializing medical marijuana in Colombia to do the same in Uruguay, Argentina, and Brazil. In order to build their brand while they get a transformation license in Uruguay, Sannabis will begin exporting finished products from Colombia under a local brand that will also be sold into Argentina and Brazil.
To see a simple memorialization of the initiation of their Uruguay hemp fields, visit https://drive.google.com/open?id=19UhWtMNkSlGOX5myqylDvroXj1EVttrB.
View Systems, Inc. would also like to announce the filing of their Q3 Quarterly Report with the SEC. The report incorrectly posted the number of shares outstanding, current outstanding common shares as of today are 474,309,727.
About View Systems Inc.
View Systems Inc. provides security and surveillance products to law enforcement facilities such as correctional institutions as well as to government agencies, schools, courthouses, event and sports venues, the military and commercial businesses. View Systems’ products are used by commercial businesses and residential consumers wishing to monitor their assets and limit their liability. For more information, visit www.viewsystems.com
View Systems Inc. (www.viewsystems.com) is the developer of the ViewScan Weapons Detection System, a Department of Homeland Security (DHS) sanctioned product used by law enforcement and correctional facilities, government agencies, schools, courthouses, special events, sports venues, military, and commercial businesses. View Systems acquired Colombian Cannabis company, Sannabis, to diversify into the burgeoning Cannabis industry with new management committed to continue developing their ViewScan Weapons Detection System in Colombia for the local and international market. View Systems intends to file for a name and symbol change in the near future, however, they will continue to develop their newly enhanced state of the art ViewScan products in Barranquilla, Colombia for the local and international markets.
ViewScan is installed at government agencies in Washington, DC and elsewhere, major school systems, correctional facilities, ports, and police stations around the world. View Scan has also been used at events where top security clearance is required for former Presidents. In this Market Survey Report commissioned by the U.S. Department of Homeland Security (DHS), ViewScan demonstrated more features than their top competitors, https://www.dhs.gov/sites/default/files/publications/WTMD-MSR_0614-508.pdf
Company/Media Contact:
View Systems, Inc.
John Campo, President/Chairman
+1-410-236-8200 USA (Office/WhatsApp)
+57-318-657-0918 Colombia (Office)
[email protected]
Cannabis
Mikra Announces Partnership with Virun NutraBiosciences Inc. and Releases CELLF 2.0
Cannabis
IM Cannabis Reports First Quarter Financial Results
IMC prepares for accelerated growth after legalization in Germany and recovers from the impact of the Israel-Hamas war.
TORONTO and GLIL YAM, Israel, May 8, 2024 /PRNewswire/ — IM Cannabis Corp. (the “Company” or “IMC“) (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, announced its financial results today for the first quarter ended March 31, 2024. All amounts are reported in Canadian dollars and compared to the quarter ended March 31, 2023, unless otherwise stated.
Q1 2024 Financial Highlights
- 13% Revenue increase vs. Q4 2023 of $12.1M vs. $10.7M and 4% decrease vs. Q1 2023 of $12.5M
- 125% Gross profit increase vs. Q4 2023 of $1.8M vs. $0.8 and 39% Gross profit decrease vs. Q1 2023 of $2.9M
- 29% decrease in operating expenses vs. Q1 2023 excluding the one-time Oranim revoke related losses of $4.6M vs. $6.5M and 14% increase including Oranim
- 12% increase of Non-IFRS Adjusted EBITDA loss to $2.1M
Operational Highlights
The Company intends to complete a non-brokered private placement (the “Offering“) of secured convertible debentures of the Company (each, a “Debenture“) for aggregate proceeds of up to C$2,500,000. The Debentures will mature on the date that is 12 months from the date of issuance and will not incur interest except in the event of default. The Debentures are being issued to holders of short term loans and obligations owed by the Company or its wholly owned subsidiaries. The principal of the Debenture may be converted into common shares in the Company (each, a “Share“) at a conversion price of $1.08 per Share.
Management Commentary
“With the April 1st cannabis legalization in Germany, we are augmenting our focus and resources on the German market, where we expect to see the biggest growth potential, and the best return on investment. While it is still too early to make any predictions, our sales in Germany almost doubled during the month of April,” said Oren Shuster, Chief Executive Officer of IMC. “Looking back on the first month post legalization in Germany, I see that we have the infrastructure and the supply agreements in place to continue delivering the accelerated growth we have already seen in April. We will also ensure that we have the necessary resources in place for success.”
“In 2023 we completely restructured, becoming a very lean and agile company, leaning into active cost management. This process is reflected in the numbers, our G&A decreased 27% vs Q1 2023” said Uri Birenberg, Chief Financial Officer of IMC. “While our results have recovered from the impact of the Israel-Hamas war, our revenue was still effected by both an unfavorable exchange rate, as well as price reductions to sell off inventory.”
Q1 2024 Conference Call
The Company will host a Zoom web conference call today at 9:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Investors are invited to register by clicking here. All relevant information will be sent upon registration.
If you are unable to join us live, a recording of the call will be available on our website at https://investors.imcannabis.com/ within 24 hours after the call.
Q1 2024 Financial Results
- Revenues for the first quarter of 2024 were $12.1 million compared to $12.5 million in the first quarter of 2023, a decrease of 3%. The decrease is mainly due an exchange rate effect of about $0.2 million and decrease in avg. price per sale due to increased competition.
- Gross profit for the first quarter of 2024 was $1.8 million, compared to $2.9 million in Q1 2024, a decrease of 39%. The downside is attributed mainly to the slow-moving stock that was moved out at a lower price and an exchange rate difference totaling $0.4 million and $0.64 million cost of sales loss due to an inventory erase of the slow-moving stock. Company fair value adjustment was $0 and $0.4 million for the Q1 2024 and Q1 2023 respectively.
- Total Dried Flower sold in Q1 2024 was approximately 1,873 kg with an average selling price of $5.68 per gram, compared to approximately 1,842kg in Q1 2023, with an average selling price of $6.59 per gram. This difference is mainly due to increased competition within the retail segment, and mid-range stock discounts to move out slow moving stock.
- Total operating expenses in Q1 2024 were $7.4 million compared to $6.5 million in Q1 2023. The increase is due to the other operating expenses related to Oranim Deal revoke, with an expected losses of $2.8 million. Adjusting for this one-time losses, Q1 2024 operating expenses were $4.6 million compared to $6.5 million in Q1 2023, a decrease of 29%.
- G&A Expenses in Q1 2024 were $2.3 million, compared to $3.2 million in Q1 2023, a decrease of 28%. The decrease in the G&A expense is attributable mainly to salaries and professional services of $0.64 million.
- Selling and Marketing Expenses in Q1 2024 were $2.3 million, compared to $2.8 million in Q1 2023, a decrease of 18% mainly due to a decrease in Salaries and professional services of $0.5 million.
- Net Loss from continuing operations in Q1 2024 was $6.0 million, compared to $0.9 million in Q12023.
- Basic and diluted Loss per Share in Q1 2024 was $0.42, compared to a loss of $0.05 per Share in Q1 2023.
- Non-IFRS Adjusted EBITDA loss in Q1 2024 was $2.1 million, compared to an Adjusted EBITDA loss of $1.9 million in Q1 2023 an increase of 10%.
- Cash and Cash Equivalents as of March 31, 2024, were $1.0 million compared to $1.8 million in December 31, 2023.
- Total assets as of March 31, 2024, were $41.1 million, compared to $48.8 million in December 31, 2023, a decrease of 16%. The decrease is mainly attributed to the goodwill reduction due to Oranim agreement cancelation of about $2.8M, a reduction in Inventory of $2.1 million, reduction of Cash and cash equivalents of $0.8M and reduction in Trade payables of $1.2 million.
- Total Liabilities as of March 31, 2024, were $32.8 million, compared to $35.1 in December 31, 2023, a decrease of about 7%. The decrease was mainly due to the reduction in other accounts payables and accrued expenses of $1.8 million and reduction in the PUT option liability of $0.7 million.
The Company’s financial statements as of March 31, 2024 includes a note regarding the Company’s ability to continue as a going concern. The Company’s Q1 2024 financial results do not include any adjustments relating to the recoverability and classification of assets or liabilities that might be necessary should the Company be unable to continue as a going concern. For more information, please refer to the “Liquidity and Capital Resources” and “Risk Factors” sections in the Company’s management’s discussion and analysis for the quarter ended March 31, 2024.
Non-IFRS Measures
This press release makes reference to “Gross Margin” and “Adjusted EBITDA”, which are financial measures that are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as complementary information to the Company’s IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should neither be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
For an explanation of how management defines Gross Margin and Adjusted EBITDA, see the Company’s management’s discussion and analysis for the period ended March 31, 2024, available under the Company’s SEDAR+ profile at www.sedarplus.ca on EDGAR at www.sec.gov/edgar.
We reconcile these non-IFRS financial measures to the most comparable IFRS measures as set out below.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
Canadian Dollars in thousands |
||||||
March 31, |
December 31, |
|||||
Note |
(Unaudited) |
|||||
ASSETS |
||||||
CURRENT ASSETS: |
||||||
Cash and cash equivalents |
$ 1,048 |
$ 1,813 |
||||
Trade receivables |
6,506 |
7,651 |
||||
Advances to suppliers |
780 |
936 |
||||
Other accounts receivable |
3,732 |
3,889 |
||||
Inventories |
3 |
7,901 |
9,976 |
|||
19,967 |
24,265 |
|||||
NON-CURRENT ASSETS: |
||||||
Property, plant and equipment, net |
4,939 |
5,058 |
||||
Investments in affiliates |
2,078 |
2,285 |
||||
Right-of-use assets, net |
1,243 |
1,307 |
||||
Intangible assets, net |
5,440 |
5,803 |
||||
Goodwill |
7,442 |
10,095 |
||||
21,142 |
24,548 |
|||||
Total assets |
$ 41,109 |
$ 48,813 |
||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
Canadian Dollars in thousands |
||||||
March 31, |
December 31, |
|||||
Note |
(Unaudited) |
|||||
LIABILITIES AND EQUITY |
||||||
CURRENT LIABILITIES:
|
||||||
Trade payables |
$ 9,511 |
$ 9,223 |
||||
Bank loans and credit facilities |
11,941 |
12,119 |
||||
Other accounts payable and accrued expenses |
4,440 |
6,218 |
||||
Accrued purchase consideration liabilities |
2,165 |
2,097 |
||||
PUT Option liability |
1,967 |
2,697 |
||||
Current maturities of operating lease liabilities |
461 |
454 |
||||
30,485 |
32,808 |
|||||
NON-CURRENT LIABILITIES:
|
||||||
Warrants measured at fair value |
4 |
137 |
38 |
|||
Operating lease liabilities |
744 |
815 |
||||
Long-term loans |
401 |
394 |
||||
Employee benefit liabilities, net |
96 |
95 |
||||
Deferred tax liability, net |
902 |
963 |
||||
2,280 |
2,305 |
|||||
Total liabilities |
32,765 |
35,113 |
||||
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: |
5 |
|||||
Share capital and premium |
253,887 |
253,882 |
||||
Translation reserve |
1,399 |
95 |
||||
Reserve from share-based payment transactions |
9,664 |
9,637 |
||||
Accumulated deficit |
(255,431) |
(249,145) |
||||
Total equity attributable to equity holders of the Company |
9,519 |
14,469 |
||||
Non-controlling interests |
(1,175) |
(769) |
||||
Total equity |
8,344 |
13,700 |
||||
Total liabilities and equity |
$ 41,109 |
$ 48,813 |
||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
||||||
AND OTHER COMPREHENSIVE INCOME (UNAUDITED) |
||||||
Canadian Dollars in thousands, except per share data |
||||||
Three months ended March 31, |
||||||
Note |
2024 |
2023 (*) |
||||
Revenues |
$ 12,063 |
$ 12,529 |
||||
Cost of revenues |
10,274 |
9,286 |
||||
Gross profit before fair value adjustments |
1,789 |
3,243 |
||||
Fair value adjustments: |
||||||
Realized fair value adjustments on inventory sold in the period |
(10) |
(339) |
||||
Total fair value adjustments |
(10) |
(339) |
||||
Gross profit |
1,779 |
2,904 |
||||
General and administrative expenses |
2,332 |
3,175 |
||||
Selling and marketing expenses |
2,292 |
2,805 |
||||
Restructuring expenses |
– |
283 |
||||
Share-based compensation |
32 |
258 |
||||
Other operating expenses |
9 |
2,753 |
– |
|||
Total operating expenses |
7,409 |
6,521 |
||||
Operating loss |
5,630 |
3,617 |
||||
Finance income |
4 |
(14) |
3,530 |
|||
Finance expense |
(487) |
(795) |
||||
Finance income, net |
(501) |
2,735 |
||||
Gain (loss) before income taxes |
(6,131) |
(882) |
||||
Income tax benefit |
(111) |
(16) |
||||
Net )loss( gain |
(6,020) |
(866) |
||||
Other comprehensive income that will not be reclassified to profit or loss in |
||||||
Total other comprehensive income that will not be reclassified to profit or loss |
67 |
36 |
||||
Exchange differences on translation to presentation currency |
1,330 |
(562) |
||||
Total other comprehensive income (loss) that will not be reclassified to profit |
1,397 |
(526) |
||||
Other comprehensive income that will be reclassified to profit or loss in |
||||||
Adjustments arising from translating financial statements of foreign operation |
(35) |
155 |
||||
Total other comprehensive income (loss) that will be reclassified to profit or loss |
(35) |
155 |
||||
Total other comprehensive income (loss) |
1,362 |
(371) |
||||
Total comprehensive loss |
$ (4,658) |
$ (1,237) |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
||||||
AND OTHER COMPREHENSIVE INCOME (UNAUDITED) |
||||||
Canadian Dollars in thousands, except per share data |
||||||
Three months ended March 31, |
||||||
Note |
2024 |
2023 (*) |
||||
Net income (loss) attributable to: |
||||||
Equity holders of the Company |
(5,623) |
(600) |
||||
Non-controlling interests |
(397) |
(266) |
||||
$ (6,020) |
$ (866) |
|||||
Total comprehensive income (loss) attributable to: |
||||||
Equity holders of the Company |
(4,252) |
(959) |
||||
Non-controlling interests |
(406) |
(278) |
||||
$ (4,658) |
$ (1,237) |
|||||
Net income (loss) per share attributable to equity holders of the Company: |
7 |
|||||
Basic and diluted (loss) gain per share (in CAD) |
$ (0.42) |
$ (0.05) |
||||
Earnings (loss) per share attributable to equity holders of the Company |
||||||
Basic and diluted (loss) gain per share (in CAD) |
$ (0.42) |
$ (0.05) |
||||
(*) See note 1 regarding figures disclosure. |
||||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||
Canadian Dollars in thousands |
||||
Three months ended March 31, |
||||
2024 |
2023 (*) |
|||
Cash provided by operating activities: |
||||
Net income (loss) for the period |
$ (6,020) |
$ 43 |
||
Adjustments for non-cash items: |
||||
Fair value adjustment on sale of inventory |
10 |
339 |
||
Fair value adjustment on Warrants, investments and accounts receivable |
100 |
(3,636) |
||
Depreciation of property, plant and equipment |
147 |
174 |
||
Amortization of intangible assets |
452 |
456 |
||
Depreciation of right-of-use assets |
118 |
179 |
||
Impairment of goodwill |
2,753 |
– |
||
Finance expenses, net |
401 |
635 |
||
Deferred tax liability, net |
(69) |
(150) |
||
Share-based payment |
32 |
258 |
||
Restructuring expense |
– |
283 |
||
3,944 |
(1,462) |
|||
Changes in working capital: |
||||
Decrease (increase) in trade receivables |
1,332 |
1,937 |
||
Decrease (increase) in other accounts receivable and advances to suppliers |
159 |
(940) |
||
Decrease (increase) in inventories, net of fair value adjustments |
2,159 |
90 |
||
Decrease (increase) in trade payables |
663 |
(6,021) |
||
Changes in employee benefit liabilities, net |
– |
(22) |
||
Increase in other accounts payable and accrued expenses |
(2,745) |
(14) |
||
1,568 |
(4,970) |
|||
Taxes (paid) received |
(121) |
328 |
||
Net cash used in operating activities |
(629) |
(6,061) |
||
Cash flows from investing activities: |
||||
Purchase of property, plant and equipment |
(2) |
(411) |
||
Payment of purchase consideration |
– |
(56) |
||
Net cash used in investing activities |
$ (2) |
$ (467) |
||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||
Canadian Dollars in thousands |
||||
Three months ended March 31, |
||||
2024 |
2023 |
|||
Cash flow from financing activities: |
||||
Proceeds from issuance of share capital, net of issuance costs |
176 |
825 |
||
Proceeds from issuance of warrants |
(176) |
7,027 |
||
Repayment of lease liability |
(118) |
(175) |
||
Interest paid – lease liability |
(15) |
(18) |
||
Receipt (repayment) of bank loan and credit facilities |
(2,856) |
(1,046) |
||
Cash paid for interest |
(444) |
(56) |
||
Proceeds from discounted checks |
2,581 |
|||
Net cash (used in) provided by financing activities |
(852) |
6,557 |
||
Effect of foreign exchange on cash and cash equivalents |
718 |
(1,059) |
||
Decrease in cash and cash equivalents |
(765) |
(1,030) |
||
Cash and cash equivalents at beginning of the period |
1,813 |
2,449 |
||
Cash and cash equivalents at end of the period |
$ 1,048 |
$ 1,419 |
||
Supplemental disclosure of non-cash activities: |
||||
Right-of-use asset recognized with corresponding lease liability |
$ 40 |
$ 49 |
||
Issuance of shares in payment of debt settlement to a non-independent director of the company |
$ – |
$ 222 |
||
(*) See note 1 regarding Figures disclosure. |
||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements. |
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. The Company also operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries. The Company has exited operations in Canada and considers these operations as discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the impact of the Israel-Hamas war on the Company, including its operations and the medical cannabis industry in Israel; the timing and impact of the legalization of medicinal cannabis in Germany, including, the Company having it “all in house”; the Company being positioned to take advantage of the legalization; the Company’s growth in 2024; the market growth for medicinal cannabis in Germany; the stated benefits of the Company’s EU-GMP processing facility and an EU-GDP logistics center; the Company to host a teleconference meeting as stated; and the Company’s stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.
Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to focus and resources to achieve sustainable and profitable growth in its highest value markets; the Company’s ability to mitigate the impact of the Israel-Hamas war on the Company; the Company’s ability to take advantage of the legalization of medicinal cannabis in Germany; the Company’s ability to host a teleconference meeting as stated; and the Company’s ability to carry out its stated goals, scope, and nature of operations in Germany, Israel, and other jurisdictions the Company may operate.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and its subsidiaries (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the Israel-Hamas war on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; the Company’s inability to take advantage of the legalization of medicinal cannabis in Germany; and the Company’s inability to host a teleconference meeting as stated.
Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]
Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504
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