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Update:  Hemp, Inc. Announces Launch of CBDA and CBGA Products in Response to New Covid Study Findings

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Las Vegas, NV, Jan. 18, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — From old-fashioned to new-fashioned, hemp has done it again and Hemp, Inc. (OTC PINK: HEMP) is right on the forefront. The Company announced it will be launching a CBDA and CBGA line of water, tinctures, gummies, capsules, and edibles, as its primary cannabinoids. With 14 years under its belt and counting, the Company has been a consistent force leading the way in the industrial hemp industry much like Oregon State University’s (OSU) recent study that “found hemp compounds could prevent a Covid-19 infection”. This not only sparked new interest in hemp compounds, it’s creating a tidal wave across the country… and who wouldn’t ride that wave?

Hemp, Inc. is riding that wave. The CBDA and CBGA water, tinctures, gummies, capsules, and edibles will come in a variety of sizes, potencies, flavors and formulas and the first of these products is scheduled to hit the market very soon. “We plan to sell these products wholesale and retail direct-to-consumer through our new website www.hemp4covid.com (currently under construction and being updated) by utilizing aggressive SEO and marketing strategies,” said one Hemp, Inc. executive.

“I can easily see how every human being on earth would want to buy these products on an ongoing basis. I’ll certainly take one or more of these products daily,” said Chief Visionary Consultant, Bruce Perlowin. “And imagine the amount of revenue this could potentially generate for Hemp, Inc.”

The current King of Hemp® product line includes:

King of Hemp® Gummies – These CBD edibles come in a variety of flavors and potencies of 25 gm, 20 gm and 10 gm. Flavors include blue raspberry, kiwi, strawberry, pineapple, guava, tropical, apple, citrus, berry tang and more. CBD Fruit Rings (20 gm and 10 gm) are available in apple, peach and watermelon. King of Hemp® Sour Bears in assorted flavors (10 gm) are in stock, too.

King of Hemp® Caviar (previously called Moon Rocks) offers high CBD potency and a rich taste. The Caviar is made from high-quality Bubba Kush hemp flower, coated in a THC-free distillate and then rolled in CBG-rich kief. While Caviar can be smoked in a pipe or vaped, it should not be rolled into a cigarette.

King of Hemp® Diamonds contain over 95% CBD and are derived from terpene-infused THC-free distillate. Diamonds are consumed by dabbing.

The robustly flavored King of Hemp® Pre-Rolls are made from organic, pesticide-free Bubba Kush hemp wrapped in RAW Natural Rolling Paper. The unique wrapper is made from 100% plants with no added chalk or dyes. Pre-Rolls are sold online as singles and in a six-pack.

Fortified Pre-Rolls utilize the King of Hemp® Pre-Roll and cover it with a high-CBD distillate and hemp CBG kief. These highly potent, flavorful pre-rolls are recommended for experienced smokers. 

Midnight Express, a high CBG Pre-Roll, is made from premium hemp flowers, named in honor of the 1977 book by Billy Hayes ‘Midnight Express’, which was also an award-winning feature film, written by Oliver Stone. Hemp, Inc. uses a proprietary process for its Pre-Rolls, which includes blending the best flower from numerous hemp crops. King of Hemp® Pre-Rolls offer smokers a unique, consistent profile every time.

King of Hemp® Tinctures are currently sold out, but new-formulation tinctures will be available at the King of Hemp® online store and at retail locations very soon.

Many anticipate OSU’s study will generate a huge “rush-to-market” but Hemp, Inc. is already ahead of the curve, as its CBD line can easily be reformulated with CBDA and CBGA.

The new OSU scientific study, as noted by one news source, found acidic hemp compounds (CBDA and CBGA) “bind to the Covid spike protein, blocking a critical step in the viral entry process.” According to another source, CBGA (cannabigerolic acid) is the “mother cannabinoid” of popular compounds such as CBD and THC. CBGA converts to other precursor compounds, one of which is CBDA (cannabidiolic acid). When a cannabis plant is exposed to enough heat and sunlight, CBDA converts to CBD.

Specifically, Richard van Breemen, the researcher who led the OSU study, “found that a pair of cannabinoid acids bind to the SARS-CoV-2 spike protein, blocking a critical step in the process the virus uses to infect people.  The compounds are cannabigerolic acid, or CBGA, and cannabidiolic acid, CBDA, and the spike protein is the same drug target used in COVID-19 vaccines and antibody therapy. A drug target is any molecule critical to the process a disease follows, meaning its disruption can thwart infection or disease progression.”

Van Breeman’s findings show these “cannabinoid acids are abundant in hemp and in many hemp extracts.  They are not controlled substances like THC, the psychoactive ingredient in marijuana, and have a good safety profile in humans. And our research showed the hemp compounds were equally effective against variants of SARS-CoV-2, including variant B.1.1.7, which was first detected in the United Kingdom, and variant B.1.351, first detected in South Africa.” (source)

This preliminary CBD research is a great start. However, additional research is necessary before anyone can make any type of medical health claim but it’s not stopping a frenzy among consumers akin to protect themselves against “The Rona” (coronavirus).  It should be noted that Hemp, Inc. does not make medical claims on any of its products. In fact, executives believe consumers should do their own research and draw their own conclusions based on that research. If you’re not sure where to start, watch this video on Bloomberg.

During a Q&A session with van Breeman, a vice.com interviewer asked the scientist questions many people want to know. See below for a snippet of that interview.

Do you think that federal legalization could be sort of a new frontier and research in this realm?

Absolutely, yes. Hemp is an unusual plant in the sense that it has several unique classes of compounds not found elsewhere in nature. It’s rich in compounds that have bioavailability. Often, we’ll do research on a plant and find compounds that, in a lab setting, seem to be effective and a mechanism that could be beneficial for health. But then when doing a human study, we find maybe they’re not as active because they don’t reach the bloodstream if given in pill form. Hemp is different. We know that many constituents of hemp are active. We know that they’re active when given in oral, when given by inhalation, and given by transdermal patches and so forth. So, hemp is unusually rich in compounds with known biological activity, and they’re able to reach the human bloodstream and have effects. And they have a high degree of safety!

Looking forward, do you have any thoughts on how you hope to see your findings contribute to scientific understanding of cannabis and COVID? And federal response to the pandemic and emerging variants?

In answer to one of my grant reviews, we have established the principle that small molecules can prevent viral infection. So that, I believe, is an important sort of basic science discovery. Secondly, we found compounds in hemp that have, at least in cell culture with live virus, the ability to stop cells from being infected. I would love to see a follow up study where we start developing what the oral dose ought to be. How can we maintain how many doses per day and what level do we need to help prevent viral infection or transmission? And I think we have a product that should be safe to use eventually. I can envision hemp extracts being used to help people stay healthy and help stop them getting sick from COVID.

(Read the full Q&A here.)

Is there anything hemp can’t do? Simply put, hemp has been one of Earth’s greatest assets in its arsenal of natural, sustainable products, past, present and future. It’s old-fashioned and new-fashioned. Who wouldn’t want to ride the wave?

With more than 10 years of experience in growing and processing hemp in North America, Hemp, Inc. has an established network of industry professionals in every segment of the industrial hemp industry. Hemp, Inc. has the largest industrial multipurpose hemp processing facility in North America, an 85,000-square foot facility in Spring Hope, N.C.  Its mission of providing green solutions that help make the world a better place continues to flourish as the company advances an ever-growing portfolio of revenue- and value-generating synergistic businesses. Hemp may be the salvation in retooling America for greener, more sustainable domestic manufacturing.

HEMP, INC.’S RECENT ACQUISITIONS

Hemp, Inc. had its second major acquisition in less than three months. In the all-stock transaction, Hemp, Inc. acquired full ownership of American Sustainable Rubber Company, LLC (ASR). This specific acquisition will enable Hemp, Inc. to leverage ASR’s proprietary intellectual property to improve its hemp grows and harvesting. The first acquisition was acquiring Ferris Holding, Inc., a leading co-packer and manufacturer based in Las Vegas, Nevada. To read more on how these strategic acquisitions are positioning the Company for long-term profitable growth, click here.

COMPASSIONATE CAPITALISM

Hemp, Inc. is igniting our “Compassionate Capitalism” with our new King of Hemp® wraps, a wrap made with hemp leaves instead of tobacco leaves. When you use a King of Hemp® wrap, a sizable portion of the proceeds supports CannaSense Campaign in assisting non-violent plant prisoners, their families, and pushing medical cannabis research. We invite you to show your care and support by purchasing a box of 50 King of Hemp® wraps for $42.00. There are more than 40,000 people behind bars for cannabis and hundreds spending life sentences. With every hit of a King of Hemp® wrap you breathe, you’re helping people imprisoned for marijuana and reuniting families.  Get your box of 10 today.

WHAT IS HEMP, INC.?

With a deep-rooted social and environmental mission at its core, Hemp, Inc. seeks to build a business constituency for the American small hemp farmer, the American veteran, and other groups experiencing the ever-increasing disparity between tapering income and soaring expenses. The Company is on a mission to be a powerful engine for social change and economic revival, worldwide, by providing hemp products that are eco-friendly, sustainable and healthy. Hemp, Inc. executives believe there can be tangible benefits reaped from adhering to a corporate social responsibility plan.

HEMP, INC.’S TEN DIVISIONS

It has been Hemp, Inc.’s intent to continually invest in building its hemp infrastructure, especially since none existed previously. In fact, the Company has instinctively been following the same path as Amazon… reinvesting profits and operating capital back into building the infrastructure. This is a business strategy that has been proven and works well.

All the years leading up to this point were building and finishing the largest hemp infrastructure in America and now the Company is focusing 90% of its efforts on marketing and generating revenues.

Hemp, Inc.’s ten divisions are as follows:

Division One         –       The Industrial Hemp Infrastructure

Division Two         –       The Hemp Farming Infrastructure

Division Three       –       The Hemp Pre-Roll Blending Infrastructure

Division Four         –       The Hemp Educational Infrastructure

Division Five         –       The Hemp Marketing Infrastructure

Division Six           –       Accessories, Products and Services

Division Seven      –       Research and Development

Division Eight        –       Industrial Hemp Investments and Joint Ventures

Division Nine         –       Industrial Hemp Consulting

Division Ten           –       Educational Entertainment

Division One – The Industrial Hemp Infrastructure

The Industrial Hemp Infrastructure division consists of two hemp processing facilities. The largest of the two is its multi-purpose industrial hemp processing facility and milling operation in Spring Hope, North Carolina. It’s the largest “industrial hemp processing center” in the western hemisphere and has grown to become one of the pre-eminent centers of the industrial hemp industry. The 85,000 square foot facility sits on 9-acres. It is environmentally sustainable and was built from the ground up in hopes of “Making America Hemp Again.”

The facility currently has approximately 769,794 pounds of raw kenaf bales, 363,225 pounds of DrillWall®; and 449,552 pounds of Spill-B-Gone™. That’s a total of approximately 1,582,571 pounds of product.

In addition to the company’s two industrial hemp processing facilities, Hemp, Inc also acquired a significant manufacturer and co-packer, Ferris Holding Inc. (“Ferris”), headquartered in Las Vegas, Nevada.  Hemp Inc.’s all stock acquisition of Ferris will provide cost savings and increased revenue of products developed, manufactured and co-packed by Ferris. As a leading co-packer and manufacturer, Ferris will expand Hemp, Inc.’s launching of new products in the hemp market that can be distributed and sold worldwide by Hemp, Inc.

Hemp, Inc. and their associates also have land in Golden Valley, Arizona (100 miles from Las Vegas, 20 miles north of Kingman, AZ).  A good portion, of this land, is designated for the Veteran’s Village Kins Community (VVKC) for Arizona and acres are being prepped for industrial hemp cultivation. The company aims to boost the economies of these small towns by offering affordable hemp processing services, which incentivizes local growers to add hemp to their crop rotation.

Division One Products:

DrillWall® (a loss circulation material)

Spill-Be-Gone® (an oil spill cleanup product)

Division Two – The Hemp Farming Infrastructure

The Hemp Farming Infrastructure (Division Two) consists of farm equipment, cloning rooms, clones and seeds, grow rooms, greenhouses, hemp drying facilities and a huge amount of peripheral farming tools and equipment. The progress Hemp, Inc. has made in its agricultural endeavors, over the course of seven years, has been amazing.  (Visit https://www.hempincpresents.com/ to see the videos of Hemp, Inc.’s grows in multiple locations.)

Hemp, Inc. also has three “Small Family Hemp Farm” models. The “Small Family Hemp Farm” in North Carolina is situated on 12 acres and consists of a cloning room, a greenhouse, and enough land to grow 2,000-3,000 high CBD or CBG hemp plants. The model shows farmers how to grow high CBD and CBG hemp plants, operate a greenhouse and turn a barn into a cloning room to earn up to $100,000+ a year. This shows an example of how the “Small Family Hemp Farm” can be duplicated and reappear on the American landscape. After all, the original small family farms in America were able to survive economically by growing hemp as their main cash crop and the first five presidents of the United States were all hemp farmers.

The other two “Small Family Hemp Farm” models are located in Dolan Springs, Arizona. One of which is referred to as “The Orchard” because it has a sizable organic orchard. There are 2 acres on which CBG hemp will be grown; a cloning room; cold storage; and a greenhouse that is planned to be installed.

Division Two Products include:

King of Hemp® Gummies – These CBD edibles come in a variety of flavors and potencies of 25 gm, 20 gm and 10 gm. Flavors include blue raspberry, kiwi, strawberry, pineapple, guava, tropical, apple, citrus, berry tang and more. CBD Fruit Rings (20 gm and 10 gm) are available in apple, peach and watermelon. King of Hemp® Sour Bears in assorted flavors (10 gm) are in stock, too. 

King of Hemp® Caviar (previously called Moon Rocks) offers high CBD potency and a rich taste. The Caviar is made from high-quality Bubba Kush hemp flower, coated in a THC-free distillate and then rolled in CBG-rich kief.

King of Hemp® Diamonds, which contain over 95% CBD, are derived from terpene-infused THC-free distillate. 

King of Hemp® Pre-Rolls, robustly flavored, are made from organic, pesticide-free Bubba Kush hemp wrapped in RAW Natural Rolling Paper. The unique wrapper is made from 100% plants with no added chalk or dyes. Pre-Rolls are sold online as singles and in a six-pack.

Fortified Pre-Rolls, the highly potent, flavorful pre-rolls recommended for experienced smokers, utilize the King of Hemp® Pre-Roll and covering it with a high-CBD distillate and help kief.

Midnight Express, a high CBG Pre-Roll, is made from premium hemp flowers, named in honor of the 1977 book by Billy Hayes ‘Midnight Express’, which was also an award-winning feature film, written by Oliver Stone. Hemp, Inc. uses a proprietary process for its Pre-Rolls, which includes blending the best flower from numerous hemp crops. King of Hemp® Pre-Rolls offer smokers a unique, consistent profile every time.

King of Hemp® Tinctures boast a new-formulation that will be available at the King of Hemp® online store and at retail locations very soon.

Hemp, Inc. began shipping its King of Hemp® product line to stores across the country in late 2020.

Division Three – The Hemp Pre-Roll Blending Infrastructure

Hemp, Inc. acquired a significant manufacturer and co-packer, Ferris Holding Inc. (“Ferris”), headquartered in Las Vegas, Nevada.  Hemp, Inc.’s all stock acquisition of Ferris will provide cost savings and increased revenue of products developed, manufactured and co-packed by Ferris. As a leading co-packer and manufacturer, Ferris will expand Hemp, Inc.’s launching of new products in the hemp market that can be distributed and sold worldwide by Hemp, Inc.

Ferris was founded and began operations in 2005 and has been the manufacturer of the King of Hemp® smokable product line for Hemp, Inc. With consistent stellar health department ratings and innovative manufacturing processes that increase quality while decreasing loss, Ferris is a highly respected manufacturer. The ownership of Ferris has agreed to allow their management team to stay on for at least one year, assuring a smooth transition to the management team at Hemp, Inc. 

Division Four – The Hemp Educational Infrastructure

The Hemp Educational Infrastructure division includes Hemp, Inc.’s Hemp University which focuses on educating and empowering hemp farmers and entrepreneurs with knowledge, processing, infrastructure and support. The educational seminars, through the Hemp University, are held as needed. These seminars teach farmers and landowners how to create a profitable income stream by maximizing the per-acre crop revenue. Through this division, Hemp, Inc. has trained well over 500 farmers in its first two years by doing a total of nine Hemp University seminars in North Carolina and Oregon, which included:

·       The New Leaf Symposium and Golden Grow Awards Gala – January 26, 2020 (Jacksonville, Oregon). This symposium celebrated optimism and resilience in the industry, the power of the plant, and faith in the hemp-producing community. The event sold out with over 180 attendees and concluded with the “Golden Grow Awards Gala”. The Golden Grow Awards Gala honored Oregon’s top cultivars and put Oregon’s best farmers head-to-head for some of the most prestigious hemp-industry accolades. There were four categories judged in the awards: Top CBD, Top Terpenes, Judge’s Favorite, and Peoples’ Choice.

·       The Pre-Harvest Symposium – September 8, 2019 (Oregon). Held at Southern Oregon University, the symposium was expertly designed for both farmers and entrepreneurs of all experience levels and focused on harvesting, processing and profit channels within the hemp industry. The third edition of the Southern Oregon Hemp University brought an abundance of insight into innovations within the realm of harvesting and processing to the forefront. Additionally, the symposium touched on traditional practices in agriculture. 

·       Pre-Plant Support Workshop – May 4, 2019 (Oregon). The Pre-Plant Support Workshop was an incredible success that filled the entire venue to capacity with attendees. In total, there were close to 200 attendees, including 20 vendors in attendance. The workshop was designed to help hemp farmers or those interested in the hemp industry learn the best pre-planting practices prior to the planting season. The Hemp University Pre-Planting Support Workshop was an interactive and informative workshop that covered the various details hemp farmers should know prior to planting.

·       The Hemp University Educational Seminar – March 23, 2019 (Oregon). This was the first Hemp University held on the West Coast. The seminar provided attendees with a full day of networking, education, and support. The seminar helped others in the area who were interested in the hemp industry learn more about the “Industrial Hemp Revolution” and how this movement can not only transform Southern Oregon’s economy, but also revive family farms and small businesses in the surrounding areas.

·       Growing Hemp for Profit – March 10, 2018 – (North Carolina). The Hemp University’s first educational symposium event of 2018 entitled “Growing Hemp for Profit” took place on Saturday, March 10, 2018. Attendees learned from the University’s industrial hemp experts as they shared their lessons from their experiences in growing industrial hemp.

·       Hemp Money Event: Economics, Lessons & Planning for 2018 – December 2, 2017 – (North Carolina). This was the fifth most vital and anticipated educational symposium of the year. Attendees learned the economics of growing industrial hemp for fiber, seeds, and CBD.  They also learned about other master POD growers’ experiences and lessons; and, learned how to prepare for the 2018 industrial hemp growing season with a well-defined blueprint for success.

·       The Hemp Oil Event: The Art and Science of CBD Oil – September 30, 2017 (North Carolina). This was the Hemp University’s fourth symposium in North Carolina, held on Saturday, September 30, 2017 from 8:30am to 5:00pm at the Peachtree Hills Country Club, 3512 Peachtree Hills Road, Spring Hope, NC 27882. The symposium brought attendees up to speed on all business and scientific aspects of Industrial Hemp CBD cannabinoids by disseminating current, reliable information that continues to shape the revolutionary CBD market. Attendees also got a chance to go to Hemp, Inc.’s, then, 70,000 square foot multipurpose industrial hemp decortication facility for the first live public demonstration of its Supercritical CO2 Extraction System using North Carolina-grown CBD industrial hemp. Representatives from NuAxon Bioscience were also on-site to allow those interested in purchasing their own CBD extraction system.

·       The Art and Science of CBD Greenhouse Growing – June 24, 2017 (North Carolina). The 3rd Hemp University educational symposium held on June 24, 2017 focused on The Art and Science of CBD Greenhouse Growing. The educational symposium was held at Louisburg College in Louisburg, North Carolina. A team of experts engaged attendees through the greenhouse and indoor growing process from cultivation to harvest and from processing to distribution. Dr. Robert Bruck, Dean of Science, Technology, Engineering and Mathematics and Distinguished Professor of Environmental Science at Louisburg College, was The Hemp University’s special guest who lectured on soil microbiology during the symposium. Attendees were able to spend half of the course at Hemp, Inc.’s, then, 70,000 square-foot Industrial Hemp Hub, in a 3,000 square-foot cloning room. There, attendees had the opportunity to experience a more hands-on learning approach.

·       Farming Hemp for Profit™ – April 29, 2017 (North Carolina). Hemp, Inc.’s second, sold out, educational symposium (Farming HEMP for Profit™), through its Hemp University, was a phenomenal success. The symposium took place on Saturday, April 29, 2017, from 8:30am – 5:00pm, at the Hampton Inn & Suites located at 3920 Arrow Drive, Raleigh, NC 27612 and drew over 100 attendees. The one-day educational symposium and tour of Hemp, Inc.’s, then, 70,000 square-foot multipurpose industrial hemp facility was an opportunity for landowners and farmers to learn how to apply real business building tactics with a “specific step-by-step blueprint” on how to grow, sell and profit from farming industrial hemp. This event accomplished its mission to help landowners and farmers add a new viable and profitable income stream by maximizing the per-acre crop revenue.

·       Farming Hemp for Profit™ – March 18, 2017 (North Carolina). This was Hemp, Inc.’s first Hemp University symposium. The symposium was a sold-out event and was a huge success with 100 attendees who rated the quality of information presented as excellent. The symposium took place on Saturday, March 18, 2017, from 8:00am – 5:00pm, at Hemp, Inc.’s wholly owned subsidiary, Industrial Hemp Manufacturing, LLC, located at 1436 Highway 581 North, Spring Hope, North Carolina, 27882. The one-day educational symposium was an opportunity for landowners and farmers to receive a “specific step-by-step blueprint” on how to grow, sell and profit from farming industrial hemp by using real business tactics and principles, presented by industry experts.

To listen to past Hemp University workshops, please visit hemp-university.teachable.com. Also visit https://www.hempincpresents.com to see highlights from Hemp, Inc.’s inaugural Hemp University held in North Carolina, which sold out in two weeks.

The Hemp University’s twelve online educational masterclasses are $10 each and each masterclass is under an hour in length. The online courses include lectures from industry leaders who have educated attendees at the Hemp University workshops in Oregon. These online masterclasses provide farmers who were either not able to attend the first Hemp University or who would like to revisit certain topics presented by the event speakers.

Those interested in Hemp, Inc.’s online courses, including experts in any aspect of the industrial hemp industry, should contact Chris Tinney on (855) 554-6834 or via email at ([email protected]).

Division Five – The Hemp Marketing Infrastructure

While marketing is a critical facet of any business operation for increasing revenues, Hemp, Inc. believes there must be a keen focus on the infrastructure. The demand for CBD, CBG and other hemp products is massive, some even say the demand is insatiable. In order to supply that type of volume/demand, there must be a strong foundation or infrastructure in place. Hemp, Inc. will continue to grow a rock-solid Hemp Marketing Infrastructure.

Division Six – Accessories, Products and Services

The Accessories, Products and Services division focuses on the sale of hemp industry accessories such as the sale of extractors, harvesters, storage bags, containers, fertilizer, soil amendments, humidifiers, dehumidifiers, balers, greenhouses, and greenhouse equipment; the drying, trimming, curing, storing and brokering for other farmers harvesting hemp; and ultimately anything else a hemp farmer may need to be successful.

Hemp, Inc. plans on greatly expanding this division.

Division Seven – Research and Development

Hemp, Inc. is proud to have been a pioneer and leader in the early stages of the hemp industry in America.  The Research and Development division has been an integral part of the company since day one.  A formal research and development project is in the works and the company plans on expanding this division in the future.

Division Eight – Industrial Hemp Investments and Joint Ventures

Since the passing of the 2018 hemp bill, Hemp, Inc. has been flooded with inquiries of people who want to invest in the hemp industry but don’t know where to start. As the avant-guard of the industrial hemp industry, Hemp, Inc. has put together numerous joint venture investment opportunities for the medium to large-scale investor. Those who are interested should email [email protected].

Millionaire investors, and in some cases billionaires and billion-dollar hedge fund managers, are aggressively trying to get into the hemp industry since the passing of the 2018 Farm Bill. A joint venture agreement with Hemp, Inc. has been very appealing to investors because of the company’s vast network of experts and resources.

Division Nine – Industrial Hemp Consulting

Hemp, Inc.’s Industrial Hemp and Medical Marijuana Consulting Company (IHMMCC) was restructured as its ninth division and is now “Division Nine – Industrial Hemp Consulting”. With an influx of public companies wanting to expand into the industrial hemp industry, Hemp, Inc. has been inundated with potential consulting agreements. To keep up, Hemp, Inc. revamped its consulting division to work hands-on with each company to provide its years of expertise.

Typically, companies seeking in depth consulting services from Hemp, Inc. pay mostly in stock since cash flow is oftentimes tight during the developmental stage of start-up companies in this industry. Through Hemp, Inc.’s Industrial Hemp Consulting division, a wide range of services are forged from the experiences of creating the first publicly traded company in the cannabis sector (Medical Marijuana, Inc.) and having over a decade of experience in the industrial hemp industry’s public sector.

Division Ten – Educational Entertainment

Hemp, Inc.’s Entertainment division will cover everything from investing in the movie “The Adventures of the King of Pot” (https://www.kingofpotthemovie.com/) and other historical movies, books and documentaries representing our industry up to the current docuseries being made on “The Modern Day History of Hemp”. Those interested in investing in any one of these ventures should contact the division’s Project Manager, Chris Tinney, at 855-554-6834 or via email, [email protected].

VETERAN VILLAGE KINS COMMUNITIES

To see the livestream feed for the Veteran’s Village Kins Community Arizona, visit https://www.hempinc.com/arizona and click on “View Live Feed” or visit www.kinscommunity.com and click on the “Livestream Video” tab.

The Veteran Village Kins Community in Arizona has completed its final site plan blueprints for its 36 of the 500-acre site in Golden Valley, Arizona (20 miles north of Kingman, AZ and 90 minutes from Las Vegas, NV). The Company is also in the final stages of completing the necessary infrastructure to support an off-grid, renewable, energy system.

Live streaming video can be accessed on www.kinscommunity.com by clicking the “Livestream Video” tab. Viewers are able to actually see the way the Veteran’s Village Kins Community is designed and watch it being built. The basic framework or overall plan of the Veteran’s Village Kins Communities is to create a holistic healing and learning center that is designed to educate and heal veterans with PTSD, alcoholism, meth addiction, opioid addiction, and other psychological conditions while at the same time training them on the numerous aspects of being part of the emerging multi-billion-dollar hemp industry.

The Company will also build hemp-growing communities for other groups such as “Abused” Women & Children Village Kins Communities; the “Orphans” Village Kins Communities; “Homeless” Village Kins Communities, the “Healers” Village Kins Communities (the healers are professionals who are knowledgeable in the modalities to treat these traumatized groups); and a community to “Heal the Healers” called Heal the Healers Village Kins Community Arizona. These particular communities are all synergistically aligned to work simultaneously supporting each other.

For example, the “Healers” heal the traumatized veterans and women & children; the women support orphaned children, and orphaned children want to see people living in homes and not homeless. Thus, a portion of the hemp grown in each community goes to create and support another community, giving everybody a sense of giving back and helping others as they help themselves. This circles back to the healers who also work to heal the veterans and the other traumatized groups. This is the economic foundation on how the sale of the hemp products operates as a “quantum economic matrix” or an example of “symbiotic economics” which is way more complex than this brief description allows.

The VVKC will include a 100,000-square foot GMP compliant, central processing plant and various health and wellness centers to support veterans who may have psychological, emotional or health issues. It will also give veterans and other Americans a place to learn new skills and take part in this multi-billion-dollar hemp CBD market. It’s a big part of the company’s mission to give back. They have also expanded the Kins Community concept internationally focusing on, but not limited to, Israel, New Zealand, Canada, Africa, Australia and Jamaica.

PRESS COVERAGE

Hemp, Inc. has created an enormous amount of media coverage. See below for the partial list of press hits the Company has received:

·       Press Release: “Hemp, Inc. Affiliate, Through a Joint Venture, Featured on Business Insider for North Carolina Farming Operations”

·       Hit: “HEMP, INC. Joins The Stock Day Podcast to Discuss The Distribution of Their Hemp PreRolls” – Stock Day Podcast, September 27, 2019

·       Press Release: “HEMP, INC. Joins The Stock Day Podcast to Discuss The Distribution of Their Hemp PreRolls”

·       Hit: “Hemp hardwoods, bioplastics expand crop use beyond CBD” – United Press International, October 2, 2019

·       Press Release: “Hemp, Inc. Featured in Globally Syndicated News Provider, United Press International, Discussing Industrial Applications for Bioplastics”

·       Hit: “Rising High: An Exclusive Talk with Industrial Hemp Company Hemp, Inc.” – The Fly, October 17, 2019

·       Press Release: “Hemp, Inc. Profiled in Financial News Outlet, The Fly”

·       Hit: “Lack of Processing Facilities For Hemp” – ABC News Watch 12, October 30, 2019

·       Press Release: “Hemp, Inc. Oregon Processing Operation Featured in NewsWatch 12’s Harvest Coverage”

·       Hit: “Hemp farmers in red tape” – CBS News 10, November 5, 2019

·       Press Release: “Hemp, Inc.’s Commentary on New USDA Rules Featured in KTVL Broadcast and Smoky Mountain News”

·       Hit: “Legislature to ban smokable hemp in N.C.” – Smoky Mountain News, November 6, 2019

·       Press Release: “Hemp, Inc.’s Commentary on New USDA Rules Featured in KTVL Broadcast and Smoky Mountain News”

·       Hit: “Hemp Inc. CEO, Bruce Perlowin Interview” – The Light, November 13, 2019

·       Press Release: “Hemp, Inc. CEO Bruce Perlowin Joins News Video Series, The Light, to Discuss Company Initiatives”

·       Hit: “Hemp Industry Prime for Post-Pandemic Growth” – Cannabis Tech, April 17, 2020

·       Hit: “Cannabis Businesses During the Coronavirus” – Way of Leaf, April 17, 2020

·       Hit: “American Hemp Farmers Table Talk” – Youtube, May 26, 2020

·       Hit: E.95 Changing the World through Hemp ft. “King of Pot Stocks” Bruce Perlowin – Lit & Lucid Podcast, July 7, 2020

·       Press Release: “Hemp, Inc. Reports South Carolina Now Accepting Hemp Farming Applications for the 2021 Growing Season”

·       Press Release: “Hemp, Inc. Plans Massive Expansion in Florida”

·       Press Release: “Hemp, Inc. Reports: Cannabis Stocks Soar as Senate Pushes for Cannabis Reform”

·       Press Release: “Hemp, Inc. Highlighted as a Major Player in the Industrial Hemp Market by Verified Market Research Report”

·       Press Release: “USDA’s Final Hemp Rule on Domestic Hemp Production to Go Into Effect Early Next Week: Hemp, Inc. Reports”

FORWARD-LOOKING DISCLAIMER AND DISCLOSURES

This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. The Securities and Exchange Commission (SEC) requires issuers to provide “adequate current information”. Financials for Hemp, Inc. are listed on the OTC Exchange. More information can also be found out the Hemp, Inc. website by visiting www.hempinc.com/hemp-financial-disclosures/. Material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements involve risks, uncertainties.

Contact:

Hemp, Inc.

855-436-7688

[email protected]

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IM Cannabis Reports First Quarter Financial Results

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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,
2024

December 31,
2023

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,
2024

December 31,
2023

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
 subsequent periods:

Total other comprehensive income that will not be reclassified to profit or loss
 in subsequent periods

67

36

Exchange differences on translation to presentation currency

1,330

(562)

Total other comprehensive income (loss) that will not be reclassified to profit
 or loss in subsequent periods

1,397

(526)

Other comprehensive income that will be reclassified to profit or loss in
 subsequent periods:

Adjustments arising from translating financial statements of foreign operation

(35)

155

Total other comprehensive income (loss) that will be reclassified to profit or loss
 in subsequent periods

(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
 from continuing operations:

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

Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/im-cannabis-reports-first-quarter-financial-results-302139688.html

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