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cbdMD Delivers on its Promise of Operating Improvement, adds Regulatory Depth to the Board

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Management delivers on operating improvements while investing in future growth. cbdMD board appoints Dr. Sibyl Swift to the Board of Directors to fill Vacancy.

Charlotte, North Carolina–(Newsfile Corp. – August 11, 2022) – cbdMD, Inc. (NYSE American: YCBD) (NYSE American: YCBDpA), one of the nation’s leading and most highly trusted and recognized CBD companies, and operator of three of the leading CBD brands — its flagship brand cbdMD, its animal health brand Paw CBD and its beauty and skincare brand cbdMD Botanicals, today announced our financial results for June 30, 2022. Excluding one-time Goodwill Impairment charges we cut our GAAP operating loss in half from the prior year quarter and made strong sequential gains.

“On our last investor call, we committed to deliver stronger earnings and realize $10 million in annual cost savings against our December 2021 quarter. Despite the many challenges faced this quarter – from the challenging macro environment for consumers including 30-year high inflation rates, to the retirement of Mr. Coffman, our brand founder and co-CEO, and the distraction of our former CEO’s separation from our company we were able to deliver on our commitments. While we incurred a GAAP loss from operations of $33.1 million, the loss was mostly attributed to a one-time goodwill impairment charge of $30.8 million. The impairment was triggered because of the strong downward movement in our stock price during June as we dealt with leadership separation noise. Excluding this goodwill charges, this is the third sequential quarter of improvement in our non-GAAP operating income and the fourth consecutive quarter of Net Adjusted Operating Income gains, improving $1 million compared to the quarter ending in March 2022. We are building momentum. No stone was left unturned, and ongoing efforts have identified further opportunities to improve our operations.

“We have developed and are executing a multi-channel strategy to deliver sustained profitable revenue growth. The new leadership team is focused on new product development, improved efficacy for our consumers, optimizing product assortment, business fundamentals and delivering results. The organization has coalesced around a plan based on product differentiation, capturing greater share of the online market, strategically entering new food, drug and mass channels, and growing market share. Our number one priority is to become profitable by the end of the calendar year and grow from a stable base,” said Ronan Kennedy, CFO and COO.

“While it was a major decision for me to step back this last quarter, as the Company’s largest shareholder and Board member, I am more excited about the Company’s strategy than I have been in years, and confident in leadership’s ability to execute and take cbdMD to the next level. I founded the cbdMD brand based on the powerful benefits cannabinoids can have for its users and take comfort in the efforts our team is making to substantiate these benefits. Appointing Dr. Swift to the Board shows our commitment to lead with science and regulatory rigor second-to-none in the industry,” said Scott Coffman, brand founder and board member.

Financial Highlights from our June 30, 2022 Quarter:

  • We reported that our net sales for the June 30, 2022, quarter were $8.6 million versus net sales of $9.6 million quarter ending March 31, 2022, a decrease of 11%. Our net sales for the quarter ended June 30 2022 were down 19% compared to the prior year quarter ended June 30, 2021.
  • We reported that our quarter ending June 30, 2022, direct to consumer (DTC) net sales were $6.5 million, versus $6.6 million for our quarter ending March 31, 2022, or a sequential decline of 1%. Our e-commerce net sales were down 17% compared to the prior year quarter ended June 30, 2021. We have made significant changes as well as reductions to our marketing investments over the last two quarters including a $1 million or 20% reduction sequentially and $1.9 million or 32% reduction year over year. Despite these reductions we began seeing strong website traffic gains starting in May with this trend continuing in June and July. We are acquiring more traffic at lower overall investments levels and are working to optimize our traffic and conversion rates.
  • We reported that our quarter ending June 30, 2022, wholesale sales (including brick and mortar retail customers) were $2.1 million, versus $3.0 million for quarter ending March 31, 2022, or sequential decrease of 32%. Some of the declines were associated with the benefits tied to pipeline fills that occurred during the March 2022 quarter. Wholesale net sales were down 24% compared to the prior year quarter ended June 30, 2021. We have added a number of specific food, drug, mass, and convenience channel focused resources during the quarter and anticipate building wholesale inertia as we execute our plan over the next 2 quarters and beyond.
  • We reported that our quarter ending June 30, 2022, gross profit margin was 69.0% versus 66.9% for the quarter ending March 31, 2022. Our gross profit margin was 68.1% in prior year quarter ended June 30, 2021. Significant action was taken to reduce our high-fixed overhead costs and make our cost of sale more variable and predictable.
  • We committed to $10 million in annual cost reductions and SG&A expense of $9.7 million on our call in May. For the quarter ending June 30, 2022, the Company achieved the cost savings goals and recorded SG&A Costs of $8.3 million for the quarter. Excluding a contra-expense of $1.5 million related to RSUs and stock options forfeited during the quarter, our SG&A is down $4.1 million or 30% compared to the prior year quarter ended June 30, 2021. We anticipate further reduction in SG&A during the fiscal fourth quarter tied to realization of a full quarter of benefits from adjustments made during the fiscal third quarter as well as additional cost saving initiatives. We anticipate SG&A expense to be approximately $8 million for the fiscal fourth quarter.
  • We reported a GAAP loss from operations of approximately $33.1 million which includes a one-time goodwill impairment of approximately $30.8 million in our quarter ending June 30, 2022. Excluding this impairment our non-GAAP loss from operations totaled $2.3 million. This compares to a $6.7 million GAAP loss from operations for our quarter ending June 30, 2021, a decrease of approximately 65% year over year. This decrease is primarily related to a $4.1 million reduction in operating expenses. Sequentially, our operating loss improved 54% from a $5.1 million loss.
  • We reported non-GAAP adjusted operating loss of approximately $2.7 million in our June 30, 2022 quarter, compared to $5.2 million for the June 30, 2021 quarter. This decrease was primarily related to management’s actions taken on our cost structure over the last 2 quarters. Additionally, we saw a sequential improvement of approximately $1.0 million over the quarter ending March 31, 2022, despite the decrease in revenue. We expect further reductions in the fourth quarter and are targeting positive non-GAAP adjusted operating income during the first quarter of fiscal 2023.
  • We reported that as of June 30, 2022, we had working capital of approximately $14.1 million and cash on hand of approximately $9.6 million. Cash on hand used during our quarter ending June 30, 2022 was approximately $2.7 million to fund operations (which was a 26% improvement from our quarter ending March 31, 2022) and $1.0 million to pay our Series A Preferred Dividend.

Notable Business Updates

  • The Company completed the sale of its manufacturing assets to Steady State, LLC, significantly reducing its fixed overhead costs, migrating to a more variable cost structure. Participating in Steady State’s Series C preferred equity round provides the Company a strategic position in a not only a great supply chain partner, it broadens our product development capabilities. We believe this investment has upside potential as Steady State executes their business plan.
  • The Company signed an agreement with Adara Acquisition, LLC to redeem our position subject to its transaction closing with Alliance Entertainment, Inc. This became a condition of Adara’s transaction with the target and subject to closing, locks in the return of our capital to strengthen our balance sheet and use in a manner more strategically aligned with our core business and avoids the 6-month lock-up where our investment is subject to ongoing market risks.
  • Company successfully launched a marketing campaign on its 2018 Farm Act compliant hemp extracted Delta 9 product assortment with the Joe Rogan Experience podcast and the Dan Lebatard Show with Stugotz in July and seeing strong sequential monthly category growth.
  • Earlier this year, the Company filed a citizen’s petition with the assistance of the National Products Association (NPA). The citizen’s petition response from FDA is due on August 22, 2022. We are prepared and have several administrative options that we are considering depending on their response.
  • Our Novel Food Applications were Validated and are now in the Risk Assessment phase in both the UK and EU. In the EU, EFSA put a clockstop hold on all applications preventing them from moving into the Risk Assessment phase. The Company presented EFSA with our data and demonstrated that our application was not deficient, like the other applications and now CBDMD is the only company with an application in the Risk Assessment phase. We believe this provides the Company with a significant lead on obtaining Novel Food approval in the EU for its core broad spectrum formulation and a wide range of products. We anticipate full Novel Foods approval after the Risk Assessment phase is completed in 9-12 months.
  • Our separate Human and Animal clinical trials are concluding this month and showing positive preliminary results for both studies. We anticipate publishing our findings during the first fiscal quarter of 2023 and using clinical results to launch marketing campaigns focused on our products’ proven benefits.

We will host a conference call at 4:30 p.m., Eastern Time, on Thursday, August 11, 2022, to discuss our June 30, 2022, second quarter financial results and business progress.

CONFERENCE CALL DETAILS

Thursday August 11, 2022, 4:30 p.m. Eastern Time
USA/Canada: 800-319-4610
International: 604-638-5340
   
   
Teleconference Replay dial in:
USA/Canada: 855-669-9658
International: 412-317-0088
Replay Passcode: 8972
Webcast/Webcast Replay link- available through August 11, 2023: https://www.gowebcasting.com/11834

 
About cbdMD, Inc.

cbdMD, Inc. is one of the leading and most highly trusted and most recognized cannabidiol (CBD) brands with a comprehensive line of U.S. produced, THC-free1 CBD products as well as our new Full Spectrum products. Our cbdMD brand currently includes high-grade, premium CBD products including CBD tinctures, CBD gummies, CBD topicals, CBD capsules, CBD bath bombs, CBD sleep aids and CBD drink mixes and an array of Farm Act compliant Delta 9 products. Our Paw CBD brand of pet products includes veterinarian-formulated products including tinctures, chews, topicals products in varying strengths, and our CBD Botanicals brand of beauty and skincare products including facial oil and serum, toners, moisturizers, clear skin, facial masks, exfoliants and body care. To learn more about cbdMD and our comprehensive line of U.S. grown, THC-free1 CBD oil and Full Spectrum products, please visit www.cbdmd.com, follow cbdMD on Instagram and Facebook, or visit one of the thousands of retail outlets that carry cbdMD’s products.

Forward-Looking Statements

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified using words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” ”estimates,” ”projects,” ”forecasts,” ”expects,” ”plans,” and ”proposes.” These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict. You are urged to carefully review and consider any cautionary statements, including but not limited to expectations on cost reductions, investment in Steady State, future profitability, results from clinical studies and other disclosures, including the statements made under the heading “Risk Factors” in cbdMD, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021 as filed with the Securities and Exchange Commission (the “SEC”) on December 17, 2021 and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.

1 THC-free is defined as below the level of detection using validated scientific analytical methods.

Non-GAAP Financial Measures

This press release includes a financial measure that excludes the impact of certain items and therefore has not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). cbdMD, Inc. has included adjusted loss from operations because management uses this measure to assess operating performance in order to highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. The adjusted operating loss has not been prepared in accordance with GAAP. This non-GAAP financial measure should not be considered as an alternative to, or more meaningful than, net loss from operations as an indicator of our operating performance. Further, this non-GAAP financial measure, as presented by cbdMD, Inc., may not be comparable to similarly titled measures reported by other companies. cbdMD, Inc. has attached to this press release a reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.

cbdMD, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, 2022 AND SEPTEMBER 30, 2021
             
      (Unaudited)      
      June 30,     September 30,
      2022     2021
Assets            
             
             
Cash and cash equivalents    $   9,553,670    $     26,411,424
Accounts receivable      1,630,233         1,113,372
Accounts receivable – discontinued operations             1,375             10,967
Marketable securities                    -               33,351
Investment other securities          1,000,000       1,000,000
Inventory        4,318,204      5,021,867
Inventory prepaid       548,580      551,519
Prepaid sponsorship        1,749,083      1,212,682
Prepaid expenses and other current assets  1,057,183  1,147,178
Total current assets      19,858,328      36,502,360
             
Other assets:            
Property and equipment, net      775,477      2,561,574
Operating lease assets       4,751,192    5,614,960
Deposits for facilities      244,606      529,583
Intangible assets, net       18,111,903    23,003,929
Goodwill        11,996,249       56,670,970
       1,400,000             –
Total other assets  37,279,427  88,381,016
             
Total assets    $  57,137,755 $  124,883,376
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, 2021 AND SEPTEMBER 30, 2021
(continued)
             
      (Unaudited)      
      June 30,     September 30,
      2022     2021
Liabilities and shareholders’ equity            
             
Current liabilities:            
Accounts payable    $    2,310,244    $  2,978,914
Deferred revenue      2,250,549      2,727,612
Accrued expenses      1,155,020    1,151,150
Note payable       9,461          59,470
Total current liabilities      5,725,274      6,917,146
             
Long term liabilities:            
Long term liabilities            127,949        108,985
Operating leases – long term portion       3,982,532        4,859,058
Contingent liability      702,000      9,856,000
Total long term liabilities      4,812,481      14,824,043
             
Total liabilities      10,537,755        21,741,189
             
shareholders’ equity:            
Preferred stock, authorized 50,000,000 shares, $0.001            
par value, 5,000,000 and 500,000 shares issued and outstanding, respectively         5,000        5,000
Common stock, authorized 150,000,000 shares, $0.001            
par value, 59,946,110 and 57,783,340 shares issued and outstanding, respectively   59,946      57,783
Additional paid in capital      178,326,685      176,417,269
Accumulated deficit      (131,791,631)    (73,337,865)
Total shareholders’ equity      46,600,000      103,142,187
             
             
Total liabilities and shareholders’ equity    $  57,137,755    $  124,883,376
                 

 

cbdMD, INC.    
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS    
FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2022 AND 2021    
     
      Three Months     Three Months Nine Months Nine Months
      Ended     Ended Ended Ended
      June 30,     June 30, June 30, June 30,
      2022     2021 2022 2021
                 
Gross Sales    $         8,868,093    $        11,352,585 $ 28,673,718 $ 36,941,917
Allowances                  (275,200 )                (792,062) (1,130,117 ) (2,254,481 )
Total Net Sales                 8,592,893               10,560,523 27,543,601 34,687,436
Cost of sales                 2,660,185                 3,370,952 10,176,085 10,444,353
                 
Gross Profit                 5,932,708                 7,189,571 17,367,516 24,243,083
                 
Operating expenses                 8,282,931               13,865,191 31,690,915 36,846,371
Impairment of Goodwill and other intangible assets               30,776,436                               – 48,959,721
Loss from operations             (33,126,659)             (6,675,620) (63,283,120 ) (12,603,288 )
Realized and Unrealized gain (loss) on marketable and other securities, including impairments                               –                    (18,623) (33,352 ) 526,940
Gain (loss) on extinguishment of debt                               –                 1,466,113 1,466,113
Decrease (increase) of contingent liability                 1,943,000                 6,871,000 8,246,000 (10,500,000 )
Gain (loss) on sale of assets                      88,769                               – 88,769
Restructuring expense                  (602,092)                               – (602,092 )
Other income                      64,390                               – 137,377
Interest (expense) income                      (1,551                    (2,582) (6,871 ) (23,573 )
Loss before provision for income taxes             (31,634,143 )               1,640,288 (55,453,289 ) (21,133,808 )
                 
Benefit for income taxes                               –                  (103,000) 765,000
Net (Loss) Income             (31,634,143               1,537,288 (55,453,289 ) (20,368,808 )
                 
Preferred dividends                 1,000,501                    560,281 3,001,503 1,220,610
                 
Net Loss attributable to cbdMD, Inc. common shareholders    $   (32,634,644             977,007 $ (58,454,792 ) $ (21,589,418 )
                 
Net Loss per share:                
Basic earnings per share                        (0.55                        0.02 (0.99 ) (0.40 )
Diluted earnings per share                        (0.55                        0.02 (0.99 ) (0.40 )
Weighted average number of shares Basic:               59,316,762               56,676,326 59,229,208 54,089,263
Weighted average number of shares Diluted:               59,316,762               61,431,643 59,229,208 54,089,263
     

 

cbdMD, INC.    
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS    
FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2022 AND 2021    
                 
                 
      Three Months     Three Months Nine Months Nine Months
      Ended     Ended Ended Ended
      June 30,     June 30, June 30, June 30,
      2022     2021 2022 2021
                 
Net (Loss) Income    $  (31,634,143)    $           1,537,288 $ (55,453,289 ) $ (20,368,808 )
Comprehensive (Loss) Income             (31,634,143)                 1,537,288 (55,453,289 ) (20,368,808 )
                 
Preferred dividends               (1,000,501)                  (560,281) (3,001,503 ) (1,220,610 )
Comprehensive (Loss) Income attributable to cbdMD, inc. common shareholders   $   (32,634,644)    $         977,007 $ (58,454,792 ) $ (21,589,418 )
                 

 

cbdMD, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED JUNE 30, 2022 and 2021
    Nine Months     Nine Months  
    Ended     Ended  
    June 30,     June 30,  
    2022     2021  
             
Cash flows from operating activities:            
Net Loss $ (55,453,289 ) $ (20,368,808 )
Adjustments to reconcile net (income) loss to net            
cash used by operating activities:            
Stock based compensation   424,455     807,523  
Restricted stock expense   504,650     1,137,583  
Marketing stock amortization   717,174     660,232  
Issuance of stock / warrants for service       98,605  
Inventory and materials impairment   878,142      
Intangibles amortization   607,025      
Depreciation   770,335     719,856  
Impairment of Goodwill and other intangible assets   48,959,721      
Increase/(Decrease) in contingent liability   (8,246,000 )   10,500,000  
Realized and unrealized loss of Marketable and other securities   33,350     (526,939 )
Termination benefit       495,568  
Extinguishment of Paycheck Protection Program Loan       (1,466,113 )
Amortization of operating lease asset   863,768     922,057  
Changes in operating assets and liabilities:            
Accounts receivable   (116,861 )   (556,116 )
Deposits   284,977     261,125  
Inventory   (174,479 )   (135,058 )
Prepaid inventory   2,939     (385,410 )
Prepaid expenses and other current assets   (1,088,579 )   (141,393 )
Accounts payable and accrued expenses   (1,149,456 )   (603,216 )
Operating lease liability   (872,656 )   (846,914 )
Deferred revenue / customer deposits   3,723     4,478  
Collection on discontinued operations accounts receivable   9,592     428,667  
Deferred tax liability       (765,000 )
Cash used by operating activities   (13,041,469 )   (9,759,273 )
             
Cash flows from investing activities:            
Proceeds from sale of other investment securities       540,000  
Purchase of other investment securities       (750,000 )
Proceeds from sale of assets   (322,017 )    
Purchase of property and equipment   (462,221 )   (311,572 )
Cash provided (used) by investing activities   (784,238 )   (521,572 )
             
Cash flows from financing activities:            
Proceeds from issuance of preferred stock       15,798,115  
Note payable   (31,044 )   (137,292 )
Preferred dividend distribution   (3,001,003 )   (1,220,610 )
Cash provided by financing activities   (3,032,047 )   14,440,213  
Net increase (decrease) in cash   (16,857,754 )   4,159,367  
Cash and cash equivalents, beginning of period   26,411,424     14,824,644  
Cash and cash equivalents, end of period $ 9,553,670   $ 18,984,012  
             
             
             
Supplemental Disclosures of Cash Flow Information:            
    2022     2021  
             
Cash Payments for:            
Interest expense $ 6,817   $ 23,573  
             
Non-cash financial activities:            
Issuance of Contingent earnout shares: $ 908,000   $ 12,596,089  
Warrants issued to representative $   $ 254,950  
             

 

cbdMD, Inc.              
SUPPLEMENTAL FINANCIAL INFORMATION              
RECONCILIATION OF NON-GAAP ADJUSTED INCOME (LOSS) FROM OPERATIONS              
                           
      Three Months     Three Months     Nine Months      Nine Months   
      Ended     Ended     Ended     Ended  
      June 30,     June 30,     June 30,     June 30,  
      2022     2021     2022     2021  
                           
GAAP (loss) from operations    $     (33,126,659)   $      (6,675,620)    $ (63,283,120)    $       (12,603,288)  
Adjustments:                          
Depreciation & Amortization                    435,910                    246,533            1,377,361                    719,856  
Employee and director stock compensation (1)                  (938,285)                    959,319               851,517                 2,049,326  
Other non-cash stock compensation for services (2)                               –                      28,650                           –                      97,721  
Inventory adjustment (3)                               –                      50,000               878,142                      50,000  
Write down of legacy accounts receivable (4)                               –                               –                           –                                –  
Impairment of goodwill and other intangible assets (5)               30,776,436                               –          48,805,436                                –  
Accrual for severance                    107,261                               –               129,761                    703,022  
Accrual / expenses for discretionary bonus                               –                    150,000               150,000                    450,000  
Non-GAAP adjusted (loss) from operations   $        (2,745,337)   $      (5,241,118)    $  (11,090,903)    $      (8,533,363)  
                           

 
(1) Represents non-cash expense related to options, warrants, restricted stock expenses that have been amortized during the period.
(2) Represents non-cash expense related to options, warrants, restricted stock expenses that have been amortized during the period.
(3) Represents an operating expense related to inventory loss related to regulatory changes impacting labels and packaging and obsolete/expired inventory.
(4) Write down of legacy accounts receivable.
(5) Represents non-cash goodwill impairment of $44,520,436 and impairment of the cbdMD trademark of $4,285,000.

Contacts:

Investors:
cbdMD, Inc.
John Weston
Director of Investor Relations
[email protected]
(704) 249-9515

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133543

Cannabis

IM Cannabis Reports 2023 Financial Results

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im-cannabis-reports-2023-financial-results

TORONTO and GLIL YAM, Israel, March 28, 2024 /PRNewswire/ — IM Cannabis Corp. (the “Company” or “IMC“) (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, announced its financial and operational results for the year ended December 31, 2023, the highlights of which are included in this news release. All figures are reported in Canadian dollars. The Company’s full set of consolidated audited financial statements for the years ended December 31, 2023 and 2022 (the “Annual Financial Statements“) and accompanying management’s discussion and analysis (the “Annual MD&A“) can be accessed by visiting the Company’s website at https://investors.imcannabis.com/, and its profile pages on SEDAR+ at www.sedarplus.ca, and EDGAR at http://www.sec.gov/edgar.

FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2023

  • Revenue decreased to $48.8 million for the fiscal year ended December 31, 2023 (compared to $53.3 in 2022), representing a decrease of 10%.
    • Primarily due to negative currency fluctuations and the impact of the Israel-Hamas war on the Company’s operations.
  • Revenue decreased to $10.7 million for the three months ended December 31, 2023 (compared to $14.5 million in 2022), representing a decrease of 26%.
    • Primarily due to the interruption on the Company’s supply chain caused by the Israel-Hamas war and the Company discounting certain outstanding inventory at lower prices.
  • Gross profit increased to $9.8 million for the fiscal year ended December 31, 2023 (compared to $9.2 million in 2022), representing an increase of 7.5%
  • Gross profit decreased to $0.8 million for the three months ended December 31, 2023 (compared to $2.6 million in 2022), representing a decrease of 68%
    • Primarily due to the interruption on the Company’s supply chain caused by the Israel-Hamas war and the Company discounting certain outstanding inventory at lower prices.
    • The Company’s fair value adjustment was approximately $1 million for the fiscal year ended December 31, 2023 (compared to $2.1 million in 2022).
  • G&A expenses decreased to $11 million for the fiscal year ended December 31, 2023 (compared to $21.5 million in 2022), representing an decrease of 49%
  • G&A expenses decreased to $3.3 million for the three months ended December 31, 2023 (compared to $9.8 million in 2022), representing a decrease of 66%
    • Primarily due to the impairment on Y2022 and restructuring and HC adjustments in 2023.
  • Selling and marketing expenses decreased to $10.8 million for the fiscal year ended December 31, 2023 (compared to $11.5 million in 2022), representing an decrease of 6%
  • Selling and marketing expenses decreased to $2.8 million for the three months ended December 31, 2023 (compared to $3.1 million in 2022), representing a decrease of 10%
    • Primarily due to a decrease in share based compensation payments and a restructuring of the Company’s personnel.
  • Net Loss from continuing operations for the fiscal year ended December 31, 2023 was $10.2 million, as compared to $24.9 million in 2022.
  • Net Loss from continuing operations for the three months ended December 31, 2023 was $3.5 million, as compared to a Net Loss of $9.6 million in the fourth quarter of 2022.
  • Diluted Loss per Share for the fiscal year ended December 31, 2023 was $0.74, compared to a loss of $3.81 per Share in 2022.
  • Diluted Loss per Share for the three months ended December 31, 2023  was $(0.25), compared to a basic loss of $)2.94( per share and a diluted loss of $)3.55( per share in for the three months ended December 31, 2022.
  • Cash and Cash Equivalents as of December 31, 2023, was $1.8 million, compared to $2.4 million as of December 31, 2022. 
  • Total assets were $48.8 million as of December 31, 2023, compared to $60.7 million as of December 31, 2022, representing a decrease of 20%.
    • Primarily attributed to an inventory reduction of about $6.6 million, a reduction in other current assets of $1.8 million and a reduction of non-current assets of about $3.5 million
  • Total Liabilities were $35.1 million as of December 31, 2023, compared to $36.9 as of December 31, 2022, representing a decrease of about 5%. 
    • Primarily attributed to a reduction in trade payables of $6.1 million.
  • Operating expenses decreased to $22.6 million for the year ended December 31, 2023 (compared to $40 million in 2022), representing a decrease of 43%
  • Operating expenses decreased to $6 million for the three months ended December 31, 2023 (compared to $13.3 million in 2022), representing a decrease of 55%
  • Adjusted EBITDA1 decreased to $8 million for the year ended December 31, 2023, (compared to $11.5 in 2022), representing a decrease of 30%
  • Total Dried Flower sold in 2023 was approximately 8,609 kg with an average selling price of $5.14 per gram (compared to approximately 6,794kg, with an average selling price of $7.12 per gram in 2022).
    • Primarily due to increased competition within the retail segment and the Company discounting certain outstanding inventory at lower prices.
  • Total Dried Flower sold in the fourth quarter of 2023 was about 2,082kg with an average selling price of $4.52 per gram (compared to about 2,334kg with an average selling price of $5.19 per gram in 2022).
    • Primarily due to increased competition within the retail segment and the Company discounting certain outstanding inventory at lower prices.

The Annual Financial Statements include a note regarding the Company’s ability to continue as a going concern. The Annual Financial Statements 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 2023 Annual MD&A.

Management Commentary

“IMC Germany delivered accelerated growth in 2023, growing 181% from $252K in 2022 to $709K in 2023. During this time, IMC Germany was #1 in sales per stock keeping unit and posted the highest growth against its competitors in the German market.2 With the regulatory rescheduling of cannabis in Germany set to occur effective April 1st, the Company hopes to continue its growth in the market as the market evolves,” said Oren Shuster, Chief Executive Officer of IMC. “In addition, as we are constantly looking for opportunities to maximize shareholder value, we are hopeful that our potential reverse merger with Israel-based Kadimastem Ltd., a clinical cell therapy public company traded on the Tel Aviv stock exchange under the symbol (TASE: KDST) will proceed as expected, which we believe will create significant value for the shareholders.”

“As previously warned and as expected, unfortunately, the Israel-Hamas war had a negative impact on our fourth quarter 2023 results, which weighed on our full year results. Due to the ongoing conflict, there was a 6% decrease in our yearly revenue. Coupled with our fourth quarter of 2023 inventory reduction, the war caused our fourth quarter gross profit to decrease by 68% as compared to the fourth quarter of 2022. However, our gross profit for 2023 increased by 7.5% to $9.8 million as compared to last year,” said Uri Birenberg, Chief Financial Officer of IMC. “Partially offsetting these declines, we were able to reduce our operating costs in the fourth quarter of 2023 by 55% as compared to the fourth quarter of 2022, ending the year with a 43% reduction in our operating costs as compared to last year, as we leaned further into our goal of active cost management.”

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.

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 2023 MD&A.

We reconcile these non-IFRS financial measures to the most comparable IFRS measures as set out below:

About IM Cannabis Corp.

IM Cannabis Corp. (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 its commercial relationship with 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. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult-use market in Canada. 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 Company leaving the Canadian cannabis market to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany; 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 partial legalization of medicinal cannabis in Germany, including, the Company having it “all in house”, the Company being positioned to take advantage of the partial legalization, the Company’s growth in 2024, the market growth for medicinal cannabis in Germany, and 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 partial 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 Focus Medical (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 partial 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.

1 Earnings before interest, taxes, depreciation, and amortization (“EBITDA“) and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS“) and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company’s operating performance and therefore highlight trends in Company’s core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.

2 Based on reporting by Insight Health’s as of December 31, 2023.

 

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
[email protected]

 

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Canadian Dollars in thousands

December 31,

Note

2023

2022

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$    1,813

$        2,449

Trade receivables

6

7,651

8,684

Advances to suppliers

936

1,631

Other accounts receivable

7

3,889

3,323

Inventory

9

9,976

16,585

24,265

32,672

NON-CURRENT ASSETS:

Property, plant and equipment, net

10

5,058

5,221

Investments in affiliates

15c

2,285

2,410

Right-of-use assets, net

12

1,307

1,929

Deferred tax assets, net

17

763

Intangible assets, net

11

5,803

7,910

Goodwill

11

10,095

9,771

24,548

28,004

Total assets

$       48,813

$       60,676

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Canadian Dollars in thousands

December 31,

Note

2023

2022

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Trade payables

14

$        9,223

$       15,312

Credit from banks and others

13

12,119

9,246

Other accounts payable and accrued expenses

15

6,218

6,013

Accrued purchase consideration liabilities

5

2,097

2,434

PUT Option liability

2,697

Current maturities of operating lease liabilities

12

454

814

32,808

33,819

NON-CURRENT LIABILITIES:

Warrants measured at fair value

17

38

8

Operating lease liabilities

12

815

1,075

Credit from banks and others

394

399

Employee benefit liabilities, net

16

95

246

Deferred tax liability, net

19

963

1,332

2,305

3,060

Total liabilities

35,113

36,879

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY:

20

Share capital and premium

253,882

245,776

Translation reserve

95

1,283

Reserve from share-based payment transactions

9,637

15,167

Accumulated deficit

(249,145)

(239,574)

Total equity attributable to shareholders of the Company

14,469

22,652

Non-controlling interests

(769)

1,145

Total equity

13,700

23,797

Total equity and liabilities

$       48,813

$       60,676

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

Canadian Dollars in thousands

Year ended December 31,

Note

2023

2022

 *) 2021

Revenues

21

$       48,804

$       54,335

$       34,053

Cost of revenues

21

37,974

43,044

25,458

Gross profit before fair value adjustments

10,830

11,291

8,595

Fair value adjustments:

Unrealized change in fair value of biological assets

(315)

6,308

Realized fair value adjustments on inventory sold in the year

(984)

(1,814)

(8,570)

Total fair value adjustments

(984)

(2,129)

(2,262)

Gross profit after fair value adjustments

9,846

9,162

6,333

General and administrative expenses

21

11,008

21,460

17,221

Selling and marketing expenses

21

10,788

11,473

6,725

Restructuring expenses

1

617

4,383

Share-based compensation

20

225

2,637

5,422

Total operating expenses

22,638

39,953

29,368

Operating loss

(12,792)

(30,791)

(23,035)

Finance income

7,006

6,703

23,544

Finance expenses

(3,671)

(1,972)

(673)

Finance income (expense), net

3,335

4,731

22,871

Loss before income taxes

(9,457)

(26,060)

(164)

Income tax expense (benefit)

18

771

(1,138)

500

Net loss from continuing operations

(10,228)

(24,922)

(664)

Net loss from discontinued operations, net of tax

25

(166,379)

(17,854)

Net loss

(10,228)

(191,301)

(18,518)

*)       Reclassified in respect of discontinued operations – see Note 25.

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

Canadian Dollars in thousands, except per share data

Year ended December 31,

Note

2023

2022

 *) 2021

Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:

Remeasurement gain on defined benefit plans

38

59

21

Exchange differences on translation to presentation currency

(894)

(1,238)

858

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

(856)

(1,179)

879

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

Adjustments arising from translating financial statements of foreign operation

231

(246)

530

Total other comprehensive income (loss)

(625)

(1,425)

1,409

Total comprehensive loss

$     (10,853)

$    (192,726)

$      (17,109)

Net loss attributable to:

Equity holders of the Company

$      (9,498)

$    (188,890)

$      (17,763)

Non-controlling interests

(730)

(2,411)

(755)

$       (10,228)

$    (191,301)

$      (18,518)

Total comprehensive loss attributable to:

Equity holders of the Company 

$        (10,648)

$    (190,162)

$      (16,357)

Non-controlling interests 

$        (205)

(2,564)

(752)

$        (10,853)

$    (192,726)

$     (17,109)

Earnings (loss) per share attributable to equity holders of the Company from continuing operations:

22

Basic earnings (loss) per share (in CAD)

$              (0.74)

$          (3.13)

$            0.02

Diluted loss per share (in CAD)

$              (0.74)

$          (3.81)

$           (3.62)

Loss per share attributable to equity holders of the Company from discontinued operations:

Basic and diluted loss per share (in CAD)

$        (23.17)

$          (3.08)

Loss per share attributable to equity holders of the Company from net loss:

Basic earnings (loss) per share (in CAD)

$              (0.74)

$        (26.3)

$          (3.06)

Diluted loss per share (in CAD)

$              (0.74)

$        (26.98)

$          (6.7)

*)       Reclassified in respect of discontinued operations – see Note 25.

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Canadian Dollars in thousands

Share capital and premium

Treasury Stock

Reserve from share-based payment transactions

Translation reserve

Accumulated deficit

Total

Non-controlling interests

Total
equity

Balance as of January 1, 2021

$     37,040

$              –

$       5,829

$       1,229

$   (33,001)

$     11,097

$       1,513

$     12,610

Net loss

(17,763)

(17,763)

(755)

(18,518)

Total other comprehensive income

1,385

21

1,406

3

1,409

Total comprehensive income (loss)

1,385

(17,742)

(16,357)

(752)

(17,109)

Issuance of common shares, net of issuance costs of $3,800

195,259

195,259

2,948

198,207

Purchase of treasury common shares

(660)

(660)

(660)

Exercise of warrants and compensation options

4,293

4,293

4,293

Exercise of options

1,053

(920)

133

133

Share-based compensation

7,471

7,471

7,471

Expired options

32

(32)

Balance as of December 31, 2021

237,677

(660)

12,348

2,614

(50,743)

201,236

3,709

204,945

Net loss

(188,890)

(188,890)

(2,411)

(191,301)

Total other comprehensive income (loss)

(1,331)

59

(1,272)

(153)

(1,425)

Total comprehensive loss

(1,331)

(188,831)

(190,162)

(2,564)

(192,726)

Issuance of treasury common shares

660

660

660

Issuance of shares, net of issuance costs of $178

6,818

6,818

6,818

Exercise of options

992

(659)

333

333

Share-based compensation

3,767

3,767

3,767

Expired options

289

(289)

Balance as of December 31, 2022

245,776

15,167

1,283

(239,574)

22,652

1,145

23,797

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Canadian Dollars in thousands

Share capital
and
premium*)

Reserve from
share-based
payment
transactions

Translation
reserve

Accumulated
deficit

Total

Non-controlling interests

Total
equity

Balance as of December 31, 2022

245,776

15,167

1,283

(239,574)

22,652

1,145

23,797

Net loss

(9,498)

(9,498)

(730)

(10,228)

Total other comprehensive income (loss)

(1,188)

38

(1,150)

525

(625)

Total comprehensive loss

(1,188)

(9,460)

(10,648)

(205)

(10,853)

Issuance of treasury common shares

2,351

2,351

2,351

Issuance of shares, net of issuance costs of $178

Exercise of options

Other comprehensive income Classification

(111)

(111)

(1,709)

(1,820)

Share-based compensation

225

225

225

Expired options

5,755

(5,755)

Balance as of December 31, 2023

253,882

9,637

95

(249,145)

14,469

(769)

13,700

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

Canadian Dollars in thousands

Year ended December 31,

2023

2022

2021

Cash provided from operating activities:

Net loss

$     (10,228)

$ (191,301)

$   (18,518)

Adjustments for non-cash items:

Unrealized gain on changes in fair value of biological assets

(84)

(7,210)

Fair value adjustment on sale of inventory

984

4,342

8,796

Fair value adjustment on warrants, investments, and accounts receivable

(6,955)

(6,000)

(21,638)

Depreciation of property, plant and equipment

644

3,044

3,021

Amortization of intangible assets

1,758

2,343

1,158

Depreciation of right-of-use assets

594

1,944

1,550

Impairment of goodwill

107,854

275

Impairment of property, plant and equipment

2,277

Impairment of intangible assets

7,199

Impairment of right-of-use assets

1,914

Finance income, net

3,019

6,532

1,262

Deferred tax payments (benefit), net

394

(3,004)

278

Share-based payments

225

3,767

7,471

Share based acquisition costs related to business combination

807

Revaluation of other accounts receivable

3,982

Restructuring expenses

8,757

Loss from revaluation of investments

601

1,264

144,867

(4,230)

Changes in non-cash working capital:

Increase (decrease) in trade receivables, net

2,320

6,058

(6,602)

Increase (decrease) in other accounts receivable and advances to suppliers

1,299

3,622

845

Decrease in biological assets, net of fair value adjustments

565

6,412

Increase (decrease) in inventory, net of fair value adjustments

4,771

883

(19,707)

Increase (decrease) in trade payables

(6,098)

11,284

5,573

Changes in employee benefit liabilities, net

(139)

(63)

28

Increase in other accounts payable and accrued expenses

(750)

12,126

2,661

1,403

34,475

(10,790)

Taxes paid

(514)

(681)

(834)

Net cash used in operating activities

(8,075)

(12,640)

(34,372)

The accompanying notes are an integral part of the consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

Canadian Dollars in thousands

Year ended December 31,

2023

2022

2021

Cash flows from investing activities:

Purchase of property, plant and equipment

(581)

(1,562)

(4,578)

Proceeds from sales of property, plant and equipment

210

Proceeds from loans receivable

350

7,796

Purchase of intangible assets

(17)

Acquisition of businesses, net of cash acquired

(12,536)

Deconsolidation of subsidiary (see Note 25)

(406)

Investments in financial assets

(13)

Proceeds from sale of investment

319

Proceeds from (investment in) restricted deposits

17

Investments in associates

(601)

(125)

Net cash used in investing activities

(1,182)

(1,533)

(9,012)

Cash provided by financing activities:

Proceeds from issuance of share capital, net of issuance costs

1,688

3,756

28,131

Proceeds from issuance of warrants measured at fair value

6,585

11,222

Proceeds from exercise of warrants

3,682

Proceeds from exercise of options

333

133

Repayment of lease liability

(586)

(1,656)

(633)

Payment of lease liability interest

(63)

(1,429)

(1,347)

Proceeds from loans

5,482

9,636

7,804

Repayment of loans

(4,827)

(4,976)

Interest paid

(1,664)

(902)

(261)

Proceeds from discounted checks

2,802

Net cash provided by financing activities

9,417

4,762

48,731

Effect of foreign exchange on cash and cash equivalents

(796)

(2,043)

(329)

Increase (decrease) in cash and cash equivalents

(636)

(11,454)

5,018

Cash and cash equivalents at beginning of year

2,449

13,903

8,885

Cash and cash equivalents at end of year

$      1,813

$      2,449

$    13,903

Supplemental disclosure of non-cash activities:

Right-of-use asset recognized with corresponding lease liability

$         309

$         613

$      1,678

Conversion of warrant and compensation options into common shares

$                 –

$             –

$         611

Issuance of shares in payment of purchase consideration liability

$                 –

$      3,061

$             –

Issuance of shares in payment of debt settlement to a non-independent director of the company

$      1,061

$             –

$             –

 

 

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