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First Quarter 2019 Results Announced by Reading International – GrassNews
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First Quarter 2019 Results Announced by Reading International



Reading Time: 14 minutes

Earnings Call Webcast to Discuss 2019 First Quarter Financial Results
Scheduled to Post to Corporate Website on Tuesday, May 14, 2019

CULVER CITY, Calif.–(BUSINESS WIRE)–Reading International, Inc. (NASDAQ: RDI) today announced results for
the first quarter ended March 31, 2019. Our Company reported Basic
Earnings (Loss) per Share (“EPS”) of $(0.09), for the quarter ended
March 31, 2019 compared to an EPS of $0.13 for the same period in the
prior year, which was primarily driven by a weaker film slate in the
first quarter compared to the same period last year. The success of
films such as “Black Panther,” “Jumanji: Welcome to the Jungle,” and
The Greatest Showman” during the first quarter of 2018 was not
repeated by the films offered in the first quarter of 2019. Cinema
segment revenues for the first three months of 2019 decreased by 20%, or
$14.3 million, to $58.0 million, compared to $72.3 million for the first
three months of 2018. We believe that our cinema results for the quarter
were similarly impacted as those of our competitors.

On the real estate front, our signature U.S. redevelopment project – the
historic Tammany Hall at 44 Union Square in Manhattan nears completion.
While no assurances can be given, we are in lease negotiations with a
credit tenant with respect to approximately 90% of the net rentable area
of the project. The prospective tenant has begun preparation of drawings
for the fit-out of the space and we have reached an agreement in
principle with respect to the key economic points. Drafts of the lease
have been exchanged. We anticipate that the project will be ready for
the commencement of tenant improvement work this quarter.

Ellen Cotter, Chair, President and Chief Executive Officer, said, “We
anticipated that when compared to the first quarter of 2018 the Black
box office would be tough to match. However, the recent
blockbuster success of Avengers: Endgame again re-affirms our
confidence in the cinema industry and we look forward to that box office
momentum continuing through 2019.


“Also, we are pleased with the progress we have made on our 44 Union
Square project – the historic Tammany Hall in New York City and believe
this signature project, when completed, will unlock the long term value
in this one-time theatre property.”

Consolidated revenue for the first quarter of 2019 decreased by 19%, or
$14.3 million, to $61.6 million compared to the first quarter of 2018,
primarily due to a decreased attendance resulting from the weaker film
slate. These results were additionally negatively impacted by a
9.4% decline in the Australian dollar and a 6.3% decline in the New
Zealand dollar for the quarter ended March 31, 2019, compared to the
quarter ended March 31, 2018. Our New Zealand results were also
negatively impacted by the closure, due to seismic concerns, of our
Courtenay Central cinema in Wellington, which has historically been our
top performer in New Zealand.

The following table summarizes the first quarter results for 2019 and
Three Months Ended
March 31,       % Change
(Dollars in millions, except EPS) 2019       2018 (Unfavorable)
Revenue $     61.6 $     75.9 (19 ) %
– US 33.1 38.7 (14 ) %
– Australia 23.8 29.1 (18 ) %
– New Zealand 4.7 8.1 (42 ) %
Operating expense $ (62.9 ) $ (70.2 ) (10 ) %
Segment operating income (1) $ 3.8 $ 12.0 (68 ) %

Net income/(loss) (2)

$ (2.1 ) $ 3.1 (168 ) %
EBITDA (1) $ 4.3 $ 11.1 (61 ) %
Adjusted EBITDA (1) $ 4.8 $ 12.5 (62 ) %
Basic EPS (2) $ (0.09 ) $ 0.13 (169 ) %



Aggregate segment operating income, earnings before interest
expense (net of interest income), income tax expense, depreciation
and amortization expense (“EBITDA”) and adjusted EBITDA are
non-GAAP financial measures. See the discussion of non-GAAP
financial measures that follows.


Reflect amounts attributable to stockholders of Reading
International, Inc., i.e., after deduction of noncontrolling



  • Operating Results: For
    the quarter ended March 31, 2019, we had worldwide revenue of
    $61.6 million, down $14.3 million from the prior year. Our operating
    results were negatively impacted by (i) a weaker film slate worldwide,
    (ii) a weaker film slate from the specialty distribution companies in
    the U.S., and (iii) the closure of a majority of the net rentable area
    of Courtenay Central, including our Reading Cinema at that location,
    due to seismic concerns.
  • Capex program: During
    the first quarter of 2019, we invested $11.4 million in capital
    improvements, including our continued investment in the redevelopment
    of Tammany Hall, the upgrading of our multiplex cinemas (Harbour Town
    in Australia and Mililani in the U.S.) and the lease acquisition of an
    existing cinema in Devonport, Tasmania.
  • Cinema Additions and Pipeline:
    In early 2019, we purchased a well-established four-screen
    cinema in Devonport, Tasmania. This lease acquisition brings our
    global cinema count to 60 and our global screen count to 484. In
    addition, we currently have signed lease agreements for four new
    cinemas in Australia representing an additional 25 screens, which we
    anticipate opening between 2019 and 2021.
  • Building new revenue sources:
    We continue to focus on the development of our self-ticketing
    capabilities. We achieved a first quarter record for U.S. online
    revenue, beating the prior year first quarter record by 14%. Online
    sales consisted of 25% of our global box office revenue, which is a
    first quarter record and represents an 18% increase from the prior
    year period. Our continued improvements to our websites and apps in
    the U.S. and improved global online sales infrastructure are enabling
    us to better serve high sales volume.

Real estate activities:

  • 44 Union Square Redevelopment (New York, U.S.)
    – Our signature U.S. redevelopment project – the historic Tammany Hall
    at 44 Union Square in Manhattan – is nearing completion. While
    no assurances can be given, we are in negotiations on a lease with a
    credit tenant for approximately 90% of the net rentable area of the
    We anticipate that our project will be ready for the
    commencement of tenant improvement work this quarter.
  • Minetta Lane Theatre (New York, U.S.)
    – In April, we negotiated an extension through March 2020 (with an
    option to extend for an additional year through March 2021) of our
    Minetta Lane Theatre license agreement with Audible, Inc., a
    subsidiary of Amazon. Audible will continue to use our theatre as the
    location for its production of various plays featuring one or two
    actors, to be recorded before a live theatre audience, and offered on
  • Courtenay Central Redesign/Expansion
    (Wellington, New Zealand)
    – Located in the heart of
    Wellington – New Zealand’s capital city – this center is comprised of
    161,071 square feet of land situated proximate to the Te Papa
    Tongarewa Museum (attracting more than 1.5 million visitors annually),
    across the street from the site of Wellington’s newly announced
    convention center (estimated to open in 2022) and at a major public
    transit hub. Damage from the 2016 earthquake necessitated demolition
    of our nine-story parking garage at the site. Further, unrelated
    seismic issues have caused us to close portions of the existing cinema
    and retail structure while we reevaluate the property for
    redevelopment as an entertainment themed urban center with a major
    food and grocery component. Wellington continues to be rated as one of
    the top cities in the world in which to live, and we continue to
    believe that Courtenay Central is located in one of the most vibrant
    and growing commercial and entertainment precincts of New Zealand.


The following table summarizes the first quarter segment operating
results for 2019 and 2018:

Three Months Ended
March 31,       % Change
(Dollars in thousands) 2019       2018 (Unfavorable)
Segment revenue        


United States $ 32,033 $ 37,987 (16 ) %
Australia 21,441 26,717 (20 ) %
New Zealand       4,512         7,551   (40 ) %
Total $     57,986   $     72,255   (20 ) %

Real estate

United States $ 988 $ 655 51 %
Australia 3,916 4,154 (6 ) %
New Zealand       527         1,199   (56 ) %
Total $ 5,431 $ 6,008 (10 ) %
Inter-segment elimination       (1,866 )       (2,391 ) 22   %
Total segment revenue $     61,551   $     75,872   (19 ) %
Segment operating income


United States $ (765 ) $ 3,000 (125 ) %
Australia 3,102 5,916 (48 ) %
New Zealand       305         1,369   (78 ) %
Total $     2,643   $     10,285   (74 ) %

Real estate

United States $ 27 $ (293 ) 109 %
Australia 1,305 1,515 (14 ) %
New Zealand       (174 )       459   (138 ) %


$     1,158   $     1,681   (31 ) %
Total segment operating income (1) $     3,801   $     11,966   (68 ) %

“nm” – not meaningful for further analysis


Aggregate segment operating income is a non-GAAP financial
measure. See the discussion of non-GAAP financial measures that


Consolidated and Non-Segment Results:

Quarter Net Results


Compared to the quarter ended March 31, 2018, cinema segment operating
income decreased by 74%, or $7.6 million, to $2.6 million for the
quarter ended March 31, 2019, primarily driven by a decrease in
operating income in U.S., Australia, and New Zealand. The decrease was
due to a decrease in cinema attendance worldwide (principally due to a
weaker film slate), and fluctuations in average ticket price (“ATP”) and
spend per patron (“SPP”) as outlined below:

  • Revenue in the U.S. decreased by 16%, or $6.0 million, to
    $32.0 million, due to a 22% decrease in attendance, offset partially
    by a 12% increase in SPP and a 4% increase in ATP.
  • Australia’s cinema revenue decreased by 20%, or $5.3 million, to $21.4
    million primarily due to a 15% decrease in attendance, a 4% decrease
    in ATP, and a decrease of 9% in SPP.
  • New Zealand’s cinema revenue decreased by 40%, or $3.0 million versus
    the same period in 2018. Attendance decreased by 40%, while ATP and
    SPP percentages remained relatively flat compared to the same period
    in the prior year. Not only did the weaker film slate from the major
    studios impact our results, but our New Zealand cinema revenues were
    also adversely impacted by the January 2019 closure of our Courtenay
    Central cinema in Wellington due to seismic concerns.

The top three grossing films for the first quarter of 2019 were “Captain
” “Aquaman,” and “How to Train Your Dragon: The
Hidden World,”
representing approximately 29% of Reading’s worldwide
admission revenues for the quarter. The top three grossing films in the
first quarter of 2018 for Reading’s worldwide cinema circuits were “Black
” “Jumanji: Welcome to the Jungle,” and “The
Greatest Showman,
” which represented approximately 32% of Reading’s
worldwide admission revenues for the quarter.

Real Estate

Segment Operating Income and Revenues:

Real estate segment operating income decreased by 31%, or $0.5 million,
to $1.2 million for the quarter ended March 31, 2019 compared to
March 31, 2018. For the quarter ended March 31, 2019, the real estate
segment revenue decreased by 10%, or $0.6 million, to $5.4 million,
compared to the same period in 2018. This was primarily attributable to
the closure due to seismic concerns of a majority of the net rentable
area of our Courtenay Central ETC during the first quarter of 2019,
compared to same period in 2018, which had a full quarter of operations,
offset by an increase in revenue at our Live Theatres.



The first quarter consolidated and non-segment results for 2019 and 2018
are summarized as follows:
Three Months Ended
March 31,           % Change
(Dollars in thousands) 2019           2018 (Unfavorable)
Segment operating income $ 3,801   $ 11,966   (68 ) %
Non-segment income and expenses:
General and administrative expense (5,041 ) (6,156 ) 18 %
Interest expense, net (1,852 ) (1,594 ) (16 ) %
Other   (47 )   58   181 %
Total non-segment income and expenses $ (6,940 ) $ (7,692 ) 10 %
Income before income taxes (3,139 ) 4,274 173 %
Income tax benefit (expense)   1,042     (1,170 ) 189 %
Net income/(loss) $ (2,097 ) $ 3,104 (168 ) %

Less: net income (loss) attributable to noncontrolling interests

  (16 )   22   nm
Net income (loss) attributable to
RDI common
          $ (2,081 )           $ 3,082             (168 ) %

“nm” – not meaningful for further analysis


First Quarter Net Results

Net income attributable to RDI common stockholders was down $5.2 million
to a loss of $(2.1) million for the first quarter March 31, 2019,
compared to the same period prior year. Basic EPS for the quarter ended
March 31, 2019 decreased by $0.22 to a loss per share of $(0.09) from
the prior-year quarter, mainly attributable to a significant decrease in
revenue from both our Cinema and Real Estate business segments.


Non-Segment General & Administrative Expenses

Non-segment general and administrative expense for the quarter ended
March 31, 2019 compared to the same period of the prior year decreased
by 18%, or $1.1 million, to $5.0 million. The quarterly decrease mainly
relates to lower legal expenses for the quarter ending March 31, 2019 of
$1.0 million compared to the same period last year.

Income Tax Expense

Income tax expense for the quarter ended March 31, 2019, decreased 189%,
or $2.2 million, compared to the equivalent prior year period. The
change between 2019 and 2018 is primarily related to the pretax loss in



Balance Sheet and Liquidity

Total assets increased by $235.5 million, to $674.5 million at March 31,
2019, compared to $439.0 million at December 31, 2018. This was
primarily driven by the implementation of the lease accounting standards
effective January 1, 2019, which also resulted in a similar increase in
our liabilities. Additionally, assets increased due to the capital
investments relating to major real estate projects, primarily (i) the
redevelopment of our Union Square property in New York, and (ii)
improvements at our Mililani and Harbour Town cinemas. These were
partially offset by a reduction in our foreign-operation asset values
due to a decrease in the foreign exchange rates relative to the U.S.

Cash and cash equivalents at March 31, 2019 were $12.6 million,
including approximately $8.8 million in the U.S., $3.2 million in
Australia, and $0.7 million in New Zealand. We manage our cash,
investments and capital structure so we are able to meet short-term and
long-term obligations for our business, while maintaining financial
flexibility and liquidity.

As part of our operating cycle, we utilize cash collected from (i) our
cinema business when selling tickets and F&B items, and (ii) rental
income typically received in advance, to reduce our long-term borrowings
and realize savings on interest charges. We then settle our operating
expenses generally with a lag within traditional trade terms. This
generates a temporary working capital deficit. We review the maturities
of our borrowings and negotiate for renewals and extensions, as
necessary for liquidity purposes. We believe the cash flow generated
from our operations coupled with our ability to renew and extend our
credit facilities will provide sufficient liquidity in the upcoming year.



Our Stock Repurchase Program that expired on March 2, 2019, has been
extended by our Board of Directors through March 2, 2021. $16.2 million
remains available under that extended program. This will allow Reading
to repurchase its Class A Common Stock from time to time in accordance
with the requirements of the Securities and Exchange Commission on the
open market, in block trades and in privately negotiated transactions,
depending on market conditions and other factors.

On March 14, 2019, our Board of Directors approved the Company’s
three-year Strategic Plan to focus across the U.S., Australia, and New
Zealand on the upgrading of our existing cinemas to add luxury recliner
seating, TITAN branded auditoriums and enhanced F&B options, the
development in appropriate markets of new cinema opportunities, and the
continued development and/or redevelopment of our current real estate

After considering the approval of the Strategic Plan, our Board
concluded that the interests of our Company and our stockholders would
be best served by the continued pursuit of our Strategic Plan as an
independent company and that it had no interest in considering any sale
process at this time. Accordingly, we have advised Patton Vision that
our Board does not have any present interest in engaging in discussions
regarding their unsolicited indication of interest in the sale of our
Company. Our controlling stockholders are in agreement with this

In a matter potentially impacting the control of our company, but to
which our company is not a party (In re: James J. Cotter Living Trust
dated August 1, 2000 (Case No. BP159755) (the “Trust Case”)
), the
California Court of Appeals on April 15, 2019, struck down the
California Trial Court’s order appointing a trustee ad litem to solicit
offers for the purchase of a controlling interest in our Company. The
basis for that disposition was the Appeals Court’s determination that
Mr. James J. Cotter, Jr., lacks standing to seek the appointment of such
a trustee ad litem. The Appeals Court noted that Mr. Cotter, Jr., is
neither a trustee of nor a beneficiary of the trust established to hold
such controlling interest (the “Voting Trust”) and accordingly,
determined that he lacked any standing to bring before the trial court
matters relating to the internal affairs of that trust, such as the
appointment of a trustee ad litem. The Court of Appeals also noted, in
an observation not material to the specific grounds on which the
California Trial Court’s order was struck down, but nevertheless likely
to be given weight by the court below, that “the plain language [of the
Trust Document] appears to show that the settlor [Mr. Cotter, Sr.]
instructed the Trustee [Margaret Cotter] not to diversify [i.e. not to
sell the voting shares held by the Voting Trust].” The Trust Document
directs the Trustee of the Voting Trust that this voting stock is “to be
retained for as long as possible.”

Ms. Margaret Cotter has advised the Board that she does not intend to
sell the controlling interest in our Company at this time, and that it
is her current intention that the Voting Trust hold such controlling
interest as provided in the Trust Document “as long as possible.”


We are informed that the Court of Appeal’s Order becomes final 30 days
after issuance.

The table below presents the changes in our working capital position and
other relevant information addressing our liquidity as of and for the
three months ended March 31, 2019 and preceding four years:
      As of and
for the

Year Ended December 31

($ in thousands) 3/31/2019 2018       2017       2016      

2015( (2))

Total Resources (cash and borrowings)
Cash and cash equivalents (unrestricted) $ 12,648 $ 13,127 $ 13,668 $ 19,017 $ 19,702
Unused borrowing facility 107,111 85,886 137,231 117,599 70,134
Restricted for capital projects (1) 23,566 30,318 62,280 62,024 10,263
Unrestricted capacity 83,545 55,568 74,951 55,575 59,871
Total resources at period end 119,759 99,013 150,899 136,616 89,836
Total unrestricted resources at period end 96,193 68,695 88,619 74,592 79,573
Debt-to-Equity Ratio
Total contractual facility $ 290,879 $ 252,929 $ 271,732 $ 266,134 $ 207,075
Total debt (gross of deferred financing costs) 184,099 167,043 134,501 148,535 130,941
Current 40,077 30,393 8,109 567 15,000
Non-current 143,691 136,650 126,392 147,968 115,941
Finance lease liabilities 331
Total book equity(2) 179,946 180,547 181,618 146,890 138,951
Debt-to-equity ratio 1.02 0.93 0.74 1.01 0.94
Changes in Working Capital
Working capital (deficit) (3) $ (77,236 ) $ (55,270 ) $ (46,971 ) $ 6,655 $ (35,581 )
Current ratio 0.28 0.35 0.42 1.10 0.51
Capital Expenditures (including acquisitions) $ 11,476 $ 56,827 $ 76,708 $ 49,166 $ 53,119
          (1)     This relates to the construction facilities specifically negotiated
for: (i) Union Square redevelopment project, obtained in December
2016, and (ii) New Zealand construction projects, obtained in May
2015. The New Zealand construction loan expired December 31, 2018.

Certain 2015 balances included the restatement impact as a result
of a change in accounting principle (see Note 2 – Summary of
Significant Accounting Policies – Accounting Changes
). Certain
2017 and 2016 balances included the restatement impact as a result
of a prior period financial statement correction of immaterial
errors (see Note 2 – Summary of Significant Accounting Policies
– Prior Period Financial Statement Correction of Immaterial Errors

(3) Typically our working capital (deficit) is negative as we receive
revenue from our cinema business ahead of the time that we have to
pay our associated liabilities. We use the money we receive to pay
down our borrowings in the first instance.

Below is a summary of the available credit facilities as of March 31,
As of March 31, 2019
(Dollars in thousands) Available
for Capital
Bank of America Credit Facility (USA) $ 55,000 $ 30,000 $ 25,000 $ $ 25,000
Bank of America Line of Credit (USA) 5,000 3,500 1,500 1,500
Union Square Construction Financing (USA) 57,500 33,934 23,566 23,566
NAB Corporate Term Loan (AU) (1) 85,248 40,138 45,110 45,110
Westpac Bank Corporate (NZ) (1)   21,824   9,889   11,935     11,935
Total $ 224,572 $ 117,461 $ 107,111 $ 23,566 $ 83,545



The borrowings are denominated in foreign currency. The
contractual capacity and capacity used were translated into U.S.
dollars based on the applicable exchange rates as of March 31,


The $23.6 million representing borrowings restricted for capital
projects is wholly composed of the $23.6 million of unused capacity for
the Union Square development and construction.

Our overall global operating strategy is to conduct business mostly on a
self-funding basis by country (except for funds used to pay an
appropriate share of our U.S. corporate overhead). However, we may, from
time to time, move funds between jurisdictions where circumstances merit
such action as part of our goal to minimize our cost of capital.


Trust Preferred Securities – On October 11, 2018, Reading secured a
waiver that provides significant additional financial flexibility
through the elimination of financial covenants with respect to our Trust
Preferred Securities through the end of the term loan in consideration
of payments totaling $1.6 million, consisting of an initial payment of
$1.1 million paid on October 31, 2018, and a contractual obligation to
pay $270,000 in October 2021 and $225,000 in October 2025.

Minetta/Orpheum Loan – On October 12, 2018, the Minetta and Orpheum
Theatres loan of $7.5 million was increased to $8.0 million and the
maturity extended to November 1, 2023.

Non-GAAP Financial Measures

This earnings release presents aggregate segment operating income, and
EBITDA, which are important financial measures for the Company, but are
not financial measures defined by U.S. GAAP.

These measures should be reviewed in conjunction with the relevant U.S.
GAAP financial measures and are not presented as alternative measures of
EPS, cash flows or net income as determined in accordance with U.S.
GAAP. Aggregate segment operating income and EBITDA, as we have
calculated them, may not be comparable to similarly titled measures
reported by other companies.


Aggregate segment operating income – We evaluate the
performance of our business segments based on segment operating income,
and management uses aggregate segment operating income as a measure of
the performance of operating businesses separate from non-operating


Gilbert Avanes, Interim Chief Financial Officer
Matyczynski, Executive Vice President for Global Operations
International, Inc.
(213) 235-2240

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IM Cannabis Shares Commence Trading on 6:1 Consolidated Basis




TORONTO and GLIL YAM, Israel, July 12, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IM Cannabis“), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that, further to its press release dated July 5, 2024, effective today the Company’s common shares (“Common Shares“) are trading on the Canadian Securities Exchange (the “CSE“) and Nasdaq Stock Market LLC (“NASDAQ“) on a 6:1 post-consolidated basis (the “Consolidation“).

The Company’s trading symbol remains “IMCC” on both the CSE and NASDAQ. The Company’s new CUSIP and ISIN numbers are 44969Q406 and CA44969Q4060, respectively.

After giving effect to the Consolidation, the Common Shares were reduced from 13,394,136 to 2,232,357 Common Shares. No fractional Common Shares were issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation were rounded to the next whole number, otherwise, the fractional Common Share were cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the Company’s outstanding convertible securities were proportionately adjusted in connection with the Consolidation.

Computershare Investor Services Inc., the Company’s registrar and transfer agent for the Common Shares, has mailed letters of transmittal to registered shareholders of record as of July 12, 2024 providing instructions for the exchange of their Common Shares as soon as practicable following the effective date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the Company’s SEDAR+ profile at Until surrendered, each Common Share certificate or direct registration system statement representing pre-consolidated Common Shares will represent the number of whole post-consolidated Common Shares to which the holder is entitled as a result of the Consolidation. No action is required by beneficial holders to receive post-consolidation Common Shares in connection with the Consolidation. Beneficial holders who hold their Common Shares through intermediaries (e.g., a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the Consolidation will be processed should contact their intermediaries with respect to the Consolidation.

About IM Cannabis Corp. 


IM Cannabis (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 focused its 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, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IM Cannabis’ products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. 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 amplifying its commercial and brand power to become a global high-quality cannabis player.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to maintain the listing requirements of the CSE and NASDAQ; the Company’s ability to focus on Israel, Germany and Europe; the Company’s ability to realize upon the stated benefits of the partial legalization of cannabis in Germany; and the Company amplifying its commercial and brand power to become a global high-quality cannabis player. 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 CSE and NASDAQ; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical Herbs Ltd. (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 and war, conflict and civil unrest in Eastern Europe and the Middle East; the risk of the Company’s inability to capitalize upon the partial legalization of cannabis in Germany; and risks the Company will be unable to amplify its commercial and brand power and/or be unable to become a global high-quality cannabis player.


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 and EDGAR at 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.

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

Oren Shuster, Chief Executive Officer
IM Cannabis Corp.

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Legal Cannabis Market Share Value Projected to Reach USD 194.5 Billion, at 16.9% CAGR by 2034: Prophecy Market Insights



Covina, July 11, 2024 (GLOBE NEWSWIRE) — The study concludes that the global legal cannabis market size and share is expected to grow at a CAGR of 16.9% between 2024 and 2034. The market revenue of USD 47 Billion in 2024 is expected to grow up to USD 194.5 Billion by 2034.

Cannabis was an illicit drug before, but its legalization process is on fast track today in many nations around the globe, opening a multibillion-dollar market with huge growth potential. The said market is bifurcated into two categories: medical cannabis, used for the treatment of various diseases, and recreational cannabis, for fun and other purposes. Most marijuana consumers are young, especially millennials. Males use it more than females, while the level of consumption is also predicated by class and thereby affects the rate of consumption. Psychographics show that marijuana consumers are social, open to experiences, and concerned about health; the last two probably represent a broader moving trend to natural products and alternate medicine.

The legal cannabis market offers a huge amount of variety, starting from flowers to extracts and consumables like cookies and chocolate that can be applied topically on the skin. Concentrations are gaining their following and popularity because of their potency. Also very popular are the edibles—baked goods, particularly cookies, and sweets—that appeal to those who crave discreetness and effectiveness all at once in consumption.

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Our Free Sample Report includes:

  • Overview & introduction of market study
  • Revenue and CAGR of the market 
  • Drivers & Restrains factors of the market 
  • Major key players in the market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent developments/news of the market 
  • Opportunities & Challenges of the Market

Some of the Key Market Players:

  • Aurora Cannabis
  • Cresco Labs
  • Jazz Pharmaceuticals
  • Verano Holdings
  • Canopy Growth Corporation
  • Green Thumb Industries
  • Trulieve Cannabis
  • MedMen
  • Aphria
  • Cronos Group
  • Curaleaf
  • GW Pharmaceuticals, plc.
  • The Green Organic Dutchman

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Analyst View:

Global cannabis regulations differ, but most countries are legalizing it fast, thereby creating a multibillion-dollar market with huge growth potential. The market segments include cannabis for recreation and cannabis for medical use. Young people form a huge part of the cannabis users, particularly the millennial group who exhibit a social class influence. Due to early legalization and permissive rules, North America is the leader of the legal cannabis business concerning product variety. The constantly changing process of the market keeps including new and different consumers and substances like CBD or substances for euphoric-balming effects.

Legal Cannabis Market: Report Scope
Report Attributes Details
Market value in 2024 USD 47 Billion 
Market value in 2034 USD 194.5 Billion
CAGR 16.9% from 2024 – 2034
Base year 2023
Historical data 2019-2022
Forecast period 2024-2034

Market Dynamics:



Growing Recognition and Legalization

  • Together, the increasing number of countries legalizing cannabis and the health benefits derived from medical marijuana easily make the global legal cannabis market ripe for significant growth. North America dominates the market due to major contributors such as the US, Canada, the UK, Germany, and Australia. The medicinal properties of cannabis will most probably drive massive growth in the medical cannabis market. Recreational use of marijuana is projected to have the fastest growth rate, and, as such, create jobs and boost the economy. The growth of the market results from geographical expansion, regulatory frameworks, and technological enhancements.

Increasing Customer Requirements

  • It’s the change in consumer expectations that’s driving big shifts in the legal cannabis sector. Companies are rolling out new product lines to cater to health-conscious consumers who demand a wider variety of cannabis-infused products. Where consumers want organically grown and pesticide-free cannabis, quality, and safety also rank very high. Consumers demand personalized experiences, where buyers and dispensaries are very important in guiding clientele to the right products. Moreover, there is an increase in sustainability and social responsibility due to customers valuing companies advocating for them. Technological integration is also being utilized to enhance convenience and engagement measures.

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Market Trends:

Benefits of Medicine and Research

  • Growth opportunities in legal cannabis mainly come from the legalization of their consumption, primarily for medical use. There are several medical diseases where the benefits of the use of cannabis have been proved, and the FDA has approved quite a few drugs derived from this plant. Improved cultivation, extraction, and testing technologies are also able to raise the quality and safety of products. The medicinal properties of cannabis are also opening up new options in treatment today, especially with those disorders resistant to traditional medications. Growing awareness of the potential economic opportunities that cannabis avails itself to could further drive the development of new innovative products and treatments, thereby accelerating market growth.


Legal Cannabis Market is segmented based on Source, Compound, Products, and Region.

Source Insights

  • From the flowers, which have classically been the traditional form of cannabis for as long as anyone can remember, to a large collection of strains with different cannabinoid levels, the flower truly captures the capabilities of the plant. Seed oil is another source that is not psychoactive in nature but is popular mainly due to its abundance of vital fatty acids and possible health benefits. Other sources are concentrated and super-potent cannabis products like trichomes, kief, and live resin. The infused product market is bound to grow with rising demand for seed oil. All in all, cannabis continues changing to best accommodate these different types of customers.

Compound Insights

  • Tetrahydrocannabinol is the widest cannabinoid used and has euphoric-balming effects. With increasing education among consumers, it can maintain its market share. One of the non-psychotic components is CBD, which helps in pain management and sleep quality, amongst others. Balanced THC & CBD: This segment caters to customers looking for a balanced experience by balancing the analgesic, relaxing properties of THC with the anxiety-reducing, focused properties of CBD.

Product Insights

  • Cannabis oil is quite often a concentrate, one can administer it topically for pain, consume it right out of the container, or use it in edibles. Cannabis drinks, like coffee, bubbling water, and spiked drinks, offer a more discreet and convenient way of consumption. Cannabis candies and chocolates are also other discreet and controlled ways. The legal cannabis sector is always experimenting with new products, vaporizers, topicals, edibles, baked foods, and sprays. Cannabis is also used for pet treats quite frequently. It is believed to expand the market for edibles as much as consumer acceptability and legalization expand.

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Recent Development:

  • In July 2024, Hundreds of pro-cannabis advocates took to Bangkok’s streets to protest a possible ban on general use. The Thai government floated plans to relist the plant as a narcotic, two years after it was decriminalized, earlier this year. A health ministry drug control committee approved the proposal, which would see cannabis only allowed for medical and research purposes.
  • In July 2024, NIST’s New Hemp Reference Material Will Help Ensure Accurate Cannabis Measurements. NIST’s Hemp Plant Reference Material will aid labs in accurately measuring THC, CBD, and other compounds in cannabis products, aiding forensic labs in distinguishing between legal hemp and federally controlled marijuana. It will also assist producers and state regulators in ensuring the safe use and accurate labeling of cannabis products.

Regional Insights

  • North America: The charge is currently being led from North America, due to early legalization and relatively permissive laws in countries like Canada and a number of US states. With so many goods on offer against the backdrop of a clientele base very loyal to their products, almost everything is put in place to create an almost perfect environment. The growth of the North American legal cannabis business is aided by many things, especially the medicinal and recreational markets, consumer demand, and lastly, medicinal research. The largest players are represented by Canopy Growth and Aurora Cannabis. The country with the most rapid growth relocated to Canada.
  • Asia Pacific: Asia is increasingly tolerating the use of medical marijuana, mainly in South Korea and Thailand, the growing disposable money of relatively less developed countries at large will set the stage for marijuana legalization for recreational use when regulations change.

Browse Detail Report on “Legal Cannabis Market Size, Share, By Source (Flowers, Seed oil, others), By Compound (Tetrahydrocannabinol, Cannabidiol, Balanced THC & CBD), By Product (Cannabis Oil, Cannabis Beverages, Cannabis Chocolates & Gummies, Others) By Application (Medical, Scientific, Industrial, and Horticultural purposes) and Region – Trends, Analysis and Forecast till 2034” with complete TOC @

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Prophecy’s expertise area covers products, services, latest trends, developments, market growth factors, and challenges along with market forecasts in various business areas such as Healthcare, Pharmaceutical, Biotechnology, Information Technology (IT), Automotive, Industrial, Chemical, Agriculture, Food and Beverage, Energy, and Oil and Gas. We also offer various other services such as data mining, information management, and revenue enhancement suggestions.


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Global CBD Oil Market Size To Exceed USD 26.72 Billion By 2033 | CAGR of 18.36%



New York, United States , July 09, 2024 (GLOBE NEWSWIRE) — The Global CBD Oil   Market Size Expected to Grow from USD 4.95 Billion in 2023 to USD 26.72 Billion by 2033, at a CAGR of 18.36% during the forecast period 2023-2033.

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Cannabidiol oil is another name for CBD oil. (CBD), which originates from cannabis plants, such as hemp and marijuana, can possess anxiolytic, anti-inflammatory, and analgesic properties. These characteristics have led to research on CBD oil as a possible treatment for a number of diseases, including anxiety disorders, chronic pain, and epilepsy. The demand for CBD-infused beauty and skincare products has surged, indicating consumers’ growing inclination towards natural and comprehensive skincare treatments. Growing amounts of CBD, which is well-known for its potential anti-inflammatory and antioxidant properties, are being added to skincare formulae to address issues including acne, inflammation, and aging. Governments from a number of states and countries are supporting its use in drugs and other medical treatments, which is expected to expand and increase these products’ sales and distribution throughout the course of the projected period. However, manufacturers continue to work to increase awareness among customers and provide informative packaging to make it clear what the consumer wants to get out of the items. Consequently, the attempts to support the marketing operations may present opportunities for the global cannabidiol oil market.  

Browse key industry insights spread across 232 pages with 110 Market data tables and figures & charts from the report on the “Global CBD Oil Market Size, Share, and COVID-19 Impact Analysis, By Source (Marijuana, Hemp), By Product (Full-Spectrum CBD Oil, Broad-Spectrum CBD Oil, CBD Isolate), By Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033″

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The hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe.   

Based on the source, the CBD oil market is categorized into marijuana, and hemp. Among these, the hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe. Increased demand for pharmaceuticals and increased public awareness of health issues are likely to drive significant growth in the market for hemp-derived cannabidiol. The pharmaceutical industry predicts that when consumer disposable income increases and cannabis becomes legal, demand for the substance will rise.

The full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe.    

Based on the product, the CBD oil market is categorized into full-spectrum CBD oil, broad-spectrum CBD oil, and CBD isolate. Among these, the full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe. It indicates the combined benefits of many drugs may be more beneficial than CBD individually. With regard to the entourage effect, full-spectrum CBD oil is expected to have more medicinal benefits than CBD isolation. People may get improved relief from symptoms like pain, inflammation, anxiety, and more.

The pharmaceuticals segment is expected to hold a significant share of the CBD oil market   during the anticipation timeframe.


Based on the application, the CBD oil market is categorized into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Among these, the pharmaceuticals segment is expected to hold a significant share of the CBD oil market during the anticipation timeframe. the growing number of research investigations evaluating CBD’s physical effects on particular medical conditions. These products are used as an alternative by a substantial, knowledgeable, and conscientious consumer base to lessen mental stress and nervousness.

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North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe.

North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe. Interest from consumers in and tolerance to CBD have significantly increased in the US, which has significantly affected the market share and position of the area. North America is currently the largest market region because to ongoing development, pre-existing infrastructure, and growing public awareness of the potential benefits of CBD.

Europe is expected to grow at the fastest CAGR growth of the CBD oil market during the anticipation timeframe. The legalization of cannabis in a number of European countries has created new markets for CBD products, which will attract investment and encourage the creation of new goods. Moreover, the rise of CBD-infused goods in industries like wellness, food and drink, healthcare, and cosmetics encourages market progress in Europe and positions the region as a significant CBD oil market over the projection period.


Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the CBD oil market are Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Avicanna, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Kazmira LLC, Medical Marijuana Inc., and others.

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Recent Developments

  • On January 2023, the acquisition of Goodbody Botanicals Ltd. by British Cannabis, a pioneer in the CBD market, represents a major advancement in our leadership in the wellness industry. This acquisition represents a significant expansion of our manufacturing capacity and an improvement in our ranking on the UK Food Standards Agency’s (FSA) list of authorized products, signifying more than just the joining of two firms.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the CBD oil market based on the below-mentioned segments: 


Global CBD Oil Market, By Source

  • Marijuana
  • Hemp

Global CBD Oil Market, By Product

  • Full-Spectrum CBD Oil
  • Broad-Spectrum CBD Oil
  • CBD Isolate

Global CBD Oil Market, By Application

  • Food & Beverages
  • Pharmaceuticals
  • Pet Care
  • Cosmetics
  • Others

Global CBD Oil Market, By Regional

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

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