Announcement • Jun 05
IM Cannabis Corp. announced that it has received $0.2025 million in funding from L.I.A. Pure Capital Ltd. IM Cannabis Corp. announced that it has entered into a note purchase agreement with an institutional investor and closed the private placement and issued convertible note in the principal amount of $225,000 at an issue discount of 10% for gross proceeds of $202,500 and warrants to purchase up to 781,250 common shares for aggregate proceeds of $202,500 on June 3, 2026. The transaction includes participation from returning investor, L.I.A. Pure Capital Ltd. The note bears interest at a rate of 8% per annum, increasing to 14% upon the occurrence and continuation of an event of default. The conversion price will be lower of $0.288 per share or 90% of the lowest daily volume-weighted average price during the 20 consecutive trading days preceding the conversion date, subject to a floor price of $0.0576. The warrant exercise price will be of $0.40 per share. The warrants became immediately exercisable upon their issuance date, June 3, 2026, and will expire after five years, on June 3, 2031. All securities issued under the financing described above are subject to a four month and one day hold period from the date of issuance. Reported Earnings • May 14
First quarter 2026 earnings released: CA$0.38 loss per share (vs CA$0.089 profit in 1Q 2025) First quarter 2026 results: CA$0.38 loss per share (down from CA$0.089 profit in 1Q 2025). Revenue: CA$8.68m (down 31% from 1Q 2025). Net loss: CA$2.28m (down CA$2.55m from profit in 1Q 2025). Announcement • May 08
IM Cannabis Corp. announced that it has received $0.27 million in funding from L.I.A. Pure Capital Ltd. IM Cannabis Corp. announced that it has entered into a Note Purchase Agreement with an L.I.A. Pure Capital Ltd., institutional investor pursuant to which the Company issued to the Investor (A) a convertible note in the principal amount of US$300,000 at a purchase price equal to ninety percent 90% of the Subscription Amount; with an original issuance discount of 10% for gross proceeds of $270,000 and issued a warrant to purchase up to 1,127,820 Common Shares equal to a number of Common Shares determined by one hundred percent (100%) of the Subscription Amount divided by an exercise price of $0.26 per Common Share on May 7, 2026. The Note bears an interest rate of eight percent (8.0%) per annum accruing from the Closing Date (which shall increase to fourteen percent (14.0%) upon the occurrence of an Event of Default (as defined in the Note). The Note is not repayable in cash and the Company’s obligations thereunder will be satisfied solely through the issuance of Common Shares upon conversion of the Note in accordance with its terms. The number of Common Shares issuable upon any conversion of the principal amount under the Note is determined by dividing the applicable conversion amount by the conversion price (the “Conversion Price”). The Fixed Price set in the Note is $0.266. The Floor Price set in the Note is $0.05. No fractional Common Shares will be issued upon conversion, and any fractional amount will be rounded to the nearest $0.0001. This Note shall have no maturity date. The Warrant entitles its holder to purchase one Common Share (each, a “Warrant Share”) at an exercise price of $0.26 per Warrant Share. The Warrant became exercisable immediately upon its issuance date, May 7, 2026, and will be exercisable for a period of five (5) years, until May 7, 2031 (the “Termination Date”). If the Warrant is not exercised by the Termination Date, the Warrant will expire and be of no further force or effect. The Warrant and the Warrant Shares may not be traded for a period of four (4) months, unless permitted under applicable securities legislation. All securities issued under the financings described above are subject to: (i) a four month and one day hold period from the date of issuance and (ii) applicable legends as required pursuant to the U.S. Securities Act of 1933, as amended (the “Securities Act”). The private placements of the securities offered to the Lender were made in reliance on an exemption from (x) registration under Section 4(a)(2) of the Securities Act and (y) applicable Canadian securities laws. New Risk • Apr 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-CA$3.6m). Shareholders have been substantially diluted in the past year (102% increase in shares outstanding). Market cap is less than US$10m (US$2.14m market cap). Announcement • Apr 07
IM Cannabis Corp. announced that it expects to receive $0.225 million in funding from L.I.A. Pure Capital Ltd. IM Cannabis Corp entered into a Note Purchase Agreement with L.I.A. Pure Capital Ltd to issue convertible note in the principal amount of $250,000 at an issuance discount of 10% for the proceeds of $225,000 along with a warrant to purchase up to 272,861 Common Share on April 5, 2026. The Offering is expected to close on April 7, 2026. The Note bears an interest rate of eight percent (8.0%) per annum accruing from the Closing Date The conversion price of notes is $0.339. The warrant exercise price is $0.34 (CAD 0.47). he Warrant became exercisable immediately upon its issuance and will be exercisable for a period of five (5) years, until April 6, 2031 Reported Earnings • Mar 31
Full year 2025 earnings released: CA$2.67 loss per share (vs CA$4.51 loss in FY 2024) Full year 2025 results: CA$2.67 loss per share. Revenue: CA$54.7m (up 1.3% from FY 2024). Net loss: CA$11.3m (loss widened 6.9% from FY 2024). Announcement • Jan 27
IM Cannabis Corp. announced that it has received $1.709721 million in funding On January 26, 2026. IM Cannabis Corp. announces that it has closed the transaction. Announcement • Jan 05
IM Cannabis Corp. Announces the Appointment of Mr. Alon Dayan to Its Board of Directors, Effective December 31, 2025 IM Cannabis Corp. announced that Mr. Alon Dayan has been appointed to the Company's board of directors effective December 31, 2025. Mr. Dayan, who is currently the Chief Executive Officer of KeepZone AI Inc., a position he has held since 2025, brings over 15 years of executive experience in the homeland security technology sector, with a proven track record of founding and scaling innovative companies focused on systems integration, secure communications, and international business development. As the founder and Chief Executive Officer of L1-Systems Ltd. since 2014, Mr. Dayan has led complex projects in homeland security solutions, intelligence systems and telecommunications, forging strategic partnerships for L1-Systems Ltd. across Latin America, Eastern Europe, and Western Europe. His earlier roles include Chief Executive Officer of Virtual Crypto Technologies Inc., where he spearheaded product development and global sales for cryptocurrency ATM technologies, and Business Development Manager at Elbit Systems Ltd., managing defense electronics sales to government and enterprise clients. Mr. Dayan holds a B.A. in Electrical and Electronic Engineering from Ariel University, Israel. Announcement • Dec 13
IM Cannabis Corp. Announces the Appointment of Asi Levi as Chief Financial Officer, Effective December 12, 2025 IM Cannabis Corp. announced the appointment of Asi Levi, CPA, as the Company's Chief Financial Officer, effective December 12, 2025, to replace Uri Birenberg. Mr. Levi has over 15 years of experience in finance and controlling roles, including serving as Chief Financial Officer of Water Ways Technologies Inc. and DekelOil CI, part of Dekel Agri-Vision Plc and as Controller of SciSparc Ltd. and A2Z Cust2Mate Solutions Corp. He has overseen fundraising efforts and handled financial planning, budgeting, and cash flow management in compliance with international financial reporting standards (IFRS) and other standards. Reported Earnings • Nov 16
Third quarter 2025 earnings released: CA$0.75 loss per share (vs CA$0.41 loss in 3Q 2024) Third quarter 2025 results: CA$0.75 loss per share (further deteriorated from CA$0.41 loss in 3Q 2024). Revenue: CA$13.9m (flat on 3Q 2024). Net loss: CA$3.65m (loss widened 296% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Announcement • Nov 06
IM Cannabis Corp. to Report Q3, 2025 Results on Nov 13, 2025 IM Cannabis Corp. announced that they will report Q3, 2025 results at 9:00 AM, US Eastern Standard Time on Nov 13, 2025 Announcement • Oct 30
Im Cannabis Corp. Announces Step Down of Uri Birenberg as Chief Financial Officer and Continue to Serve Until January 5, 2026 IM Cannabis Corp. on October 29, 2025 announced that Uri Birenberg, the Company's Chief Financial Officer, will be stepping down from his role for personal reasons. Mr. Birenberg is expected to continue serving as Chief Financial Officer until January 5, 2026, or such earlier date as may be determined by the Company, and will assist in a structured transition process until a successor is appointed. New Risk • Sep 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.76m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (135% increase in shares outstanding). Market cap is less than US$10m (US$9.76m market cap). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Board Change • Sep 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Shmuel Arbel was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 16
IM Cannabis Corp. Announces Board and Committee Changes IM Cannabis Corp. announced the following changes to its Board of Directors. Effective September 15, 2025, Messrs. Shmulik Arbel and Brian Schinderle have resigned from the Company's Board, Audit Committee and Compensation Committee, as applicable. The Board has appointed Messrs. Asaf Yitzhaik and Eli Zamir to the Board and as members of the Audit Committee, effective immediately, to fill in the vacancies created by the foregoing resignations. In addition, Mr. Zamir has been appointed as a member of the Compensation Committee to replace Mr. Schinderle. Mr. Yitzhaik is a seasoned businessman with over three decades of experience in retail and real estate. He is the owner of ASI Glasses, a long-established optics and optometry business in Israel, and has extensive real estate holdings in Israel and abroad. Mr. Yitzhaik also serves as a director of several publicly traded companies, including Gix Internet Ltd., Rani Zim Shopping Centers Ltd., Save Foods Inc., Plentify Ltd., Polyrizon Ltd., and Clearmind Medicine Inc. Mr. Zamir brings extensive expertise in finance, capital markets, and public company governance. He has served as CEO of an underwriting firm, CFO of a public real estate company, and raised significant institutional capital for private equity funds and public offerings. Mr. Zamir has also held directorships at leading companies including Formula Systems, Synopsys Israel, AI Conversation Systems, and NewMed Energy. He currently serves as the CEO of Jeff's Brands Ltd. and continues to advise and lead M&A and financing activities in the renewable energy sector in Europe. The Board has also appointed Mr. Oz Adler, a director of the Company, as the new Chairman of the Board, replacing Mr. Oren Shuster, who will continue to serve as the Company's Chief Executive Officer and a director. Reported Earnings • Aug 14
Second quarter 2025 earnings released: CA$0.09 loss per share (vs CA$1.36 loss in 2Q 2024) Second quarter 2025 results: CA$0.09 loss per share (improved from CA$1.36 loss in 2Q 2024). Revenue: CA$12.7m (down 14% from 2Q 2024). Net loss: CA$309.0k (loss narrowed 90% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Announcement • Aug 04
IM Cannabis Corp. to Report First Half, 2025 Results on Aug 12, 2025 IM Cannabis Corp. announced that they will report first half, 2025 results on Aug 12, 2025 Announcement • Jul 09
Im Cannabis Corp. Appoints Oz Adler to Board of Directors, Effective Date Is July 6, 2025 IM Cannabis Corp. announced the appointment of Mr. Oz Adler to the Company's board of directors, effective July 6, 2025. Mr. Adler brings deep financial and strategic expertise across international markets, as well as a strong track record in public company leadership, regulatory compliance, and M&A. Mr. Adler currently serves on the board of directors of several publicly traded companies, including Rail Vision Ltd., Clearmind Medicine Inc., and Jeff's Brands Ltd. Mr. Adler currently serves as the Chief Executive Officer and previously as Chief Financial Officer of SciSparc Ltd., a pharmaceutical company specializing in cannabinoid-based therapeutics. He has also held senior finance roles at Medigus Ltd., where he advised on initial public offering readiness and public filings, and began his career at Ernst & Young Israel, managing audits of public companies listed on TASE and North American markets. Mr. Adler is a Certified Public Accountant (CPA) and holds a B.A. in Business Management and Accounting from the College of Management in Rishon LeZion. Announcement • May 28
IM Cannabis Corp. announced that it has received CAD 2.301174 million in funding On May 27, 2025, IM Cannabis Corp closed the transaction. The company issued Secured Convertible debentures for aggregate proceeds of CAD 2,301,174.70. The debentures will mature on May 26, 2026. The Debentures may be converted into Common Shares at a conversion price of CAD 2.61 per common share. The transaction included participation from Oren Shuster for an amount of CAD 260,935.40 and Mr. Gabay for an amount of CAD 260,278.70. New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (US$5.03m market cap). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: CA$0.09 (vs CA$2.52 loss in 1Q 2024) First quarter 2025 results: EPS: CA$0.09 (up from CA$2.52 loss in 1Q 2024). Revenue: CA$12.5m (up 3.6% from 1Q 2024). Net income: CA$275.0k (up CA$5.90m from 1Q 2024). Profit margin: 2.2% (up from net loss in 1Q 2024). The move to profitability was primarily driven by lower expenses. Announcement • May 16
IM Cannabis Corp. announced that it expects to receive CAD 2.5 million in funding IM Cannabis Corp announced a non-brokered private placement to issue secured convertible debentures for the gross proceeds of CAD 2,500,000 on May 15, 2025. The debentures will mature on the date that is 12 months from the date of issuance and will not incur interest except in the event of default. The debentures are being issued to holders of debentures that mature on May 26, 2025. The principal of the debenture may be converted into common shares at a conversion price to be determined at the time of issuance.. Announcement • May 06
IM Cannabis Corp. to Report Q1, 2025 Results on May 15, 2025 IM Cannabis Corp. announced that they will report Q1, 2025 results Pre-Market on May 15, 2025 New Risk • Apr 06
New major risk - Revenue and earnings growth Earnings have declined by 6.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.2m free cash flow). Earnings have declined by 6.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (US$4.77m market cap). Reported Earnings • Apr 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: CA$4.51 loss per share (further deteriorated from CA$4.45 loss in FY 2023). Revenue: CA$54.0m (up 11% from FY 2023). Net loss: CA$10.6m (loss widened 11% from FY 2023). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Pharmaceuticals industry in the US. Announcement • Mar 20
IM Cannabis Corp. to Report Q4, 2024 Results on Mar 31, 2025 IM Cannabis Corp. announced that they will report Q4, 2024 results Pre-Market on Mar 31, 2025 Announcement • Mar 10
IM Cannabis Corp., Annual General Meeting, May 23, 2025 IM Cannabis Corp., Annual General Meeting, May 23, 2025. Location: ontario, toronto Canada New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (US$6.99m market cap). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (CA$1.1m net loss in 2 years). Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: CA$0.41 loss per share (improved from CA$0.96 loss in 3Q 2023). Revenue: CA$13.9m (up 12% from 3Q 2023). Net loss: CA$922.0k (loss narrowed 57% from 3Q 2023). Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 57%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in the US. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Market cap is less than US$10m (US$6.59m market cap). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Announcement • Nov 06
IM Cannabis Corp. to Report Q3, 2024 Results on Nov 14, 2024 IM Cannabis Corp. announced that they will report Q3, 2024 results Pre-Market on Nov 14, 2024 Announcement • Oct 05
IM Cannabis Corp. announced that it expects to receive $1.613 million in funding IM Cannabis Corp. announced a non-brokered private placement offering of up to issue 625,000 units at an issue price of $2.5808 per unit for the gross proceeds of $1,613,000 on October 4, 2024. Each Unit will be comprised of one Share and one Share purchase warrant. Each Warrant shall entitle the holder thereof to acquire one additional Share at a price equal to a 50% premium to the Offering Price at any time prior to 5:00 p.m. on second anniversary of the closing date. The Offering, which is expected to close in one or more tranches, will be led by the Company’s management team, including Oren Shuster and Shmulik Arbel. The closing of the Offering is expected to occur by November 11, 2024. All securities issued under the Offering will be subject to a hold period of four months and one day from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. Announcement • Sep 11
IM Cannabis Corp. Appoints Shmulik Arbel to Board of Directors IM Cannabis Corp. announced that Mr. Shmulik Arbel has been appointed to the Company’s board of directors (the ‘Board’) effective September 9, 2024. Mr. Arbel brings a wealth of experience in strategic plans that drive profitability, as well as, finance and corporate governance, further strengthening the company’s commitment to driving growth while focusing on sustainable profitability. Mr. Arbel retired as Deputy CEO from Leumi, Israel's largest banking group, in April 2023, where he was instrumental in business growth and leading the service revolution. With over 25 years of experience at Leumi, Arbel has held senior roles throughout the organization, such as head of retail banking, head of the corporate division, and as chairman of Leumi UK. With key roles in Israel, New York and London, Mr. Arbel has a wide view on international business. Arbel holds a BA and MBA from Tel Aviv University. Announcement • May 30
IM Cannabis Corp. announced that it has received CAD 2.091977 million in funding On May 29, 2024, IM Cannabis Corp. closed the transaction. Reported Earnings • May 08
First quarter 2024 earnings released: CA$0.42 loss per share (vs CA$0.027 profit in 1Q 2023) First quarter 2024 results: CA$0.42 loss per share (down from CA$0.027 profit in 1Q 2023). Revenue: CA$12.1m (down 8.4% from 1Q 2023). Net loss: CA$5.62m (down CA$5.93m from profit in 1Q 2023). Announcement • May 03
IM Cannabis Corp. to Report Q1, 2024 Results on May 08, 2024 IM Cannabis Corp. announced that they will report Q1, 2024 results Pre-Market on May 08, 2024 Reported Earnings • Mar 31
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: CA$0.74 loss per share (improved from CA$3.14 loss in FY 2022). Revenue: CA$48.8m (down 10% from FY 2022). Net loss: CA$9.50m (loss narrowed 58% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Announcement • Mar 21
IM Cannabis Corp. to Report Fiscal Year 2023 Results on Mar 28, 2024 IM Cannabis Corp. announced that they will report fiscal year 2023 results Pre-Market on Mar 28, 2024 New Risk • Jan 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$11m free cash flow). Less than 1 year of cash runway based on free cash flow trend (-CA$11m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Market cap is less than US$10m (US$2.39m market cap). Market cap is less than US$10m (US$2.39m market cap). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$4.6m net loss next year). Currently unprofitable and not forecast to become profitable next year (CA$4.6m net loss next year). Shareholders have been diluted in the past year (35% increase in shares outstanding). Announcement • Nov 29
IM Cannabis Announces Receipt of Court Action IM Cannabis Corp. announced that a complaint was in the Ontario Superior Court of Justice in Canada by Michael Wiener, 35 Oak Holdings Ltd. and MW Investments Ltd. against IMC Cannabis Corp. and its board of directors and officers. A copy of this complaint was delivered to IMC on November 17, 2023. The complaint claims that IMC made misrepresentations in its disclosures prior to the IMC/MYM transaction in 2021. MYM Shareholder Plaintiffs are claiming damages that amount to approximately $15 million. IMC has reviewed the complaint and believes that the allegations are without merit. IMC plans to vigorously defend itself against the allegations. IMC's policy is not to discuss pending litigation. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: CA$0.16 loss per share (improved from CA$0.59 loss in 3Q 2022). Revenue: CA$12.4m (down 13% from 3Q 2022). Net loss: CA$2.15m (loss narrowed 48% from 3Q 2022). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Pharmaceuticals industry in the US. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$16m free cash flow). Earnings have declined by 29% per year over the past 5 years. Shareholders have been substantially diluted in the past year (77% increase in shares outstanding). Market cap is less than US$10m (US$5.97m market cap). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Nov 09
IM Cannabis Corp. to Report Q3, 2023 Results on Nov 13, 2023 IM Cannabis Corp. announced that they will report Q3, 2023 results Pre-Market on Nov 13, 2023 Announcement • Oct 11
IM Cannabis Corp. Announces Executive Changes IM Cannabis Corp. announced that Uri Birenberg will join the company's leadership team as Chief Financial Officer effective October 10, 2023. This appointment strengthens IMC's financial leadership and strategic direction for achieving sustainable profitability. Birenberg is a senior financial executive, who brings over two decades of experience of financial planning and analysis. Prior to joining IMC, Birenberg served as CFO of Hygear Ltd, a start up in the healthcare fitness tech industry. In addition to managing the financial and legal activities of the company along with the strategic financial planning, he played an essential role in the fundraising in preparation for its IPO. Birenberg follows Itay Vago, who will be leaving the position after presenting the Third Quarter 2023 results in November 2023. During the next weeks, Birenberg and Vago will be working together closely to assure a smooth transition process. Announcement • Sep 23
IM Cannabis Corp., Annual General Meeting, Dec 06, 2023 IM Cannabis Corp., Annual General Meeting, Dec 06, 2023. Location: Toronto, ON Toronto Canada Announcement • Sep 20
IM Cannabis Corp. Announces Departure of Itay Vago as CFO IM Cannabis Corp. announced that Itay Vago, the company's chief financial officer, has decided to leave the company for personal reasons. Current plans call for Mr. Vago to continue to serve as CFO until the publication of the third quarter 2023 results. New Risk • Aug 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.89m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$16m free cash flow). Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Market cap is less than US$10m (US$9.89m market cap). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$7.6m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Announcement • Aug 09
IM Cannabis Corp. to Report Q2, 2023 Results on Aug 14, 2023 IM Cannabis Corp. announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 14, 2023 New Risk • Jul 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$11m free cash flow). Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$1.8m net loss next year). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (US$12.2m market cap). Announcement • Jun 14
IM Cannabis Receives NASDAQ Notification of Regaining Compliance with Nasdaq's Minimum Bid Price Requirement IM Cannabis Corp. announced that on June 12, 2023, it has received formal notice from The Nasdaq Stock Market, LLC (Nasdaq) stating that the Company has regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules (the "Minimum Bid Price Requirement"). IMC is now in compliance with all applicable listing standards and will continue to be listed and traded on the NASDAQ Stock Market. As previously announced, the Company was notified by Nasdaq on April 10, 2023, that it was not in compliance with the Minimum Bid Price of $1.00 per share for 30 consecutive business days from February 24, 2023 to April 6, 2023. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq provided a 180-calendar day period following the date of the notice to regain compliance, or until October 9, 2023. To regain compliance with the minimum bid price requirement, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. From May 26, 2023 through June 9, 2023, a period of 10 consecutive trading days, the closing bid price of the Company's listed securities was greater than $1.00 per share. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and the matter has been closed. Announcement • May 09
IM Cannabis Corp. to Report Q1, 2023 Results on May 15, 2023 IM Cannabis Corp. announced that they will report Q1, 2023 results Pre-Market on May 15, 2023 Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: CA$3.13 loss per share (further deteriorated from CA$3.07 loss in FY 2021). Revenue: CA$54.3m (flat on FY 2021). Net loss: CA$22.5m (loss widened 27% from FY 2021). Revenue missed analyst estimates by 29%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Pharmaceuticals industry in the US. Board Change • Nov 01
High number of new directors Independent Director Moti Marcus was the last director to join the board, commencing their role in 2022. Board Change • Oct 02
High number of new directors Independent Director Moti Marcus was the last director to join the board, commencing their role in 2022. Recent Insider Transactions • Sep 24
CEO & Director recently bought US$118k worth of stock On the 19th of September, Oren Shuster bought around 275k shares on-market at roughly US$0.43 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Oren has been a buyer over the last 12 months, purchasing a net total of US$454k worth in shares. Recent Insider Transactions • Sep 14
Executive Chairman recently bought US$80k worth of stock On the 6th of September, Marc Lustig bought around 200k shares on-market at roughly US$0.40 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Marc's only on-market trade for the last 12 months. Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: CA$0.27 loss per share (down from CA$0.10 loss in 2Q 2021). Revenue: CA$23.8m (up 114% from 2Q 2021). Net loss: CA$18.7m (loss widened 303% from 2Q 2021). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 650%. Over the next year, revenue is forecast to grow 51%, compared to a 23% growth forecast for the Pharmaceuticals industry in the US. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CA$0.14 loss per share (down from CA$0.11 profit in 1Q 2021). Revenue: CA$23.6m (up 169% from 1Q 2021). Net loss: CA$9.45m (down 310% from profit in 1Q 2021). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 600%. Over the next year, revenue is forecast to grow 102%, compared to a 7.1% growth forecast for the industry in the US. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. CEO & Director Oren Shuster is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Apr 13
CEO & Director recently bought US$336k worth of stock On the 8th of April, Oren Shuster bought around 150k shares on-market at roughly US$2.24 per share. This was the largest purchase by an insider in the last 3 months. This was Oren's only on-market trade for the last 12 months. Reported Earnings • Apr 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: CA$0.31 loss per share (up from CA$0.74 loss in FY 2020). Revenue: CA$54.3m (up 242% from FY 2020). Net loss: CA$17.8m (loss narrowed 38% from FY 2020). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is forecast to grow 144%, compared to a 17% growth forecast for the pharmaceuticals industry in the US. Reported Earnings • Nov 17
Third quarter 2021 earnings released: CA$0.06 loss per share (vs CA$0.017 profit in 3Q 2020) The company reported a decent third quarter result with improved revenues, although earnings and control over costs were weaker. Third quarter 2021 results: Revenue: CA$14.4m (up 144% from 3Q 2020). Net loss: CA$4.29m (down CA$4.94m from profit in 3Q 2020). Director Overboarding • Sep 02
Director Marc Lustig has joined 5th company board Marc Lustig has been appointed to the board of BriaCell Therapeutics Corp. (TSXV:BCT). Lustig now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 02
Director Marc Lustig has joined 5th company board Marc Lustig has been appointed to the board of BriaCell Therapeutics Corp. (TSXV:BCT). Lustig now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 02
Director Marc Lustig has joined 5th company board Marc Lustig has been appointed to the board of BriaCell Therapeutics Corp. (TSXV:BCT). Lustig now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Recent Insider Transactions • Aug 21
Insider recently sold US$60k worth of stock On the 18th of August, Karl Grywacheski sold around 15k shares on-market at roughly US$4.01 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$164k more than they bought in the last 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released: CA$0.10 loss per share (vs CA$0.25 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: CA$11.1m (up 196% from 2Q 2020). Net loss: CA$4.63m (loss narrowed 52% from 2Q 2020). Reported Earnings • May 19
First quarter 2021 earnings released: EPS CA$0.11 (vs CA$0.011 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$8.77m (up CA$7.43m from 1Q 2020). Net income: CA$4.51m (up CA$4.92m from 1Q 2020). Profit margin: 51% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Reported Earnings • Apr 26
Full year 2020 earnings released: CA$0.74 loss per share (vs CA$0.23 loss in FY 2019) The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: CA$15.9m (up 75% from FY 2019). Net loss: CA$28.7m (loss widened 294% from FY 2019). Is New 90 Day High Low • Mar 04
New 90-day high: US$10.26 The company is up 50% from its price of US$6.84 on 03 December 2020. The American market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 3.0% over the same period. Announcement • Oct 07
IM Cannabis Corp Announce That the Israeli Ministry of Health Has Launched A New Pilot Program IM Cannabis Corp. announced that the Israeli Ministry of Health has launched a new pilot program in which medical cannabis producers will be authorized to export medical cannabis, subject to making certain products available to patients in Israel at a fixed price of NIS14 per gram (CAD 5.50 per gram) and NIS10 (CAD 4.00 per gram) for patients over 21 years old and under 21 years old, respectively (the “Pilot Program”). The medical cannabis products that will be made available under the Pilot Program are at the company’s discretion. The Pilot Program is planed for an initial period of three months. IMC-branded products will be available for immediate application of export permits.