TORONTO and GLIL YAM, Israel, Sept. 19,
2023 /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC)
(NASDAQ: IMCC) (the "Company," "IMCannabis," or
"IMC"), a leading international medical cannabis company
with operations in Israel and
Germany, today 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 Q3 2023 results.
Oren Shuster, Chief Executive
Officer of IMC, said, "On behalf of our entire team, I would like
to thank Itay for his commitment and contribution to IMC. Since
joining IMC a year ago, Itay has been a valuable member of our
management team and we wish him well in his future endeavors."
"It has been a great pleasure to serve first as Finance Director
of IMC Holdings Ltd and then as the Company's Chief Financial
Officer over the past year," said Itay
Vago. "I have the highest confidence in the Company, and I
am grateful to have had the opportunity to work with one of the
most dedicated teams in the cannabis industry."
The Company has commenced a formal search for a new Chief
Financial Officer and Mr. Vago is anticipated to support the
transition through the publication of the Q3 2023 results.
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis
company that provides premium cannabis products to medical patients
in Israel and Germany, two of the largest medical cannabis
markets. The Company has recently exited operations in Canada to pivot its focus and resources to
achieve sustainable and profitable growth in its highest value
markets, Israel and Germany. The Company leverages a transnational
ecosystem powered by a unique data-driven approach and a globally
sourced product supply chain. With an unwavering commitment to
responsible growth and compliance with the strictest regulatory
environments, the Company strives to amplify its commercial and
brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship
with Focus Medical Herbs Ltd., which imports and distributes
cannabis to medical patients, leveraging years of proprietary data
and patient insights. The Company also operates medical cannabis
retail pharmacies, online platforms, distribution centers, and
logistical hubs in Israel that
enable the safe delivery and quality control of IMC products
throughout the entire value chain. In Germany, the IMC ecosystem operates through
Adjupharm GmbH, where it distributes cannabis to pharmacies for
medical cannabis patients. Until recently, the Company also
actively operated in Canada
through Trichome Financial Corp and its wholly owned subsidiaries,
where it cultivated, processed, packaged, and sold premium and
ultra-premium cannabis at its own facilities under the WAGNERS and
Highland Grow brands for the adult-use market in Canada. The Company has exited operations in
Canada and considers these
operations discontinued.
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 statements relating to compliance with the
CSE and Nasdaq's continued listing requirements, and timing and
effect thereof and the potential for an extension to regain
compliance; the Company leaving the Canadian cannabis market to
focus on Israel, Germany and Europe; the restructuring and sale of Trichome
under CCAA Proceedings; and the Company's search for a new CFO and
the timeline stated.
Forward-looking information in this press release are based on
certain assumptions and expected future events, namely: the Company
having the ability to maintain CSE and Nasdaq's continued listing
requirements, and timing and effect thereof and the potential for
an extension to regain compliance; the Company having the ability
to carry out its plans of leaving the Canadian cannabis market to
focus on Israel, Germany and Europe as stated; the Company having the
ability to complete the restructuring and sale of Trichome under
CCAA Proceedings; and the Company having the ability to complete
its search for a new CFO and the timeline stated.
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 inability to continue to meet the listing
requirements of the Canadian Securities Exchange and the NASDAQ
Capital Market; any unexpected failure to maintain in good standing
or renew its licenses; the Company's inability to carry out its
plans of leaving the Canadian cannabis market to focus on
Israel, Germany and Europe as stated; the Company's inability to
complete the restructuring and sale of Trichome under CCAA
Proceedings; and the Company's inability to complete its search for
a new CFO and the timeline stated.
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.
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Company Contacts:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, CEO
IM Cannabis Corp.
info@imcannabis.com
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SOURCE IM Cannabis Corp.