TORONTO and GLIL YAM, Israel, Nov. 27,
2023 /PRNewswire/ -- IM Cannabis Corp. (CSE:
IMCC) (NASDAQ: IMCC) (the "Company" or "IMC"), a
leading medical cannabis company with operations in Israel and Germany announces that a complaint was in the
Ontario Superior Court of Justice in Canada by Michael
Wiener, 35 Oak Holdings Ltd. and MW Investments Ltd.
(collectively the "MYM Shareholder Plaintiffs") against IMC
Cannabis Corp. and its board of directors and officers,
(collectively, "IMC"). 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 dollars.
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.
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's 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 the allegations against the Company by MYM
Shareholder Plaintiffs and the likelihood of the complaint and its
resolution.
Forward-looking information in this press release are based on
certain assumptions and expected future events, namely: the Company
having the ability to maintain Canadian Securities Exchange and
NASDAQ Capital Market's continued listing requirements; the Company
focusing on Israel and
Germany; the Company will amplify
its commercial and brand power and become a global high-quality
cannabis player; and the Company having the ability to adhere to
the stated terms and proposed uses and benefits of the debt,
including the Company's goals of ensuring access to medicinal
cannabis and meeting the needs of current and future patients.
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 its licenses in
good standing or renew them; the Company's inability to focus on
Israel and Germany; the effect of the Israel-Hamas War on
the Company's operations; changes to the classification of cannabis
in Israel; the inability of the
Company to amplify its commercial and brand power to become a
global high-quality cannabis player; and the Company's inability to
adhere to the stated terms and proposed uses and benefits of the
debt, including the Company's goals of ensuring access to medicinal
cannabis and meeting the needs of current and future patients.
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.
Logo:
https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg
Company contacts:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, Chief Executive
Officer
IM Cannabis Corp.
info@imcannabis.com
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SOURCE IM Cannabis Corp.