TORONTO, GLIL YAM,
Israel and KELOWNA, BC., April 4,
2024 /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC)
(NASDAQ: IMCC) (the "Company", "IMCannabis", or
"IMC"), a leading medical cannabis company with operations
in Israel and Germany, and Avant Brands Inc. (TSX: AVNT)
(OTCQX: AVTBF) (FRA: 1BU0) ("Avant") a leading producer
of innovative cannabis products, jointly announce the signing of an
international trademark licensing agreement (the "Licensing
Agreement") granting Adjupharm GmbH, IMC's German subsidiary
("Adjupharm" or "IMC Germany", as applicable), the
exclusive right to launch the BLK MKT™ brand in the
German medical cannabis market. The Licensing Agreement constitutes
another major milestone with respect to the relationship between
the two cannabis companies.
Under the terms of the Trademark License Agreement, Avant's
subsidiary will grant IMC Germany the license to utilize Avant's
BLK MKTTM cannabis brand for use on their medical
cannabis products. All such products will contain cannabis
cultivated exclusively by Avant and subsequently exported to
Germany. The collaboration between
the two companies anticipates a positive outcome in the emerging
German medical cannabis market, especially following the recent
legalization by the government on April
1st.
The Licensing Agreement signals IMC's commitment to implementing
a premium strategy in Germany as
well as in Israel and acts as
another step to establish Avant's position in the ultra-premium
segment in Israel and Germany. IMC and Avant have had a productive
partnership so far, combining Avant's premium cannabis products
with IMC's sales, marketing and distribution expertise in
Israel. Both companies believe the Licensing Agreement will
enhance the companies' capabilities to meet the demands of the
German market.
"By evolving our partnership with Avant, we continue to improve
our supply chain and ability to provide ultra-premium, quality
brand and product to the German medical cannabis market,"
Oren Shuster, CEO of IMC
commented.
"We believe that our collaboration with Avant will continue to
accelerate the strong momentum we have established in the German
medical cannabis market," stated Richard
Balla, CEO of IMC Germany.
"This agreement represents another major milestone with respect
to our highly successful multi-year partnership with IMC," said
Norton Singhavon, CEO, Avant Brands.
"We are very excited to be working with IMC's German team" said
David Lynn, COO, Avant
Brands. "We are confident that they will do an outstanding job
launching the BLK MKT brand in Germany".
Avant's three largest cultivation facilities all hold ICANN-GAP
and GACP certifications; thus, Avant is positioned to potentially
distribute its premium cannabis flower into international
markets.
IMC Germany is the 6th largest distributor of medical
cannabis flowers in Germany and is
number 1 in sales per SKU, growing +180% in 2023.1
1Insight Health December
2023
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 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
Nasdaq's continued listing requirements, and timing and effect
thereof and the potential for an extension to regain compliance;
Company leaving the Canadian cannabis market to focus on
Israel, Germany and Europe and the potential outcome of the
Licensing Agreement and the effect of collaboration with Avant in
the German market.
The above lists of forward-looking statements and assumptions
are not exhaustive. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated or implied by such forward-looking
statements due to a number of factors and risks. These
include: the failure of the Company to comply with applicable
regulatory requirements in a highly regulated industry; unexpected
changes in governmental policies and regulations in the
jurisdictions in which the Company operates; the Company's ability
to continue to meet the listing requirements of the Canadian
Securities Exchange and the NASDAQ Capital Market; any unexpected
failure to maintain in good standing or renew its licenses; the
ability of the Company and Focus Medical (collectively, the
"Group") to deliver on their sales commitments or growth
objectives; the reliance of the Group on third-party supply
agreements to provide sufficient quantities of medical cannabis to
fulfil the Group's obligations; the Group's possible exposure to
liability, the perceived level of risk related thereto, and the
anticipated results of any litigation or other similar disputes or
legal proceedings involving the Group; the impact of increasing
competition; any lack of merger and acquisition opportunities;
adverse market conditions; the inherent uncertainty of production
quantities, qualities and cost estimates and the potential for
unexpected costs and expenses; risks of product liability and other
safety-related liability from the usage of the Group's cannabis
products; supply chain constraints; reliance on key personnel; the
risk of defaulting on existing debt and war, conflict and civil
unrest in Eastern Europe and the
Middle East.
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
a.taranko@imcannabis.de
Oren Shuster, CEO
IM Cannabis Corp.
info@imcannabis.com
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