IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC) has completed the strategic acquisition of 51% of the rights in Oranim Pharm partnership, a pharmacy selling medical cannabis in Israel. The acquisition was completed through IMC Holdings Ltd., a wholly-owned subsidiary of IM Cannabis Corp., following receipt of all requisite approvals, including from the Israeli Medical Cannabis Agency.
For the twelve months ending October 31, 2021, Oranim Pharm generated revenues of approximately $16.5 million, with a gross margin from cannabis activity of approximately 25% and positive EBITDA. Oranim Pharm holds a pharmacy license from the IMCA to sell medical cannabis to patients.
"The successful acquisition of Oranim Pharm puts IM Cannabis at the forefront of medical cannabis distribution in Israel," stated Oren Shuster, CEO of IM Cannabis. "As we make further progress with our vertical integration strategy, this transaction expands our reach in Israel with a strategic entry point into the country's largest city. In addition, our ability to sell IMC brands directly through the pharmacies we own allows us to increase our margin profile while providing local medical cannabis patients with increased access to high-quality, premium cannabis. Given the rapid growth and potential upcoming legislative reform in the Israeli medical cannabis market, we view the addition of Oranim Pharm to the IMC family as a timely and mission-critical contribution to our near- and long-term success."
IMC Holdings acquired 51.3% of the outstanding ordinary shares of Oranim Plus Pharm Ltd., an Israeli company holding 99.5% of the rights in Oranim Pharm, resulting in IMC Holdings holding 51% of the rights in Oranim.
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