With the implementation of the anticipated medical cannabis
regulatory reform, the Israeli ministry of health removed many of
the heavy regulations in the sector, making medical cannabis more
accessible to new patients.
TORONTO and GLIL YAM, Israel, April 1,
2024 /CNW/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ:
IMCC) (the "Company" or "IMC"), a leading medical
cannabis company with operations in Israel and Germany, welcomes the implementation of the
medical cannabis regulatory reform in Israel on April
1st.
The reform, announced by the Israeli ministry of health on
August 7, 2023, underwent a
three-month delay due to the Israel-Hamas war following its initial
announcement (the "Reform").
The Reform will be implemented in phases, as
approved, and announced by the Israeli Ministry of Health. The key
aspects of the initial phase, commencing today, April 1st, are as follows:
- Change in the prescription process: patients with a wide range
of diseases and medical conditions from Oncology to Parkinsons will
no longer be required to obtain a license to receive medical
cannabis. Patients will receive a prescription similar to those for
other prescription medications. Pain and PTSD are not included in
the Reform yet.
- Medical cannabis will now be prescribed through the HMO's,
Israel's public healthcare system:
until the Reform, cannabis could not be prescribed through the
HMO's which cover the majority of the Israeli
population.
- The number of prescribing physicians is expected to increase:
as of today, HMO physicians, who are dully trained and certified
within their field of expertise, can prescribe medical cannabis as
a first line treatment, as opposed to a last resort, based on
medical discretion for the approved indications.
- The cost for prescription is anticipated to be reduced: the
Ministry of Health limited the cost for a medical cannabis
prescription.
"We believe that by facilitating the access to
medical cannabis, for many new patients, the new regulations will
transform the medical cannabis market in Israel." said Oren
Shuster, Chief Executive Officer of IMC. "By improving
the accessibility, increasing the potential number of prescribers,
and lowering the cost of obtaining a cannabis prescription, we
anticipate an increase in the number of medical cannabis
patients."
For the full report published by the Ministry of Health see (in
Hebrew)- https://www.health.gov.il/hozer/mmk152_2016.pdf
About IM Cannabis Corp.
IM Cannabis Corp. (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 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 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 as discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements under applicable Canadian and
United States 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 Company leaving the Canadian cannabis
market to pivot its focus and resources to achieve sustainable and
profitable growth in its highest value markets, Israel and Germany; the impact of the Israel-Hamas war on
the Company, including its operations and the medical cannabis
industry in Israel; the timing and
impact of the legalization of medicinal cannabis in Germany, including, the Company having it "all
in house", the Company being positioned to take advantage of the
legalization, the Company's growth in 2024, the market growth for
medicinal cannabis in Germany; the
timing and impact of the Reform in Israel; and the Company's stated goals, scope,
and nature of operations in Germany, Israel, and other jurisdictions the Company
may operate.
Forward-looking statements are based on assumptions that may
prove to be incorrect, including but not limited to: the Company's
ability to focus and resources to achieve sustainable and
profitable growth in its highest value markets; the Company's
ability to mitigate the impact of the Israel-Hamas war on the
Company; the Company's ability to take advantage of the partial
legalization of medicinal cannabis in Germany; the Company's ability to host a
teleconference meeting as stated; and the Company's ability to
carry out its stated goals, scope, and nature of operations in
Germany, Israel, and other jurisdictions the Company
may operate.
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
expected implementation of next phases of the Reform; 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 effect of the Reform on the Company; 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 including the impact of the
Israel-Hamas war on the Company.
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 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.