TORONTO and GLIL YAM, Israel, July 29,
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, today announced that on July 26, 2024, it has received formal notice from
The Nasdaq Stock Market, LLC ("Nasdaq") stating that the
Company has regained compliance with the minimum bid price
requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing
Rules (the "Minimum Bid Price Requirement"). IMC is now in
compliance with all applicable listing standards and will continue
to be listed and traded on the NASDAQ Stock Market.
As previously announced, the Company was notified by Nasdaq on
August 1, 2023, that it was not in
compliance with the Minimum Bid Price of $1.00 per share for 30 consecutive business days
as required by the Listing Rules of Nasdaq and on January 31, 2024 has received a 180 calendar day
extension, until July 29, 2024, from Nasdaq to regain
compliance. Since then, Nasdaq staff has determined that for the
last 10 consecutive business days, from July
12, 2024, to July 25, 2024,
the closing bid price of the Company's Ordinary Shares has been at
$1.00 per share or greater.
Accordingly, the Company has regained compliance with Listing Rule
5550(a)(2) and the matter has been closed.
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 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 Focus Medical Herbs Ltd. ("Focus
Medical"), 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.
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 compliance with Nasdaq's continued listing
requirements, and timing and effect thereof; Company leaving the
Canadian cannabis market to focus on Israel, Germany and Europe; the restructuring and sale of Trichome
under CCAA Proceedings.
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: any failure of the Company to maintain "de facto"
control over Focus Medical in accordance with IFRS 10; 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:
Oren Shuster, CEO
IM Cannabis Corp.
info@imcannabis.com
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SOURCE IM Cannabis Corp.