IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC) has completed three strategic acquisitions.
The acquisitions were completed through IMC Holdings Ltd. a wholly-owned subsidiary of IM Cannabis Corp. and I.M.C Pharma Ltd., IMC Holdings' wholly-owned subsidiary, following receipt of all requisite approvals, including from the Israeli Medical Cannabis Unit.
"Each of these strategic acquisitions are key progress points for our Israeli and global expansion strategy," stated Oren Shuster, CEO of IM Cannabis.
Vironna
IMC Holdings successfully completed the acquisition of 51% of the outstanding ordinary shares of Revoly Trading and Marketing Ltd., dba Vironna. The total consideration for the Vironna transaction was NIS 8.5 million (approximately CA$3.33 million ($2.59 million)).
Pharm Yarok
In addition to the Vironna Transaction, IMC Holdings completed the acquisition of all the outstanding ordinary shares of R.A. Yarok Pharm Ltd., and Rosen High Way Ltd. The acquisition of the outstanding ordinary shares of High Way Shinua Ltd., an applicant for a medical cannabis transportation license, is pending receipt of the requisite approval from the IMCU. The aggregate cash consideration for the Pharm Yarok transaction was NIS 11.9 million (approximately CA$4.6 million).
Panaxia
Lastly, IMC Holdings received the requisite IMCU approval to acquire an IMC-GDP license for distribution of medical cannabis from Panaxia Pharmaceutical Industries Israel Ltd. and Panaxia Logistics Ltd., part of the Panaxia Labs Israel, Ltd. (TASE:PNAX) (OTCEM:PXLIF) group of companies. The aggregate consideration for the Panaxia transaction was NIS 18.7 million (approximately CA$7.2 million). To satisfy the share consideration component of the Panaxia transaction, the company has issued a total of four installments of Panaxia consideration shares. The fifth and final installment of consideration shares will be issued following the Panaxia GDP License closing.
The Panaxia transaction includes a further option to acquire for no additional consideration a pharmacy from Panaxia, including requisite licenses to dispense and sell medical cannabis to patients, that the company has exercised. The Panaxia Pharmacy closing is expected to occur in Q3 2022.
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