IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC) released financial results for the three months and fiscal year ended December 31, 2021.
-
Full Year 2021Financial Highlights
-
Revenues in 2021 were CA$54.3 million ($43.38 million), representing an increase of 242% from 2020.
-
Gross profit, before fair value adjustments, was CA$11.9 million in 2021 compared to CA$8.8 million in 2020.
-
General and administrative expenses were CA$32.2 million in 2021 compared to CA$11.5 million in 2020.
-
Selling and marketing expenses were CA$8.9 million in 2021 compared to CA$3.8 million in 2020.
-
Adjusted EBITDA was CA$(22.0) million in 2021 compared to CA$(4.9) million in 2020.
-
Net loss was CA$18.5 million in 2021 compared to a net loss of CA$28.7 million in 2020.
-
Cash and cash equivalents totaled CA$13.9 million at December 31, 2021, compared to CA$8.9 million at December 31, 2020.
Q4 Financial Highlights
-
Revenues were CA$20.0 million in Q4 2021, representing an increase of 309% from Q4 2020 and 35% sequentially.
-
Gross profit, before fair value adjustments, was CA$3.8 million in Q4 2021 compared to CA$2.8 million in Q4 2020.
-
General and administrative expenses were CA$11.5 million in Q4 2021 compared to CA$4.2 million in Q4 2020.
-
Selling and marketing expenses were CA$3.8 million in Q4 2021 compared to CA$1.4 million in Q4 2020.
-
Adjusted EBITDA was CA$(8.3) million in Q4 2021 compared to CA$(2.4) million in Q4 2020.
-
Net loss was CA$12.5 million in Q4 2021 compared to a net loss of CA$20.0 million in Q4 2020.
-
"Our revenue growth of 242% to a record of over CA$54 million in 2021 is a direct result of executing on our strategy to build a world-class operating platform for the premium cannabis market," stated Oren Shuster, CEO of IMC. "The network of pharmacies we have acquired in Israel, which includes the country's largest online pharmacy business, supports a tech-enabled expansion of our patient base to fortify our position as one of the leading retail medical cannabis providers in the country. In Canada, our premium WAGNERS brand and ultra-premium Highland Grow continue to gain market share, with retail sales in Ontario increasing over 50% in Q4 2021 as compared to Q3 2021. With continuous improvements in yields and quality, we have both the capacity and the desired quality attributes to support our discerning customer and patient needs in our addressable markets.”
Recent Company Highlights
-
Completed the strategic acquisition of 51% of the rights in Oranim Pharm partnership
-
Completed the acquisition of Revoly Trading and Marketing Ltd., dba Vironna
-
Completed the acquisition of R.A. Yarok Pharm Ltd.
-
Completed the acquisition of 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. group of companies.
-
Announced the anticipated 2022 launch of WAGNERS brand in the rapidly evolving German medical cannabis market.
The company expects to release Q1 2022 financial results on or around May 16, 2022.
IM Cannabis has scheduled a conference call to discuss the results of the fourth quarter and full year ending December 31, 2021. The conference call will be hosted March 31, 2022 at 9:00 a.m. Eastern time.
Oren Shuster CEO & Director of IM Cannabis, will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.
Related news
IM Cannabis Closes Acquisition Of Israel's Medical Marijuana Oranim Pharm
IM Cannabis Closes Three Strategic Acquisitions In Israel Valued Around $11.77M
