IM Cannabis Has Decided Not To Make Remaining Installment Payments Installments By IMC Holdings Ltd., And As Such Will Transfer The 51% Shares Held By IMC Holdings Ltd Back To The Seller

Author: Benzinga Newsdesk | April 16, 2024 08:10am

IM Cannabis Corp. (CSE:IMCC) (NASDAQ:IMCC) (the "Company" or "IMC"), a leading medical cannabis company with operations in Israel and Germany, is announcing that, further to the news release dated January 12, 2024, the Company has decided not to make remaining installment payments installments (i.e. NIS 5,873K including interest or 2,154K CAD) by IMC Holdings Ltd., and as such will transfer the 51% shares held by IMC Holdings Ltd back to the  seller.

"With the April 1st cannabis legalization in Germany, we are focusing our resources on the German market, where we expect to see the biggest growth potential," said Oren Shuster, CEO of IMC. "With both of our core markets, Germany and Israel, currently undergoing rapid evolution, we need to assure that we allocate our resources to the growth opportunities where we expect the best return on investment."

Posted In: CSE:IMCC IMCC