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IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC), an international medical cannabis company, announced its financial results on Wednesday for the second quarter ended June 30, 2024, revealing a 12% year-over-year increase in revenue to CA$14.8 million ($10.8 million) in the second quarter of 2023.
The company also reported a 129% year-over-year increase in IMC German sales to CA$3.5 million, making up 24% of the entire company revenue.
Oren Shuster, CEO of IMC, said cannabis policy reform in Germany has significantly impacted the company's business. As of this past April, adults over 18 in Germany can legally possess up to 25 grams of dried cannabis and cultivate up to three marijuana plants at home.
"We were well positioned to take advantage of the growing market and delivered a 200% increase in sales in Q2,” Shuster said in a press release. “We are actively making sure that we are allotting the resources and support the German business needs to deliver further accelerated growth.”
As of this July, adults can also join not-for-profit social clubs where they can buy up to 25 grams of cannabis, with a cap of 50 grams per month. That cap is 30 grams for members under 21 years old.
The company announced a major share consolidation plan last month. Its board of directors approved a consolidation of its issued and outstanding common shares under which every six pre-consolidated common shares will convert into one post-consolidated share. The strategic decision reduced its outstanding shares from 13,394,136 to 2,232,357, making the stock more attractive to institutional investors and improving liquidity.
IM Cannabis' shares traded 7.14% higher at $3 per share during the pre-market session on Wednesday morning.
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