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IM Cannabis IMCC Reports Record Preliminary Fourth Quarter and Full Year 2021 Financial Results

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Isail4fun
(@rtimothyobrienhotmail-com)
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IM Cannabis Reports Record Preliminary Fourth Quarter and Full Year 2021 Financial Results

Q4 2021 revenues expected to be at least $20 million, an increase of at least 308% year-over-year and at least 37% sequentially

Full Year 2021 revenues expected to increase at least 240% year-over-year to at least $54 million

TORONTO and GLIL YAM, Israel, March 10, 2022 /PRNewswire/ -- IM Cannabis Corp. (the "Company", "IM Cannabis", or "IMC") (CSE: IMCC) (NASDAQ: IMCC), a leading medical and adult-use recreational cannabis company with operations in Israel, Canada, and Germany, provided preliminary unaudited financial results for the three months and fiscal year ended December 31, 2021. All amounts are reported in Canadian dollars unless otherwise stated.

Preliminary Q4 and Full Year 2021 Financial & Operational Highlights:

  • Preliminary revenues for Q4 2021 were at least $20 million, representing an approximate increase of at least 37% from Q3 2021 and at least 308% compared to the same prior-year period.
  • Preliminary gross margin before fair value adjustment was at least 18% in Q4 2021, temporarily impacted by modest investments in the German market and impact of COVID-19 restrictions in Canada that disrupted labour and supply chains.
  • Preliminary revenues for fiscal year 2021 were at least $54 million, representing an approximate increase of at least 240% from fiscal year 2020. Preliminary gross margin before fair value adjustment was at least 22% in fiscal year 2021.
  • Focus Medical Herbs Ltd. ("Focus Medical") successfully imported approximately 399 kilograms of premium, indoor-grown, Canadian dried cannabis following approval from the Ministry of Agriculture to import to the Israeli market in Q4 2021. Subsequent to Q4 2021, the WAGNERS brand was launched in Israel.
  • In Q4 2021, the Company announced the anticipated 2022 launch of WAGNERS brand in the rapidly evolving German medical cannabis market.
  • Signed a definitive agreement in Q4 2021 to acquire Oranim, Jerusalem's leading medical cannabis pharmacy, positioning IMC as one of the largest retailers of medical cannabis in Israel. The acquisition of Oranim is conditional upon receipt of all requisite approvals, including regulatory approval from the Israeli Medical Cannabis Agency. The closing of the Oranim acquisition is expected by the end of Q2 2022.

Management Commentary

"We built significant momentum across our operating platform in 2021, as evidenced by our annual revenues growth of at least 240% to a record of at least $54 million," said Oren Shuster, Chief Executive Officer of IMC. "In Israel, we have become among the largest distributors of medical cannabis and are well positioned to capture market growth today and in the future with the potential for recreational legalization. We continue to capture meaningful market share in the premium segment in Canada driven by our staunch focus on cultivation excellence and increasing brand recognition of WAGNERS and Highland Grow. Importantly, our execution with our recreational and medical operations in Canada and Israel and our global distribution expertise provides us with the blueprint to effectively capitalize on the substantial German market opportunity as it liberalizes its cannabis laws."  

"As we move through 2022, we remain focused on realizing synergies across our supply chain while scaling operations in the three largest federally legal markets where we currently operate, which makes IMC uniquely positioned to emerge as the leading purveyor of premium cannabis on a global scale. I look forward to providing further updates to the market during our upcoming earnings call later this month," concluded Shuster.

The information provided within this release should be read in conjunction with the Company's audited consolidated financial statements for the year and three months ended December 31, 2021 (the "Audited Financial Statements"), and the accompanying management's discussion and analysis for the year and three months ended December 31, 2021, which will be filed on the Company's SEDAR profile at www.sedar.com.


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D. H. Taylor
(@dhtaylor)
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@rtimothyobrienhotmail-com

Thanks for posting this.  There are a few things in this that are really grabbing me, and the acquisition of the biggest pharma company in Israel is one of them, especially as Israel moves to full adult-use.  The foundation will be solid.  But, the big jump in revenues was nice.  The increase in gross margin is a little slower than I would want. Still, adding the big pharma system will increase revenues and economies of scale.  

IMCC stock will absolutely be going upward.  I really feel like this is going to be a big year.  


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