- IMC subsidiary, Adjupharm, to expand German product portfolio with unique strains via supply agreements with The Green Organic Dutchman and Natural MedCo
- German Brand Institute awards IMC with the “German Brand Award 2021” for the Company’s successful market launch campaign
- Israeli Ministerial Committee on Legislative Affairs approves bill for legalization of CBD and decriminalization of cannabis consumers on July 11th
TORONTO, ON, BAD OLDESLOE, GERMANY, and GLIL YAM, ISRAEL / ACCESSWIRE / July 13, 2021 / IM Cannabis Corp. (“IMC” or the “Company”) (CSE:IMCC) (NASDAQ:IMCC), a multi-country operator (“MCO”) in the medical and adult-use recreational cannabis sector with operations in Israel, Germany and Canada, is pleased to provide a business, legal and regulatory update on its operations in Germany and Israel.
Update on Operations in Germany
The Company’s EU GMP-certified German subsidiary, Adjupharm GmbH (“Adjupharm”), has entered into two new medical cannabis supply agreements that will broaden its product portfolio and provide a greater base from which to distribute medical cannabis across the EU.
Details on Adjupharm’s two new supply agreements are as follows:
- The Green Organic Dutchman Holdings Ltd. (“TGOD”): During the initial two-year term of this supply agreement (the “TGOD Agreement”), Adjupharm will add TGOD’s organic strains to Adjupharm’s portfolio, ordering a minimum of 300 kg in the first year and a 400 kg minimum in the second year, subject to appropriate regulatory approvals. Under the TGOD Agreement, TGOD will supply medical cannabis for an Adjupharm-exclusive strain to be launched in Germany later this year.
- Natural MedCo Ltd. (“NMC”): During the initial three-year term of this agreement (the “NMC Agreement” and together with the TGOD Agreement, the “Supply Agreements”), Adjupharm will order up to 660 kg of NMC’s EU-GMP)-certified medical cannabis strains. These strains will be new offerings in the German market. Adjupharm has an option under the NMC Agreement to increase the quantity of medical cannabis to be supplied and to include additional strains. Adjupharm expects the NMC products delivered under the NMC Agreement to launch in Germany in the second half of 2021.
Adjupharm has binding sales agreements with distribution partners, reaching over 6,000 pharmacies, to support its growing product portfolio for the German market and positioning it as one of the only German distributors with a curated product portfolio of premium, high-THC, high-CBD and balanced strains, some of which are exclusive. All strains adhere to stringent pharmaceutical standards for import into Germany.
As a company that is deeply focused on its patients and their wellbeing, it’s important that we continue to enhance our product portfolio by establishing key strategic relationships with proven leaders in the cannabis industry.
Oren Shuster, CEO, IMC
With Adjupharm signing new supply agreements with TGOD and Natural MedCo, we are well-positioned to satisfy the unique health needs of our German patients by sourcing high quality, consistent medical cannabis strains to be used as treatment for specific ailments.
“We continue to thoughtfully and meticulously choose our supply partners based on our industry expertise and in-depth knowledge of the German market,” added Richard Balla, CEO, Adjupharm. “We are committed to providing our German physicians with the best available medical cannabis strains in the world to ensure that they can help their patients to achieve a superior quality of life.”
German Brand Award 2021
IMC is pleased to announce that the German Brand Institute has selected IMC’s brand launch campaign as a recipient of the “German Brand Award 2021,” one of the most influential marketing awards in Germany. The award recognizes IMC’s excellence in brand strategy and creation, communication and integrated marketing.
Update on Operations in Israel
- Regulatory Update: On July 11, a bill for the legalization of CBD and decriminalization of cannabis consumers received the approval of the Ministerial Committee on Legislative Affairs, and is expected to be put to a preliminary reading in Israeli parliament later this week. The descheduling of CBD from the Israeli Dangerous Drugs Ordinance, paves the way for its consumption as a consumer product in several product categories such as food supplements, cosmetics and oils. This bill also represents a practical step towards legalization of cannabis, a goal that the new coalition government committed to as part of its election campaign.
- Planning and Construction Legal Proceedings Update: As previously disclosed in the Company’s annual information form dated April 26, 2021, in December 2020 Focus Medical Herbs Ltd. (“Focus Medical”), a company over which the Company maintains “de facto” control, was advised by the municipal committee presiding over planning and construction in southern Israel (the “Construction Committee”) that it was the subject of certain allegations regarding inadequate permitting for construction relating to its cultivation facilities. On July 11th IMC was first informed that the Construction Committee initiated legal proceedings against Focus Medical, Oren Shuster, and certain other shareholders and stakeholders of Focus Medical (the “Construction Proceedings”). Currently, the Company does not expect a material impact on the licensing or normal course operations of Focus Medical due to the Construction Proceedings. The Company, Focus Medical and Mr. Shuster are cooperating in all respects with the Construction Proceedings. The Company will continue to provide updates on material developments.
About IM Cannabis Corp.
IMC is an MCO in the medical and adult-use recreational cannabis sector, headquartered in Israel and with operations In Israel, Germany and Canada. Over the past decade, the Company believes that the IMC brand has become synonymous with quality and consistency in the Israeli medical cannabis market. The Company has also expanded its business to offer intellectual property-related services to the medical cannabis industry.
In Europe, IMC operates through Adjupharm, a German-based subsidiary and EU-GMP-certified medical cannabis distributor. IMC’s European presence is augmented by strategic alliances with various pan-European EU-GMP cultivators and distributors to capitalize on the increased demand for medical cannabis products in Europe and bring the IMC brand and its product portfolio to European patients.
In Canada, IMC operates through Trichome JWC Acquisition Corp. d/b/a JWC. JWC is a licensed producer located in Kitchener, Ontario, selling cannabis flower, pre-rolls, hash and kief in the Canadian recreational cannabis market under the JWC and WAGNERS brands. JWC operates with high standards for providing clean, consistent, aeroponically-grown premium cannabis products to medical patients and the adult-use market throughout Canada and the world. IMC also operates MYM Nutraceuticals Inc. (“MYM”) and its licensed producer subsidiary, Highland Grow Inc.
About The Green Organic Dutchman Holdings Ltd.
TGOD is a premium certified organically grown cannabis company focused on the health and wellness market. Its organic cannabis is cultivated in living soil, as nature intended. TGOD is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. Its Canadian facilities have been built to LEED certification standards and its products are sold in recyclable packaging. In Canada, TGOD sells dried flower and oil, and recently launched a series of next-generation cannabis products such as hash, vapes, organic teas and dissolvable powders. Through its European subsidiary, HemPoland, TGOD also distributes premium hemp CBD oil and CBD-infused topicals in Europe. By leveraging science and technology, TGOD harnesses the power of nature from seed to sale.
TGOD’s Common Shares and warrants issued under the indentures dated December 19, 2019, June 12, 2020, October 23, 2020, and December 10, 2020 trade on the TSX under the symbol “TGOD”, “TGOD.WS”, “TGOD.WR”, “TGOD.WA”, and “TGOD.WB” respectively, and TGODF trades in the US on the OTCQX. For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
About Natural MedCo Ltd.
NMC holds cultivation and processing licenses under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil and has received EU GMP certification. NMC was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation license from Health Canada in 2016. NMC is led by a team of agricultural experts and has a licensed 1,000,000 sq. ft. greenhouse located in Strathroy, Ontario, Canada.
NMC is a wholly owned subsidiary of Eve & Co Inc (“Eve”). Eve trades on the TSX-V under the symbol EVE and on the OTCQX in the US under the symbol EEVVF. For more information on Eve, please visit the Company’s website at www.evecannabis.ca