IM Cannabis, which has become the first Israeli medical cannabis operator to list on the Canadian Stock Exchange, has issued an update on its operations in Europe and Israel.
The company said that it has made significant progress in increasing its cultivation and distribution operations in the European Union.
IMC is bullish on the German market, viewing it particularly attractive given its size, regulatory structure, and proximity to Israel. Earlier this year, the company purchased Adjupharm GmbH, an EU-GMP manufacturer and distributor based in Germany. Adjupharm is fully licensed to import, export and distribute medical cannabis.
Furthermore, IMC’ cultivation partner in Europe has received its EU-GMP certification and has already planted the first cycle of production. The first shipment of IMC-branded medical cannabis to Germany is expected in the second quarter of 2020.
“We are making great strides expanding our operations in Europe. This is attributable to the unmatched experience and knowledge our team has accumulated over the past nine years in the medical cannabis sector in Israel,” Mr. Shuster continued.
“We expect that the demand for medical cannabis in the EU will continue to increase over the long-term. Accordingly, our business strategy focuses on leveraging the first mover advantage by operating the highest standard facilities, producing top quality pharma-grade cannabis and distributing IMC-branded products through established channels,” IMC CEO Oren Shuster said in a statement.