The Israeli ministry of health announced the anticipated
medical cannabis regulatory reform on Monday
August 7, 2023. The new regulations will remove many of the
heavy regulations in the sector, making medical cannabis more
accessible to patients as well as boosting export.
TORONTO and GLIL YAM, Israel, Aug. 11,
2023 /CNW/ -- IM Cannabis Corp. (CSE: IMCC)
(NASDAQ: IMCC) (the "Company" or "IMC"), a leading
medical cannabis company with operations in Israel and Germany, is pleased to share the new medical
cannabis reform announced by the Israeli ministry of health on
August 7, 2023 (the
"Reform").
Oncology, epilepsy, gastrointestinal diseases such as Crohn's
and colitis, dementia, autism from the age of 5, multiple
sclerosis, AIDS, Parkinsons, Tourette-Syndrome and palliative
care. All Israeli patients suffering from these indications
will be able to have access to medical cannabis with a regular
prescription.
The key aspects of the regulatory reform are the following:
- Starting December 29, 2023,
patients with a wide range of diseases and medical conditions will
no longer be required to obtain a license to receive medical
cannabis. Patients will receive a prescription similar to those for
other prescription medications.
- Cannabis can now also be used as a first line treatment as
opposed to a last resort based on medical discretion.
- Simplification of the export process which can facilitate the
export of Israeli grown cannabis to Europe along with the associated EU-GMP
certification process.
While point 1 is already approved, points 2 and 3 are pending
final approval by the ministry of health.
"With the overhaul of the cannabis regulation, the Israeli
Ministry of Health is clearly putting patient needs first,
facilitating the access of medical cannabis for many new patients.
We believe it will change the face of the medical cannabis market
in Israel, once it is fully
approved by the ministry of health," said Oren Shuster, Chief Executive Officer of
IMC. "There are two aspects of the new reform which are
particularly pertinent to our business. First, by moving from
cannabis licenses to cannabis prescriptions and enabling the use of
cannabis as a first line treatment, we anticipate a significant
growth in patient numbers. Second, by allowing the growers to
separate the post-harvest process from the growing process, it
could facilitate EU GMP certification, enabling export to
Germany, the largest medical
cannabis market in Europe, where
we are a top 10 player."
For a full detailed explanation of the new Reform please see (in
Hebrew)-
https://www.gov.il/BlobFolder/reports/erid-07082023/he/files_publications_units_economics-regulation-innovation-directorate_erid_07082023.pdf
About IM Cannabis Corp.
IMC (NASDAQ: IMCC) (CSE: IMCC) is an international cannabis
company that provides premium cannabis products to medical patients
in Israel and Germany, two of the largest medical cannabis
markets. The Company has recently exited operations in Canada to pivot its focus and resources to
achieve sustainable and profitable growth in its highest value
markets, Israel and Germany. The Company leverages a transnational
ecosystem powered by a unique data-driven approach and a globally
sourced product supply chain. With an unwavering commitment to
responsible growth and compliance with the strictest regulatory
environments, the Company strives to amplify its commercial and
brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship
with Focus Medical Herbs Ltd., which imports and distributes
cannabis to medical patients, leveraging years of proprietary data
and patient insights. The Company also operates medical cannabis
retail pharmacies, online platforms, distribution centers, and
logistical hubs in Israel that
enable the safe delivery and quality control of IMC products
throughout the entire value chain. In Germany, the IMC ecosystem operates through
Adjupharm GmbH, where it distributes cannabis to pharmacies for
medical cannabis patients. Until recently, the Company also
actively operated in Canada
through Trichome Financial Corp and its wholly owned subsidiaries,
where it cultivated, processed, packaged, and sold premium and
ultra-premium cannabis at its own facilities under the WAGNERS and
Highland Grow brands for the adult-use market in Canada. The
Company has exiting operations in Canada and considers these operations
discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements under applicable Canadian and U.S.
securities laws (collectively, "forward-looking
statements"). All information that addresses activities or
developments that we expect to occur in the future are
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "expect", "likely" and
"intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions. Forward-looking statements are based on the estimates
and opinions of management on the date the statements are made. In
the press release, such forward-looking statements include, but are
not limited to, statements relating to the effect of the Reform on
the Company's operation; achieving profitability and shareholder
value; the strategic plans of the Company; the future impact of the
Reform on the medical cannabis field in Israel.
Forward-looking statements are based on assumptions that may
prove to be incorrect, including but not limited to: the
development and introduction of new products; continuing demand for
medical and adult-use recreational cannabis in the markets in which
the Company operates; the Company's ability to reach patients
through both e-commerce and brick and mortar retail operations; the
Company's ability to maintain and renew or obtain required
licenses; the effectiveness of its products for medical cannabis
patients and recreational consumers; and the Company's ability to
market its brands and services successfully to its anticipated
customers and medical cannabis patients.
The above lists of forward-looking statements and assumptions
are not exhaustive. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated or implied by such forward-looking
statements due to a number of factors and risks. These
include: any failure of the Company to maintain "de facto"
control over Focus Medical in accordance with IFRS 10; the failure
of the Company to comply with applicable regulatory requirements in
a highly regulated industry; unexpected changes in governmental
policies and regulations in the jurisdictions in which the Company
operates; the Company's ability to continue to meet the listing
requirements of the Canadian Securities Exchange and the NASDAQ
Capital Market; any unexpected failure to maintain in good standing
or renew its licenses; the ability of the Company and Focus Medical
(collectively, the "Group") to deliver on their sales
commitments or growth objectives; the reliance of the Group on
third-party supply agreements to provide sufficient quantities of
medical cannabis to fulfil the Group's obligations; the Group's
possible exposure to liability, the perceived level of risk related
thereto, and the anticipated results of any litigation or other
similar disputes or legal proceedings involving the Group; the
impact of increasing competition; any lack of merger and
acquisition opportunities; adverse market conditions; the inherent
uncertainty of production quantities, qualities and cost estimates
and the potential for unexpected costs and expenses; risks of
product liability and other safety-related liability from the usage
of the Group's cannabis products; supply chain constraints;
reliance on key personnel; the risk of defaulting on existing debt
and war, conflict and civil unrest in Eastern Europe and the Middle East.
Please see the other risks, uncertainties and factors set out
under the heading "Risk Factors" in the Company's annual
information form dated March 29,
2023, which is available on the Company's issuer profile on
SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov. Any
forward-looking statement included in this press release is made as
of the date of this press release and is based on the beliefs,
estimates, expectations and opinions of management on the date such
forward looking information is made. The Company does not undertake
any obligation to update forward-looking statements except as
required by applicable securities laws. Investors should not place
undue reliance on forward-looking statements. Forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement.
Company Contact:
Anna Taranko, Director Investor
& Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com
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