Glil Yam, Israel--IM Cannabis Corp. announced in a news release that it is commencing its exit from the Canadian cannabis market to focus its resources on pursuing growth opportunities in Israel, Germany and Europe.
With this move, the Company aims for a leaner organization with a primary focus on achieving profitability in 2023. IMC will continue building on the increasing demand and positive momentum in Israel.
"Our announcement today is a crucial part of our ongoing strategic refocusing plan to concentrate our efforts on the highest value markets and accelerate our path to profitability," said Oren Shuster, CEO of IM Cannabis, in the news release. "By exiting the Canadian Cannabis market, we are seeking to maximize efficiency and create the right balance for future success."
Shuster added that it aims to strengthen its Israeli operations further and prepare to bring its expertise to Europe to achieve market leadership in the medical cannabis market and to be fully ready to capitalize on the recreational market upon legalization.
Learn more about the move in this release.