- IM Cannabis (CSE:IMCC), through its partner Focus Medical Herbs, has signed two new sales agreements for its IMC-branded medical cannabis
- The agreements were signed with Max Pharm Ltd. and Panaxia Labs Israel Ltd., and are expected to generate C$14.5 million over the next three years
- Focus Medical currently has an exclusive distribution agreement with IM Cannabis
- The total amount of agreements signed this year with Israeli pharmacies is expected to generate $121.9 million over the next three years
- IM Cannabis (IMCC) is currently up 2.94 per cent to $0.35 per share, with a market cap of $7.12 million
IM Cannabis (CSE:IMCC), through its partner Focus Medical Herbs, has signed two new sales agreements for its IMC-branded medical cannabis.
The company currently has an exclusive commercial agreement with Focus Medical for the distribution of its IMC-branded medical cannabis products throughout Israel.
Focus Medical’s latest agreements are with Max Pharm Ltd. and Panaxia Labs Israel Ltd., are expected to generate C$14.5 million in revenue for IM Cannabis over the next three years.
Under the agreement with Max Pharm, Focus Medical will begin distributing IM Cannabis products in 2021 with an initial delivery of 500kg. Max Pharm will also have the option to extend the agreement in 2022 and 2023 for a further 500kg each year, for a total potential volume of 1,500kg over three years.
Regarding the agreement with Panaxia, Focus Medical will begin deliveries as soon as late-April this year, with 1,000kg already contracted for sale over the next 12 months.
These two agreements are the latest from a host that have been inked so far this year. Total sales agreements announced in 2020 represent 20,475kg, or approximately $121.9 million in consolidated revenue over the next three years.
Oren Shuster, CEO of IM Cannabis, said that the agreements will ensure that IMC-branded medical cannabis products are available across Israel through unique distribution channels.
“Our vision has always been for IMC-branded products to be the first choice for pharmacies, doctors and patients across Israel and throughout Europe, with the belief that value creation for shareholders would ultimately be generated by committed operators that can successfully build a brand that stands for consistency and quality.
“The sales agreements announced today have moved us another step closer to the achievement of that vision and we look forward to continuing to update shareholders over the next several months, as the IMC brand is recognized by established operators in Israel and Europe,” he added.
IM Cannabis (IMCC) is currently up 2.94 per cent to $0.35 per share at 11:10am EST.
