<SEC-DOCUMENT>0001654954-21-012747.txt : 20211201
<SEC-HEADER>0001654954-21-012747.hdr.sgml : 20211201
<ACCEPTANCE-DATETIME>20211201082503
ACCESSION NUMBER:		0001654954-21-012747
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211201
FILED AS OF DATE:		20211201
DATE AS OF CHANGE:		20211201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IM Cannabis Corp.
		CENTRAL INDEX KEY:			0001792030
		STANDARD INDUSTRIAL CLASSIFICATION:	MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40065
		FILM NUMBER:		211461499

	BUSINESS ADDRESS:	
		STREET 1:		1 ADELAIDE STREET EAST, UNIT 801
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2V9
		BUSINESS PHONE:		416-256-4202

	MAIL ADDRESS:	
		STREET 1:		1 ADELAIDE STREET EAST, UNIT 801
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5C 2V9
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>imcc_6k.htm
<DESCRIPTION>6-K
<TEXT>
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UNITED STATES</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 24px">
SECURITIES AND EXCHANGE COMMISSION</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Washington, D.C. 20549</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 24px">
Form 6-K</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16</font></div>
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UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For the
month of <font style="text-decoration: underline;"><font style="font-weight: bold;">December</font></font><font style="font-weight: bold; text-decoration: underline">,
2021</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Commission
File Number: <font style="font-weight: bold; text-decoration: underline">001-40065</font></font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 24px">
IM Cannabis Corp.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Exact
Name of Registrant as Specified in Charter)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Kibbutz Glil Yam, Central District, Israel 4690500</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form
20-F&#xA0; &#x25A1;&#xA0; Form 40-F <font style="font-family: Times New Roman">&#x22A0;</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ____</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Note</font>: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an
attached annual report to security holders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ____</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Note</font>: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report
or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which
the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded,
as long as the report or other document is not a press release, is
not required to be and has not been distributed to the registrant's
security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission
filing on EDGAR.</font></div>
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<a name="page_2">
<!--anchor--></a>SIGNATURE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</font></div>
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</td>
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<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">IM
CANNABIS CORP.</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</td>
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<font style="font-family: Times New Roman; font-size: 13px">(Registrant)</font>
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Date:</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">December
1, 2021</font></div>
</td>
<td style="vertical-align: middle; width: 5%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
/s/ Oren Shuster</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
</td>
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Oren
Shuster</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 45%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title:</font></div>
</td>
<td style="vertical-align: middle; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Executive Officer and Director</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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EXHIBIT INDEX</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div><font style="font-size: 13px;"><a href="imcc_ex991.htm">99.1</a><br></font></div>
</td>
<td style="width: 90%;">
<div><font style="font-size: 13px;">Press release dated December 1,
2021<br></font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>imcc_ex991.htm
<DESCRIPTION>PRESS RELEASE DATED DECEMBER 1, 2021
<TEXT>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Exhibit 99.1</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="imcc_ex991000.jpg"></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 19px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 24px">IM
Cannabis to Acquire Oranim, Jerusalem&#x2019;s
Leading</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 19px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 24px">Medical
Cannabis Pharmacy</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 16px">
Transaction positions IM Cannabis as one of the largest retailers
of medical</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 16px">
cannabis in Israel; Retail segment combined annualized revenue
of</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 16px">
approximately $44 million</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 16px">
Oranim&#x2019;s trailing 12-month revenue approximately $16.5
million and gross</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 16px">
margin approximately 25%<font style="font-size: 70%; vertical-align: top">1</font> before recognizing
synergies</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Toronto, Canada and Glil Yam, Israel &#x2013; December 1, 2021
&#x2013;</font> IM Cannabis Corp. (the &#x201C;<font style="font-weight: bold">Company</font>&#x201D; or &#x201C;<font style="font-weight: bold">IM Cannabis</font>&#x201D;) (CSE: IMCC, NASDAQ:
IMCC), a leading medical and adult-use recreational cannabis
company with operations in Israel, Canada, and Germany today
announced that IMC Holdings Ltd. (&#x201C;<font style="font-weight: bold">IMC Holdings</font>&#x201D;), a wholly-owned
Israeli subsidiary of the Company, will acquire 51.3% of the
outstanding ordinary shares of Oranim Plus Pharm Ltd., an Israeli
company holding 99.5% of the rights in Oranim Pharm Partnership
(&#x201C;<font style="font-weight: bold">Oranim</font>&#x201D;),
resulting in IMC Holdings holding 51% of the rights in Oranim (the
&#x201C;<font style="font-weight: bold">Acquisition</font>&#x201D;).
Oranim is one of the largest pharmacies selling medical cannabis in
Israel and the largest pharmacy selling medical cannabis in the
Jerusalem area.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Oranim,
centrally located in Jerusalem, is a well-established brand with a
fourteen year track record of successfully serving the needs of
medical cannabis patients in the area. For the twelve months ending
October 31, 2021, Oranim generated revenues of approximately $16.5
million, with a gross margin<font style="font-size: 70%; vertical-align: top">1</font> from Cannabis
activity of approximately 25% and positive EBITDA<font style="font-size: 70%; vertical-align: top">2</font>. Oranim holds a
pharmacy license from the Israeli Medical Cannabis Unit
("<font style="font-weight: bold">IMCU</font>") to sell medical
cannabis to patients.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">With
the signing of the definitive agreement of the Oranim acquisition,
IM Cannabis has signed four definitive agreements with cannabis
pharamcies in Israel with a combined run rate revenue of
approximately $44 million. These transactions not only position the
Company as one of the largest cannabis retailers in Israel, they
also form a critical foundation of IM Cannabis&#x2019; vertically
integrated multi-country strategy. With the recent import permit
granted by the Ministry of Health and the upcoming launch of
WAGNERS premium brand, indoor-grown dried flower from the
Company&#x2019;s Canadian grow facilities, IM Cannabis&#x2019; global
seed-to-sale platform will continue to extend its reach while
maximizing revenue and margins.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Commenting
on the transaction, <font style="font-weight: bold">Oren Shuster,
Chief Executive Officer of IM Cannabis stated</font>, &#x201C;As one
of the largest medical cannabis pharmacies in Israel, the
acquisition of Oranim positions IM Cannabis as one of the largest
distributors of medical cannabis in the country and provides IM
Cannabis with a strategic entry point into its largest city and
most populated area. Consistent with our stated strategy of
vertical integration, this transaction increases our distribution
reach in Israel, provides margin enhancing opportunities, and gives
medical cannabis patients access to high quality, premium cannabis.
With rapid growth in the Israeli medical cannabis market and in
anticipation of potential legislative reform, the addition of
Oranim and their dedicated employees will be a positive
contribution to IM Cannabis.&#x201D;</font></div>
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<a name="ref.AGD1">1</a></font><font style="font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px">For an explanation of this metric, please refer
to the section of this press release titled "Non-IFRS Financial
Metrics".</font></font></div>
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<a name="ref.ACACD1">2</a></font> <font style="font-size: 13px">For an explanation of this metric, please refer
to the section of this press release titled "Non-IFRS Financial
Metrics"</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">IMC
Holdings has signed a definitive agreement in respect of the
Acquisition for total consideration of approximately NIS 11.94
million (approximately $4.9 million), to be paid in cash and common
shares of the Company. The cash consideration component of
approximately NIS 10.40 million (approximately $4.3 million) will
be paid in two installments, with 50% paid at signing of the
definitive agreement and 50% payable upon IMCU approval. The share
consideration component of NIS 1.54 million (approximately $630
thousand) will be paid at Closing of the Acquisition ("<font style="font-weight: bold">Closing</font>"), with the number of shares
issuable (the &#x201C;<font style="font-weight: bold">Consideration
Shares</font>&#x201D;) calculated based on the average closing price
of IM Cannabis&#x2019; common shares on the Nasdaq Capital Market
for the 14 trading days prior to Closing. The Consideration Shares
are subject to a staggered three-month lockup after
Closing.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Closing
is conditional upon receipt of all requisite approvals, including
from the IMCU. It is expected that Closing will occur in the second
quarter of 2022.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
About IM Cannabis Corp.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IM
Cannabis (NASDAQ: IMCC, CSE: IMCC) is a leading international
cannabis company providing premium products to medical patients and
adult-use recreational consumers. IM Cannabis is one of the very
few companies with operations in Israel, Germany and Canada, the
three largest federally legal markets. The ecosystem created
through its international operations leverages the Company&#x2019;s
unique data-driven perspective and product supply chain globally.
With its commitment to responsible growth and financial prudence,
and the ability to operate within the strictest regulatory
environments, the Company has quickly become one of the leading
cultivators and distributors of high-quality cannabis
globally.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The IM
Cannabis ecosystem operates in Israel through its commercial
relationship with Focus Medical Herbs Ltd. (&#x201C;Focus
Medical&#x201D;), which cultivates, 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 centres and logistical
hubs in Israel that enable the safe delivery and quality control of
IM Cannabis products throughout the entire value chain. In Germany,
the IM Cannabis ecosystem operates through Adjupharm GmbH
(&#x201C;Adjupharm&#x201D;), where it also distributes cannabis to
medical patients. In Canada, the Company operates through Trichome
JWC Acquisition Corp. d/b/a JWC and MYM Nutraceuticals Inc., where
it cultivates and processes cannabis for the adult-use market at
its Ontario and Nova Scotia facilities under the WAGNERS and
Highland Grow brands</font></div>
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Financial Outlook</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company and its management believe that the estimated revenues
contained in this press release are reasonable as of the date
hereof and are based on management's current views, strategies,
expectations, assumptions and forecasts, and have been calculated
using accounting policies that are generally consistent with the
Company's current accounting policies. These estimates are
considered future-oriented financial outlooks and financial
information (collectively, &#x201C;FOFI") under applicable
securities laws. These estimates and any other FOFI included herein
have been approved by management of the Company as of the date
hereof. Such FOFI are provided for the purposes of presenting
information about management's current expectations regarding its
proposed acquisitions of Panaxia Pharmaceutical Industries Israel
Ltd. and Panaxia Logistics Ltd., part of the Panaxia Labs Israel,
Ltd. group of companies, R.A. Yarok Pharm Ltd., Rosen High Way Ltd.
and High Way Shinua Ltd., Revoly Trading and Marketing Ltd. dba
Vironna Pharm, and Oranim, and the estimated consolidated future
revenue resulting from such acquisitions. However, because this
information is highly subjective and subject to numerous risks,
including the risks discussed and referenced in this press release,
it should not be relied on as necessarily indicative of future
results. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the FOFI prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although management of IM Cannabis has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company disclaims any intention or obligation to update or revise
any FOFI, whether as a result of new information, future events or
otherwise, except as required by securities laws.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Disclaimer for Forward-Looking Statements</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
press release contains &#x201C;forward-looking information&#x201D;
and &#x201C;forward-looking statements&#x201D; within the meaning of
applicable Canadian and United States securities laws
(collectively, &#x201C;forward-looking information&#x201D;).
Forward-looking information are often, but not always, identified
by the use of words such as &#x201C;seek&#x201D;,
&#x201C;anticipate&#x201D;, &#x201C;believe&#x201D;,
&#x201C;plan&#x201D;, &#x201C;estimate&#x201D;, &#x201C;expect&#x201D;,
&#x201C;likely&#x201D; and &#x201C;intend&#x201D; and statements that
an event or result &#x201C;may&#x201D;, &#x201C;will&#x201D;,
&#x201C;should&#x201D;, &#x201C;could&#x201D; or &#x201C;might&#x201D;
occur or be achieved and other similar expressions. Forward-looking
information in this press release includes, without limitation,
statements relating to ability of the Company to complete the
Acquisition described above, to successfully integrate the business
of Oranim and to realize the anticipated benefits to IM Cannabis of
the Acquisition described above, the increased reach of the
Company&#x2019;s retail presence and distribution capability of
medical cannabis in Israel; the global revenue and the margin
opportunities that the Company expects to leverage in the Israeli
retail medical cannabis market; the expected legalization of
adult-use recreational cannabis in Israel, the anticipated closing
date and expected completion of the Acquisition, including the
Company&#x2019;s receipt of IMCU approval in connection with the
acquisition of Israeli cannabis licenses.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Forward-looking
information is based on assumptions that may prove to be incorrect,
including but not limited to the ability of the Company to execute
its business plan, the continued growth of the medical and/or
recreational cannabis markets in the countries in which the Company
operates or intends to operate, the Company maintaining &#x201C;de
facto&#x201D; control over Focus Medical in accordance with IFRS 10,
Focus Medical maintaining its existing Israeli medical cannabis
propagation and cultivation licenses and the expected
decriminalization and/or legalization of adult-use recreational
cannabis in Israel. The Company considers these assumptions to be
reasonable in the circumstances. However, forward-looking
information is subject to business and economic risks and
uncertainties and other factors that could cause actual results of
operations to differ materially from those expressed or implied in
the forward-looking information. Such risks include, without
limitation: the ability of the parties to obtain, in a timely
manner, all necessary corporate, governmental and regulatory
approvals to consummate the Acquisition; and the ability of the
parties to satisfy all other closing conditions of the Acquisition
on the anticipated terms and timeline.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Please
see the other risks, uncertainties and factors set out under the
heading &#x201C;Risk Factors&#x201D; in the Company&#x2019;s
management&#x2019;s discussion and analysis dated November 15, 2021
and annual information form dated April 26, 2021 (the
&#x201C;AIF&#x201D;) filed with Canadian securities regulators and
which are available on the Company&#x2019;s issuer profile on SEDAR
at www.sedar.com. 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.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-IFRS Financial Metrics</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
press release includes reference to "EBITDA" and "Gross Margin",
which are non-International Financial Reporting Standards
("<font style="font-weight: bold">IFRS</font>") financial measures.
Non-IFRS measures are not recognized measures under IFRS, do not
have a standardized meaning prescribed by IFRS, and are therefore
unlikely to be comparable to similar measures presented by other
companies. The Company defines EBITDA as earnings before interest,
tax, depreciation and amortization. EBITDA has no direct,
comparable IFRS financial measure. The Company defines gross margin
as the difference between revenue and cost of goods sold divided by
revenue (expressed as a percentage), prior to the effect of a fair
value adjustment for inventory and biological assets. IM Cannabis
has used or included these non-IFRS measures solely to provide
investors with added insight into Oranim&#x2019;s financial
performance as context for the Acquisition. Readers are cautioned
that such non-IFRS measures may not be appropriate for any other
purpose. Non-IFRS measures should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with IFRS.</font></div>
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Investor &amp; Media Contacts:</font></div>
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<td style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Maya
Lustig,</font></div>
</td>
<td style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director
Investor &amp; Public Relations</font></div>
</td>
<td style="vertical-align: top; width: 53%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IM Cannabis</font></div>
</td>
<td style="vertical-align: top; width: 53%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">KCSA
Strategic Communications</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tel.
+972-54-677-8100</font></div>
</td>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Kathleen
Heaney</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline"><font style="color: #0000FF; font-family: Times New Roman; font-size: 13px">maya.l@imcannabis.com</font></font></div>
</td>
<td style="vertical-align: top; width: 53%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline"><font style="color: #0000FF; font-family: Times New Roman; font-size: 13px">imcannabis@kcsa.com</font></font></div>
</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
