TORONTO: IM Cannabis Corp., a multi-country operator in the medical cannabis sector with operations in Israel and across Europe, announced the first shipment from its EU-GMP supply partner into Germany.
IM Cannabis Corp. also announcing three new distribution agreements signed by its German subsidiary Adjupharm GmbH, bringing the total number of distributors in its German distribution network to ten.
“The German market is growing rapidly and we have executed on building an excellent foundation to distribute our proprietary products across the highly fragmented pharmacy channel. As we scale imports from our EU-GMP supply partners, we will continue to add new products and new formats for the German medical cannabis market to establish IMC as the favoured brand known for consistency and quality. Our vision for leadership in global medical cannabis is progressing well and we are on the right path to achieve this goal through a network of trusted partnerships that drive product volumes, brand recognition and shareholder value in the long-term,” said Oren Shuster, CEO of IMC.
IMC has received the first commercial shipment of medical cannabis into Germany from its EU-GMP supply partner. The shipment has now been cleared by the German regulator and has been delivered to fulfill purchase commitments with ten distribution partners in Germany. These imports will be sold in Germany under the IMC brand.
IMC has also announced it has secured three new distribution agreements with additional partners in Germany that will sell IMC-branded cannabis. All of the German Distribution Agreements include binding purchase commitments.
The German Distribution Agreements introduce the following distributors to IMC’s existing German distribution network:
1. Cansativa GmbH (“Cansativa”) – Cansativa was founded in 2017 and, through two EU-GMP and EU-GDP licensed facilities in Germany, it has sold over 50,000 units of medical cannabis products;
2. Ilios Sante GmbH (“Ilios”) – Founded in 2018, Ilios is a EU-GDP certified wholesaler and importer of narcotics and pharmaceuticals, focusing on cannabinoids as an alternative medicine; and
3. Farmako GmbH (“Farmako”) – Farmako is a pharmaceutical wholesale based in Frankfurt. It was been distributing medical cannabis in Germany since March 2019 and is licensed to begin distribution operation in the U.K. Farmako is a subsidiary of AgraFlora Organics International Inc. (CSE:AGRA).
Through Adjupharm, IMC has binding purchase commitments for the sale of a total of 1,525kg of medical cannabis in Germany under existing purchase commitments, 823kg of which is expected to be delivered in 2020, both not including the German Distribution Agreements.
Purchase commitments under the German Distribution Agreements are expected in the near term.
IMC (CSE: IMCC) is a multi-country operator (MCO) in the medical cannabis sector headquartered in Israel and with operations across Europe. Over the past decade, IMC has built its brand as a provider of premium medical cannabis products in the Israeli market. The Company has also expanded its business to offer intellectual property related services to the medical cannabis industry based on proprietary processes and technologies it developed for the production of medical cannabis.
In Europe, IMC operate through a German-based subsidiary and EU-GMP certified medical cannabis distributor – Adjupharm GmbH. IMC’s European presence is also augmented by strategic alliances with various pan-European EU-GMP cultivators and distributors with the objective of capitalizing on the increased demand for medical cannabis products and bringing the IMC brand and its product portfolio to European patients.