IM Cannabis Stock Drops On Q2 Earnings, CEO Touts Strategic Decisions That Led To 'Sustainable Profitability'
Portfolio Pulse from Jelena Martinovic
IM Cannabis Corp. reported its Q2 2023 financial results, with a 4% YoY increase in revenue to CA$13.2 million. Gross profit increased by 57% YoY to CA$3.5 million, while operating loss decreased by 69% YoY. The company's CEO, Oren Shuster, highlighted strategic decisions that led to 'sustainable profitability'. Shuster also praised the anticipated reform of medical cannabis regulations in Israel, which is expected to reduce industry restrictions. IMC's shares traded 15.3153% lower at $0.94 per share on Tuesday morning.
August 14, 2023 | 6:37 pm
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NEGATIVE IMPACT
IM Cannabis Corp. reported a 4% YoY increase in revenue and a 57% YoY increase in gross profit for Q2 2023. Despite these positive results, the company's shares traded 15.3153% lower.
Despite reporting positive Q2 2023 results, IM Cannabis Corp.'s shares traded lower. This could be due to market factors or investor sentiment not reflected in the financial results.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100