Streetbeat News

IMCC

IM Cannabis Corp.

https://www.imcannabis.com

Industry

Drug Manufacturers - Specialty & Generic

IM Cannabis Corp. engages in breeding, growing, and supply of medical cannabis products in Israel, Germany, and Canada. It offers cannabis flowers and strain specific cannabis extracts under the IMC brand; and dried flower, pre-rolls, and pressed hash offerings under the WAGNERS and Highland Grow brands. The company serves medical patients and adult-use recreational consumers. IM Cannabis Corp. is headquartered in Tel Aviv-Yafo, Israel.

Open

1.92

Mkt cap

4.4M

Volume

26K

High

2.02

P/E Ratio

-0.43

52-wk high

8.10

Low

1.85

Div yield

N/A

52-wk low

1.13

IM Cannabis Corp. (NASDAQ:IMCC) has received a warning from NASDAQ as its stock price fell below the $1 minimum bid price requirement. The company has until January 29, 2024, to regain compliance or face potential delisting. The company's shares bounced back above the $1 mark on August 2, but must maintain a closing bid price of no less than $1 for a minimum of 10 business days to regain compliance. IM Cannabis Corp. is known for supplying medical cannabis primarily to clients in Israel and Germany.

Portfolio Pulse from Joana Scopel

August 07, 2023 | 8:22 pm

IM Cannabis Corp. (NASDAQ:IMCC) has received a notification from Nasdaq for not complying with the minimum bid price requirement. The company's shares have not maintained a minimum bid price of $1.00 per share for 30 consecutive business days. IMCC has until January 29, 2024, to regain compliance or it may face delisting. The notification does not affect the company's listing on the Canadian Securities Exchange.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 8:03 pm

Illinois reported record recreational marijuana sales of $140 million in July 2023, the second highest monthly total since the adult-use market launched in 2020. The majority of sales came from in-state residents, with out-of-state visitors accounting for $35.8 million. The state's marijuana sales reached a record high of more than $1.5 billion in 2022. Other states such as Maryland, Missouri, Michigan, Massachusetts, and Connecticut also reported record marijuana sales.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 3:42 pm

The U.S. Senate has approved a defense bill that includes provisions to prevent intelligence agencies from denying security clearances to applicants due to their past marijuana use. The provision was part of the National Defense Authorization Act (NDAA) and the Intelligence Authorization Act. The move is seen as a way to modernize workforce recruitment and attract qualified personnel. The White House has not commented on the cannabis language in the NDAA legislation.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 6:02 pm

Senate Majority Leader Chuck Schumer has stated that progress is being made on the Secure and Fair Enforcement (SAFE) Banking Act, a bill that would protect banks and credit unions from federal penalties for working with state-licensed cannabis businesses. The bill has faced delays due to disagreements over certain sections, but Schumer remains confident that it will pass. The American Trade Association for Cannabis and Hemp, along with other trade groups, have urged for the bill to be passed without further delay.

Portfolio Pulse from Happy Mohamed

July 28, 2023 | 3:06 pm

Mastercard has instructed financial institutions that offer payment services to cannabis merchants and connect them to Mastercard to terminate their activities, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 5:12 pm

The bipartisan marijuana banking bill, the Secure and Fair Enforcement (SAFE) Banking Act, will not be addressed during the summer session as previously hoped. The delay is due to disagreements over one section of the bill concerning broader banking regulations. The bill aims to protect banks and credit unions from being penalized by federal regulators for working with state-licensed cannabis businesses.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 5:49 pm

Florida's potential marijuana legalization initiative could generate between $195.6 million and $431.3 million in new sales tax revenue annually, according to estimates from the state legislature and Gov. Ron DeSantis's office. The state Financial Impact Estimating Conference (FIEC) has finalized its financial analysis, which will be provided to voters if the initiative makes the ballot. The Smart & Safe Florida campaign has collected enough signatures for ballot placement, but its language is currently being reviewed by the state Supreme Court. The marijuana company Trulieve has contributed more than $39 million to the campaign. If approved, the measure would allow existing medical cannabis companies like Trulieve to begin selling marijuana to all adults over 21.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 1:12 pm

The GOP-controlled House Rules Committee has blocked all marijuana and psychedelics amendments proposed for the National Defense Authorization Act (NDAA). The amendments included proposals such as eliminating cannabis drug testing for military service members and allowing the use of CBD or other hemp-derived products. However, two marijuana and psychedelics measures were previously attached to the base text of the NDAA in the House Armed Services Committee. These include a clinical study into the therapeutic benefits of psychedelics for active duty service members with PTSD, traumatic brain injury or chronic traumatic encephalopathy, and a defense department medical cannabis pilot program examining the health impacts of marijuana use by veterans and service members.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 3:07 pm

A top GOP North Carolina lawmaker has indicated that the medical marijuana bill is likely to be shelved for the year, according to a Marijuana Moment report. This could potentially impact the performance of several US-listed companies in the cannabis sector.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 5:52 pm

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