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

1.82

Mkt cap

5.5M

Volume

15K

High

1.99

P/E Ratio

-0.44

52-wk high

8.10

Low

1.74

Div yield

N/A

52-wk low

1.61

US health officials are recommending that marijuana be reclassified as a Schedule III drug under the Controlled Substances Act, which would mark a shift from its current status as a Schedule I substance. This move could potentially expand the cannabis market.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 4:19 pm

Several stocks experienced significant movement in Monday's mid-day session. Notable gainers included Mobile Infrastructure Corporation (BEEP), GD Culture Group Limited (GDC), Hersha Hospitality Trust (HT), and Hawaiian Electric Industries, Inc. (HE). On the other hand, AgileThought, Inc. (AGIL), NovoCure Limited (NVCR), Faraday Future Intelligent Electric Inc. (FFIE), and Heliogen, Inc. (HLGN) were among the biggest losers.

Portfolio Pulse from Lisa Levin

August 28, 2023 | 5:52 pm

Israeli police have seized 137,550 cannabis plants in one of the largest operations in the country's history. The operation, which lasted three days, involved raids on 169 greenhouses in the Negev desert region and 160 greenhouses in an IDF firing range. The seized cannabis is estimated to be worth hundreds of millions of shekels. The operation is seen as a significant blow to criminals who could have used the proceeds to finance their activities. The news comes as Israel, a major player in cannabis production and research, announced a comprehensive reform of its medical marijuana regulations.

Portfolio Pulse from Maureen Meehan

August 19, 2023 | 1:30 pm

A marijuana legalization initiative is set to appear on the Ohio ballot in November. The Coalition to Regulate Marijuana Like Alcohol (CTRMLA) is optimistic about the measure, which has garnered majority support in polls. However, Ohio Governor Mike DeWine opposes the initiative, calling it a 'real mistake'. Meanwhile, GOP Congressman Dave Joyce has expressed his support for the measure. If enacted, the initiative could generate up to $404 million annually from adult-use cannabis sales.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 3:37 pm

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.

Portfolio Pulse from Jelena Martinovic

August 14, 2023 | 6:37 pm

IM Cannabis (NASDAQ:IMCC) reported Q2 losses of $(0.19) per share, missing the analyst consensus estimate of $(0.07) by 171.43%. The company also reported quarterly sales of $9.83 million, missing the analyst consensus estimate of $13.44 million by 26.85%. This represents a 92.08% increase in losses and a 47.33% decrease in sales compared to the same period last year.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 1:01 pm

IM Cannabis reported Q2 earnings per share from continuing operations of $0.19, missing the estimate of $0.20. The company's sales were $9.83 million, falling short of the estimated $13.20 million.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 12:03 pm

Cannabis companies in the U.S. and Canada are set to capitalize on the expanding European market as regulatory frameworks become more favorable. Israel's Ministry of Health has announced a reform of medical cannabis regulations, which is expected to boost the country's exports of medical cannabis. IM Cannabis Corp. (NASDAQ:IMCC) (CSE:IMCC) has praised the move. Germany is also set to approve a marijuana legalization bill. Cannabis giants Tilray Brands Inc. (NASDAQ:TLRY) (TSX:TLRY) and Aurora Cannabis Inc. (NASDAQ:ACB) are among the best-positioned companies to benefit from Germany's legalization. Other companies eyeing the new market include Curaleaf Holdings, Inc. (OTCQX:CURLF), CBD of Denver Inc. (OTC:CBDD), and Organigram Holdings Inc. (NASDAQ:OGI).

Portfolio Pulse from Jelena Martinovic

August 11, 2023 | 8:10 pm

IM Cannabis (NASDAQ:IMCC) is set to release its latest quarterly earnings report on August 14, 2023. Analysts estimate an earnings per share (EPS) of $0.03. The company's past performance shows a mixed trend of beating and missing EPS estimates, with corresponding changes in share price. The stock is currently trading at $0.99, down 84.46% over the last 52-week period.

Portfolio Pulse from Benzinga Insights

August 11, 2023 | 5:02 pm

A New York judge has halted the issuance of new cannabis licenses under a program that favors people with previous drug conviction charges. This comes after a lawsuit filed by a group of disabled military veterans who argue that the system of awarding and issuing licenses to certain social equity applicants violates the state Constitution. The lawsuit is the latest setback to the state’s rollout of a recreational cannabis market, which has been delayed by legal challenges.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 5:45 pm

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