TORONTO and GLIL YAM, Israel, Sept. 11,
2024 /CNW/ -- IM Cannabis Corp.
("IMC" or the "Company") (NASDAQ: IMCC) (CSE: IMCC),
a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that Mr.
Shmulik Arbel has been appointed to
the Company's board of directors (the "Board") effective
September 9, 2024. Mr. Arbel brings a
wealth of experience in strategic plans that drive profitability,
as well as, finance and corporate governance, further strengthening
the company's commitment to driving growth while focusing on
sustainable profitability.
"We are thrilled to welcome Shmulik to our Board of Directors,"
said Oren Shuster, Chief
Executive Officer of IM Cannabis. "Shmulik's extensive
international experience at Leumi, coupled with his proven track
record in banking and finance will be invaluable as we continue to
deliver on our strategic initiatives."
Mr. Arbel retired as Deputy CEO from Leumi, Israel's largest banking group, in
April 2023, where he was instrumental
in business growth and leading the service revolution. With
over 25 years of experience at Leumi, Arbel has held senior roles
throughout the organization, such as head of retail banking, head
of the corporate division, and as chairman of Leumi UK. With key
roles in Israel, New York and London, Mr. Arbel has a wide view on
international business.
"I am honored to join the Board of Directors at IMCC," said Mr.
Arbel. "I look forward to leveraging my experience in banking and
finance, providing guidance as IMCC continues to establish itself
as the go-to brand in the cannabis world. I look forward to
contributing to the company's growth."
Arbel holds a BA and MBA from Tel Aviv
University.
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis
company that provides premium cannabis products to medical patients
in Israel and Germany, two of the largest medical cannabis
markets. The Company has focused its resources to achieve
sustainable and profitable growth in its highest value markets,
Israel and Germany. The Company leverages a transnational
ecosystem powered by a unique data-driven approach and a globally
sourced product supply chain. With an unwavering commitment to
responsible growth and compliance with the strictest regulatory
environments, the Company strives to amplify its commercial and
brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship
with Focus Medical Herbs Ltd., which 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 centers, and
logistical hubs in Israel that
enable the safe delivery and quality control of IMC products
throughout the entire value chain. In Germany, the IMC ecosystem operates through
Adjupharm GmbH, where it distributes cannabis to pharmacies for
medical cannabis patients.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements under applicable Canadian and
United States securities laws
(collectively, "forward-looking statements"). All
information that addresses activities or developments that we
expect to occur in the future are forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect", "likely" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur
or be achieved and other similar expressions. Forward-looking
statements are based on the estimates and opinions of management on
the date the statements are made. In the press release, such
forward-looking statements include, but are not limited to,
statements relating to: the stated benefits Mr. Arbel's
appointment, including the further strengthening the Company's
commitment to driving growth in the German market while focusing on
sustainable profitability; and Mr. Arbel's international experience
and track record in banking and finance will be invaluable to the
Company.
Forward-looking statements are based on assumptions that may
prove to be incorrect, including but not limited to: the Company's
ability to realize upon the stated benefits Mr. Arbel's
appointment; and Mr. Arbel's international experience and track
record in banking and finance becoming invaluable to the
Company.
The above lists of forward-looking statements and assumptions
are not exhaustive. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated or implied by such forward-looking
statements due to a number of factors and risks. These
include: the failure of the Company to comply with applicable
regulatory requirements in a highly regulated industry; unexpected
changes in governmental policies and regulations in the
jurisdictions in which the Company operates; the Company's ability
to continue to meet the listing requirements of the Canadian
Securities Exchange and the NASDAQ Capital Market; any unexpected
failure to maintain in good standing or renew its licenses; the
ability of the Company and its subsidiaries (collectively, the
"Group") to deliver on their sales commitments or growth
objectives; the reliance of the Group on third-party supply
agreements to provide sufficient quantities of medical cannabis to
fulfil the Group's obligations; the Group's possible exposure to
liability, the perceived level of risk related thereto, and the
anticipated results of any litigation or other similar disputes or
legal proceedings involving the Group; the impact of increasing
competition; any lack of merger and acquisition opportunities;
adverse market conditions; the inherent uncertainty of production
quantities, qualities and cost estimates and the potential for
unexpected costs and expenses; risks of product liability and other
safety-related liability from the usage of the Group's cannabis
products; supply chain constraints; reliance on key personnel; the
risk of defaulting on existing debt; risks surrounding war,
conflict and civil unrest in Eastern
Europe and the Middle East,
including the impact of the Israel-Hamas war on the Company, its
operations and the medical cannabis industry in Israel; risks associated with the Company
focusing on the Israel and
Germany markets; the inability of
the Company to achieve sustainable profitability and/or increase
shareholder value; the inability of the Company to actively manage
costs and/or improve margins; the inability of the company to grow
and/or maintain sales; the inability of the Company to meet its
goals and/or strategic plans; the inability of the Company to
reduce costs and/or maintain revenues; the Company's inability to
take advantage of the legalization of medicinal cannabis in
Germany; and the Company's
inability to realize upon the stated benefits Mr. Arbel's
appointment; and Mr. Arbel's international experience and track
record in banking and finance not becoming valuable to the
Company.
Please see the other risks, uncertainties and factors set out
under the heading "Risk Factors" in the Company's annual report
dated March 28, 2024, which is
available on the Company's issuer profile on SEDAR+
at www.sedarplus.ca and Edgar at www.sec.gov/edgar.
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.
Company Contact:
Anna Taranko, Director Investor
& Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, CEO
IM Cannabis Corp.
info@imcannabis.com
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SOURCE IM Cannabis Corp.