Multi-country medical and recreational cannabis operator, IM Cannabis IMCC IMCC continues to strategically expand in Canada with its second acquisition of 2021.
The company announced this week it reached a definitive agreement to acquire MYM Nutraceuticals and its Licensed Producer subsidiary Highland Growth.
The acquisition is expected to close before the end of 2021 and is valued at C$85 million ($67.6 million). It's intended to further expand IMC's presence in the Canadian market, broadening its premium and super-premium product portfolio for both recreational and medical cannabis customers.
The company also confirmed it intends to leverage its Canadian acquisitions of Highland Growth and JWC to fulfill international demand for premium indoor-grown cannabis products, especially in Israel and Germany, where IMC has a strong presence and patient base.
"This acquisition is consistent with our M&A practice of acquiring high-potential and profitable cannabis companies that complement our current operations, contribute to our financial strength and increase shareholders value," Oren Shuster, the CEO of IM Cannabis told Benzinga. "Our long-term goal is to become one of the global leaders in the recreational and medical cannabis sector and this acquisition is another important milestone on this path."
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