IM Cannabis Doubles Down On Israeli Cannabis Market With Two Acquisitions For $3.7M

Multi-country operator IM Cannabis IMCC IMCC, one of Israel’s pioneering medical cannabis companies with operations in Canada and Germany, announced a string of acquisitions this week that further expand its footprint in the fast-growing Israeli medical cannabis sector for a total consideration of $3.7 million in cash, of which $1.04 million will be reinvested into IMC.

On the one hand, the company bought Pharm Yarok, a medical cannabis retail pharmacy. Keep in mind that in Israel, medical cannabis can only be sold and dispensed by authorized pharmacies.

On the other hand, IM Cannabis procured Rosen Highway, a trade and distribution hub that provides cannabis-specific storage, distribution and logistics services to cannabis companies and pharmacies.  

“These acquisitions are part of IMC’s long-term strategy to strengthen our market position and control the value chain from seed to patient,” Oren Shuster, CEO of IMC, told Benzinga. “As the Israeli medical cannabis market continues to grow by leaps and bounds, the addition of retail presence and logistics capabilities for the safe delivery of medical cannabis to pharmacies and end-users, enable us to accelerate the business, increase our competitiveness and continue to deepen the company’s contact with its patients in Israel.”

This is the second cannabis-authorized retail pharmacy and distribution platform IMC has acquired in Israel. At the end of April, IMC bought Panaxia-at-Home, Israel’s largest retail and online pharmacy along with its distribution division.  

Click here to listen to the Benzinga Cannabis Hour Podcast for exclusive interviews and industry news. 

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