Investor
Ideas #Potcasts 634, #Cannabis News and #Stocks on the Move- Interview with CEO
of IM Cannabis Corp. (NASDAQ: $IMCC)
Delta, Kelowna, BC, June 8, 2022
(Investorideas.com Newswire), investorideas.com, a global news source covering leading sectors
including marijuana and hemp stocks and its potcast site release today’s podcast edition of cannabis
news and stocks to watch plus insight from thought leaders and experts.
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Today’s podcast overview/transcript:
In today’s podcast, Investorideas
interviews Oren Shuster, CEO of IM Cannabis Corp. (NASDAQ: IMCC), where we discussed the
company’s position as a multi-country operator in Germany, Canada and Israel,
how each of these markets differs and synergizes as well as how IM Cannabis
hopes to differentiate itself from competitors moving forward.
When asked what separates IM Cannabis
Corp. from others in the cannabis space, Shuster commented, “IM Cannabis Corp
is one of the first companies to produce medical cannabis, we started in 2010
in Israel, and for many years we supplied directly to patients and today we are
an international company and we work in 3 of the largest legal federal markets,
Canada, Germany and Israel.”
Shuster continued, “In 2010, when we
started there wasn’t a market actually. In the beginning I was a bit naive and
thought that it was going to cure the world and I saw the impact on patients
and it was amazing and I thought it would spread and everyone would use
cannabis. I was a bit naive and it took much much longer and still medical
cannabis is not spread all over the world.”
When asked about some of the regulatory
differences and hurdles to each of these separate markets, Shuster went on,
“The Israeli market was highly regulated so from the beginning we understood
that we had an advantage regarding regulations because we were coming from such
a highly regulated market. So the first market we looked at entering was the
E.U. market because the regulations were
very similar and more than that it was the same time zone and Europe is the
biggest trade partner of Israel. We had many advantages especially because for
many years we supplied directly to patients and we collected a lot of data
which is super important in the medical markets. We decided to go to Germany
because it’s very rigid and it’s very difficult to meet the German standards,
so if you can meet these standards you can work in the rest of the E.U. easily.
It’s not necessarily the other way around. It’s like the gold standard I would
say. We knew it would take us longer, but it’s a long term industry so if you
are going to do something, do it right.”
Shuster continued, “The reason we
acquired operations in Canada is because Germany is an import market. We needed
high quality products for the German market but also for the Israeli market. So
that’s the reason why we acquired indoor facilities of premium and ultra
premium products. Now we have a complete supply chain; starting in Canada,
products go to Germany and Israel, from Germany we have the hub where we can
send products to Germany or the rest of the E.U. market. So now we have made a
complete supply chain.”
When asked about some of the unique
differences and challenges that each of these markets creates, Shuster
elaborated, “The Israeli market is a very unique market because in Israel the
black market is more expensive than the medical market. I’m not familiar with
any other market in the world that behaves like that. The reason for this is
because Israel is a small country surrounded by enemies so we have real borders
with almost no smuggling of cannabis across the borders. The army is gaurding
the border against terrorists so to take the risk on smuggling cannabis is not
the smartest thing to do in high volume. So the supply is grown locally. Israel
is a very small country and we have mostly dessert so it’s very easy to track
down and monitor illegal grows. So there is high demand and not a huge supply
so the prices are very high. There is also a third market which is where people
buy medical cannabis and sell it back to the black market at a premium. So any
cannabis user has a huge incentive to get a prescription and buy in a pharmacy.
So the only reason the market isn’t exploding with users is because there
aren’t enough Doctors to prescribe cannabis. I believe that the market will
grow significantly once there are more openings of physicians that prescribe
medical cannabis. You can think of Israel like the Michigan market. There are
many similarities and I believe it will be roughly the same size as it has
roughly the same population.”
Shuster continued, “Germany is a very
different market. In Germany medical cannabis was very expensive but now you
are starting to see prices go down. It was more than 20 EUROS per Gram and the
average price on the black market was closer to 10 EUROS per gram and now you
are starting to see prices go down closer to the black market. This is still
very high when you do the dollar conversion. In Germany any Doctor can
prescribe cannabis. You can go to the pharmacy and pay out of pocket and buy
cannabis prescriptions in Germany that are being reimbursed by the insurance
companies. There was a change in the market because now any pain physician that
prescribes cannabis gets immediately reimbursed. So all the cannabis being
prescribed by pain clinics or physicians is being reimbursed. So we are seeing
this change in the market. We are waiting to see this summer what the Ministry
of Health will publish. They want to do it next year but there is a strong
economic pressure in Germany right now because of their energy dependence on
Russia, so they think that cannabis is an excellent way to make more money with
taxation.”
Last month IM Cannabs Corp. provided financial
results for the
three months ended March 31, 2022 with highlights such as: increased revenues
of 169% year-over-year to $23.6 million, gross profit, before fair value
adjustments, was $6.4 million, representing an increase of 37% from Q1 2021 and
67% sequentially as well as completing four(1) strategic acquisitions in
Israel, including the country's largest retail and online pharmacy business and
a trade and distribution center with an IMC-GDP license.
"We continue to progress well on our
path to profitability and achieved another quarter of record revenues, which
grew 169% year-over-year in the first quarter," said Oren Shuster, Chief
Executive Officer of IMC. "We execute key initiatives that drive margin
expansion within each of our market segments and across our operating
footprint, which reflect the benefits of integrating our global model. In
Israel, we work to consolidate four of the country's leading pharmacies and
centralize our distribution and customer support to potentially create
significant cost savings while strengthening our brand presence. We also
increasingly leverage yield from our Canadian cultivation facilities for our
products imported to and sold in Israel, which exhibit a gross margin profile
that is nearly double that of products sourced from suppliers."
Shuster went on to discuss how IM
Cannabis Corp. assesses prospective product partners and the quality of their
products, how he expects each of these markets to develop and expand in the
coming years as well as general trends in the International cannabis industry
when it comes to the import/export market and how he expects this to expand and
develop.
To find out more
information about IM Cannabis Corp. visit their website here.
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