IM Cannabis Acquires Israel’s Largest Retail and Online Pharmacy Business from Panaxia, Creating a Vertically Integrated Global Platform for the IMC Brand
We sat down with Oren Shuster, CEO at IM Cannabis (CSE: IMCC, NASDAQ: IMCC) – the first Israeli medical cannabis company to trade on the Nasdaq.
IMC is an MCO in the medical and adult-use recreational cannabis sector, headquartered in Israel and operations In Israel, Germany, and Canada. Over the past decade, the Company believes that the IMC brand has become synonymous with quality and consistency in the Israeli medical cannabis market. The Company has also expanded its business to offer intellectual property-related services to the medical cannabis industry.
Good afternoon and welcome to the countless conversation. I am your host, Patrick Doherty, and we are here today with Orin Schuster of IM Cannabis or IMC located in Israel. Welcome, Orin. What’s going on? You guys have been busy, I see.
Yeah. We’re trying. We have to execute. We have shareholders.
I received a recent press release that you have acquired an online pharmacy. Can you tell us about that and why you did that?
We acquired Panaxia Online, the biggest online pharma in Israel doing home delivery; most of it same-day home delivery, one of the oldest in Israel. And the reason that we acquired that is – First of all, it’s the leading service. So, I think that for us, something that means we are going into the retail segment in Israel now. As part of our vertical integration approach, and we decided to start with online because, first of all, it covers all of Israel. It’s not specific to one location. It’s a nationwide operation. So, it makes sense for us to start with that; and we will improve it. The idea is to give better services. To have it as a base for our retail presence, and we’re going to continue now with physical brick and mortar operations all across the country.
And just to back up a little bit, how long has IMC been around?
So, we started to work in 2010. So, since 2010 we were operational, one of the first companies in the world actually to grow medical cannabis. And for many years, we’ve been growing, processing, and we supply directly to patients. So, we collected a lot of data and a lot of know-how; we’ve done many clinical surveys, and I think it’s unique: the fact that we have been able to supply directly to patients for many years. And because we supply directly to patients, we knew all the patients. What kind of indications they have. What strengths they are getting; the quantities. And we have done many surveys to validate the clinical data and match the strains, the strains, the effect of the strains on different diseases, and, I think, that we are very solid with the know-how we have today.
And is Israel medicinal only? Or is it medicinal and recreational?
Israel is medicinal. However, the Israeli market is unique because the black market is more expensive than the medical market in Israel. And it’s a unique situation, and because of that, many people have an incentive, actually, to get a prescription for medical cannabis, even if it’s sometimes minor because it’s legal. It’s cheaper than the black market.
Is that because the government’s subsidizing it?
No. It’s mainly because the black market is costly. After all, Israel is a relatively small country surrounded by enemies; so, no smuggling. Also, it’s straightforward to monitor illegal growth in the Israeli markets because it’s small. So, because of that, I think that the prices are very high. More than that, according to official data, 27% of the population in Israel uses cannabis illegally. And that means a lot of cannabis.
And yet you operate beyond Israel, right? You’re also in Europe. You’re in Canada. Tell us a little bit about the European market and how it differs from the Israeli market?
So, we are in Europe. We are focusing, first of all, on Germany. Germany is the most advanced market in Europe today regarding medical cannabis.
It’s a medicinal market, right?
A medicinal market of about 80,000 patients; very similar, by the way, to the Israeli market in numbers. And the regulation is very similar to what we used to see in the Israeli market. Everything is going through pharmacies. Everything has to be GMP certified. We have an EU GMP facility in Germany, and we have acquired a German distributor and a GMP facility on March 19. So since then, we have been working in Germany.
We are selling our own branded products in Germany through a distributor network. We have about 10 distributors that are covering the German market. And what we’re doing today in Germany; we’re building a massive logistics center to serve the EU market from Germany. So, the idea is that in Germany, we will have the GMP and the distribution center. So, we are bringing product to the German market and from Germany.
We are also distributing it to the rest of Europe, which is starting to open up. We see that the UK has started the program. France is in a pilot program. Switzerland is in the pilot program for recreation now. So, the EU market is starting to move in; I would say, at a slow pace, relatively. But, on the other hand, we’re talking about a huge market; more than half a billion people. I’m not speaking about Russia and those countries. I’m speaking about western-central Europe. And, so, no question that it will be a huge market; extreme purchasing power; and a very social approach regarding] economies. For example, in Germany, 60% of the prescriptions are being reimbursed. And I think that it will be very similar in Europe. So, Europe will be a huge market, and that’s the time to be there; to build the fundamentals for the operation. And what we’ve seen in Europe is that many big Canadian power players have just descended upon Europe.
How has that affected your business? Because, as you know, the Canadian players have such a presence here in Europe. How has that impacted you trying to come in from Israel?
I think that we have many advantages because we come from the medical market with a lot of experience. And Israel is very advanced in cannabis research and medical cannabis. Because research had started in Israel in the early 60s, when Professor Mechoulam discovered cannabis properties, since then we have continued research in Israel; in any university, any hospital that you will go to in Israel, you will find clinical research, and other research, about cannabis and cannabinoids. And one of the advantages that I’m seeing is bringing it to the German market, into the EU market as the other, which is more medical market, is that approach we are coming with has a lot of data, a lot of know-how validated for many years. Clinical data based on real and actual patients.
We worked with physicians on that, so we’re coming with something; with added value to the doctors and the professional community in Germany, such as the other competitors like the Canadians don’t have. They started much later than we have started. It’s a much more recreational market than the medical market in Canada, a fraction of the market. No real attention to that, and no one is treating that differently, and more than that, the direct connection that we had for many years with our patients gave us an added value that, I think, no one in the world today can have this kind of added value.
One of the key things that you mentioned is this idea of clinical trials being prescribed and reimbursed, right?
We need evidence-based studies that demonstrate that this is an effective protocol.
Which, as you said, I think a lot of the Canadian players don’t have, right?
They will make claims or suggest that cannabis might have medicinal benefits, but they don’t have the clinical backup to support those claims.
And the German market, if you’re speaking of the German market, is, therefore, very different because, in Germany, a doctor has to prescribe the brand. So, you have to approach the doctor. When you approach the doctor, it’s not enough to prescribe my brand. You have to come with something that will make him prescribe your brand.
What we’ve done. We took all the data that we collected and all the experience that we’re bringing, and this is our educational material for the doctors that we are working with to prescribe our brand. So, we are bringing them actually added value, not just a sale. And I think that this is one of the advantages that we have in the German market. And we see the feedback, and the reaction is amazing, actually.
And one of the things about the German market, especially from people in North America, is we used to big sort of drug store chains, right? Whereas in the German market, these are privately owned, and I think the most that anyone can own is four or three, right? So, I mean, obviously, that makes distribution more of a challenge. And you mentioned you have ten distribution partners, but can you talk about how that distribution is so difficult.
So, as you said, that’s true; most of the market is “mom and pop” stores because there aren’t real big chains in the market. So, you need actual accessibility to all those pharmacies. I think that what we have done is exactly that. To solve that, we have excellent accessibility to the market, and we are willing to give some of our margins to our partners because we are building a long-term relationship with our partners. We are supporting them; the idea of the logistics center. It is also to make life easier for our partners because we want to have large GMP products in Germany. So that none of them will have to make big commitments in advance and, so, the idea is that our partners will be able to call us to order for tomorrow the quantity that they want and, immediately, they have it because today they have to ask for an import license and go through a process with the ministry of health. So, the idea is to save all of that for our partners. So, I think that what we are building is excellent market access and distribution, which is fundamental when looking at the market, like the German market. You noted that you need to have a prescription from a doctor to get the medicinal product in Germany.
What are you doing as far as education when it comes to these doctors? To use this alternative to what they’ve been using for years.
We have a local group of doctors and professionals that we are working with to adjust what we are doing in other markets; in the German market, and this is what we are communicating to the doctors as well. We have a significant sales team producing most educational materials for the doctors, our brands, our products, the effectiveness, etc. So you have to work closely with the doctors in Germany. There isn’t any other way if you are a real player that wants to sell your brand.
And in Germany, is this interest being led by the patients, who then go to the doctor and say, I want to look at this? Or who’s leading the education? Are the patients leading the doctors or the doctors leading the patients?
It’s an excellent question. First of all, because it’s mixed, it depends on most of it today it’s uh doctors. And I think that what we’re starting to see: a change in the market. More patients are getting more involved. So, I think that it’s a mixture of older people who are really sick. It’s more the doctors. Some have more patients and are very involved and actively seeking out these types of treatments.
And, after Germany, what’s the plan in Europe?
In Europe, we will start to sell this year through our German facility without having a physical presence in other countries. Later we will also have a physical presence, and we are watching the EU market. Although it’s a tiny market now, the UK is exciting; I strongly believe in that market. France is exciting, and I think that it will take some time because the pilot program is for two years.
And the Polish market is exciting because it’s very similar to the German market, but it’s a different model than what you’re using in Israel.
Because you’re using a retail model in Israel, right?
Yeah, but Poland is very similar to Germany.
But on the other side, in Poland, you have chains like other places, so each market, even in Europe, has different behavior and structure. Although everything is EU GMP now, this is one of the advantages in the EU market; because, unlike in America, where it’s stated by state, you have the EU regulations, which is for all of the EU. On the other side, each country can have its own regulation as an internal frame, but if you have a facility with GMP, you can ship to all the countries in the EU.
And that’s one of the biggest advantages and differences between the EU market and, for example, the American market. And that’s also one of the advantages of starting in Germany because Germany, as a rule, tends to be the most stringent in regulations. So, if it works in Germany, it almost always works in another EU state.
You’re so right. That’s why we went to Germany; if you can work in Germany, which is very rigid, you can work anywhere in Europe. This is because of the center, all the focus, everything that we are investing in now, and all the infrastructure we are building in Germany. The toughest, but after you have succeeded, then everything is much easier.
And then tell us a little bit about North America and what you’re doing there.
So, we’re focusing on the Canadian market, and we’re publicly on the NASDAQ.
And so the focus in Canada is because in Canada, it is legal, and Canada has invested in legalizing recreational.
Yeah. Canada has invested a lot of money in infrastructure to grow cannabis, especially indoor facilities. Now we have greenhouses in Israel. We don’t have indoor facilities, and the logic for us to go to Canada was, first of all, to take control over indoor facilities that can supply premium and super-premium products; because our markets are premium markets. If you look at the Israeli market and Germany, the prices that we’re getting are premium compared to the Canadian market, for example. And I believe that the markets will continue with those prices; especially the EU market will explode in the coming years. There will be a constant need for a product from the Israeli market because the black market is more expensive. There isn’t any pressure on the premium product to go down in the Israeli market because the pressure usually is from the black market. So, we will need more and more products and also, in Israel, in the last year, indoor products from Canada gained huge popularity. So, it makes sense for us to have their control, and the idea is that, as I said, Canada is like a pillar that is going to supply the local market with premium and super-premium products. And the rest will go to Israel and later to Europe, and we’ve seen just a change, a little bit. We’ve seen some acquisitions recently in the market of some big players resulting in large consolidations.
What do you think that means for the market?
I think that the market is in the middle of a consolidation wave. I think that it won’t stop. We’re starting to see that the market, the landscape are starting to change significantly. And we can see the big companies, and the small companies, almost no one in the middle. Very few players like mid-players, so we will start to see consolidation in the mid-level. We don’t have today in the market, and for many small companies, it will be tough to survive because, if I’m an investor, I want to go for something that I know; I will have less risk. The small companies have a higher risk, and I want to go with the winners. So, I think that we will see a consolidation process because it would be tough to raise money for the small one to survive in this kind of environment.
Do you see a big difference, operationally, when pursuing the medicinal space versus the recreational space?
It depends where and, in fact, the less in Europe you have only medical, but we have it in different formats, right?
Here in Spain, we have the clubs, which are weird, but they’re looking into what they’re going to do with that, but it’s illegal, but it’s not, but it is kind of thing.
The big difference is, first of all, the regulation of the GMP standard is not just a word; it’s a standard. It’s about quality processes and so on. GMP brings it with that besides the name many costs that associated with this process so, I think that this is the biggest difference between, for example, the Canadian market and the Israeli, and the German market, and the EU market that we will see. You don’t see that today in America because the FDA is not in the market. Once America will be regulated, the FDA will be involved. I’m not sure that people understand that America will be a completely different market as well; once the FDA will go into the market because it’s definitely. There are a lot of advantages and disadvantages when that finally happens.
What’s the long-term plan? Will you be looking at other countries for places to grow and things like that?
Of course, if you’re speaking about the future, first of all, as I said, the EU market is the main market that we are going to focus on in the coming years; and it’s a good market to focus on because it’s only in the beginning stages. So, there is plenty of room to grow. Now we are focusing more on building the infrastructure, and we have an advantage in that because we’re building the infrastructure, and we are still in the market all the time, so we’re not losing the market. On the other end, because the market is moving slowly, we can still focus on building the infrastructure to be ready. So, once the market starts and grows significantly, we will be able to grow with the market and supply to the market immediately.
Do you feel that being based in Israel has given you an advantage because of the research and the clinical trials?
That’s going on, yeah. Israel is an excellent base because of all the ecosystems in Israel that can support us very well. And, also, we have an excellent view because the Israeli market is the medical market. Because of the nature of the market, it is costly, and because many people use cannabis, many users of medical cannabis are not quite 100% medical. Some of them are recreational people that get prescriptions. So, even the Israeli market is mixed, and we’re in Canada in recreational. In Germany, full medical gives us a better perspective over the markets and how to manage this kind of market, which is a mixed market between recreational and medical. So, I think that this is an advantage in Israel. We have an excellent view, and we are getting a lot of what we’re bringing. For example, in Canada, a more mature market in recreational, we’ve seen some of the cycles that other markets haven’t seen yet. So, this international aspect gives us a huge added value to each of the countries.
Are you doing anything in the CBD space?
CBD today that we’re dealing with is CBD coming from medical cannabis, not from hemp.
We are watching the CBD market very closely. In Israel today, CBD alone, without prescription, is not allowed, although it will come. So, definitely, once it will be legal in Israel, we will go into it.
In Europe, in some places, it’s still not 100% clear how they will regulate CBD. We saw big rulings at the EU commission against CBD calling it a narcotic, and then they reversed themselves. I’m sure you’re aware in Germany that there are still many regional regulations and stuff like that. What you can do in one area, you can’t necessarily do it in another area.
Yeah. Germany is a federation. Not many people know that. We can also see it in medical cannabis; huge differences exist between Bavaria and Berlin.
I definitely agree with you. We are watching this market. We are not there yet. First of all, we prefer to focus on the highly regulated markets, which is the THC, because, in the THC, there are very high barriers of entry into the market, especially the highly regulated market. And, as I said, we focused on the highly regulated markets, not only THC. Thus we have a GMP facility in Germany. So, we focus first on places where it’s much more difficult to enter than other competitors.
Where will you go from Germany? What’s your plan? The next country?
We have few countries that we’re watching. I don’t know. 100 to state because they might be changes along the way and, let’s see, I believe that it will be next year, only a physical presence in another country. Give me a few once, and I will give you a final answer. Let’s turn up or invite me again.
Of course! We’ll invite you again. So, tell us a little more about operating in Israel and how that differs from North America, probably where most of the audience is familiar.
The Israeli market, as we said, is a medical market, but it’s mixed. So, it’s unique in that aspect and what we see now in Israel is that we see many products in the market; it’s very young compared to others because it’s an old market, but it opened up only in the last two years. So, I think that it will take time for the market to be stable. But, we are starting to see, also in Israel, a very similar process like it was in North America; movement toward whether it’s dispensaries in Israel it’s pharmacies. So, the retail side is becoming more active, and IMC is going to the retail side. So, other companies are going there.
And Israel is an interesting market because, first of all, the market here is very significant, and it’s growing on a four percent per month basis. Those are official numbers because the ministry of health is publishing the numbers every month. So, that’s roughly the numbers and, so, it’s a good market. And, also, Israel is in a pilot program for exportation from Israel to the EU, and some exports went to Australia.
I think that once we open the market, we will start to open up. It will be a very significant export market into the EU market, and I think that most of the differences between here and Canada. For example, America is a completely different market. First of all, most of the products in Israel is coming from greenhouses with the traditional growing conditions – excellent natural conditions.
Most of it comes from indoor facilities in Canada, and the approach is very much medical in Israel. In Canada, it’s recreational, they have medical, but it’s an issue and, so, we see many differences, but I think that the differences between the markets will go. The markets will look, and besides the regulation, we will see more and more similarities between the markets.
I think your growth strategies, based on some recent press releases, have been acquiring aspects of the business or components of the business. Is that something you will continue to do?
We will continue to pursue a mixture of M&As and organic growth. On the other end, you can’t grow organically in this market because the markets are moving so fast. This industry is moving so fast; if you want to do everything organically, you will lose the market. So, it has to be a mixture between the two. To make acquisitions, you have to understand what you’re doing to become a new player in the industry and make acquisitions. It’s something that I won’t do. And, because it’s too risky, and this industry is more complicated than other industries that I’m familiar with. Because it’s young, it’s moving very quickly. At the end of the day, the regulators are managing the businesses and changing the regulations, and it can change the course of the business.
How do you deal with that? Because something can get passed. Something can change, and that can completely redirect your company, right?
That’s true, and it happened a few times in the past. So we are working very closely with the regulators in each of the places. But, on the other hand, you have to make many changes, which are even significant because of regulations.
How much input do you have for the regulators to help guide them in the market’s direction?
It depends. For example, if you are talking about Germany, then in Germany, many things are new for them. We bring many examples and experiences from other German regulators to see that it’s okay in this industry. They are regulators. They don’t want to make mistakes. At the end of the day, it’s not a business decision for them, right?
So, they’re going to be very conservative.
Exactly. So, you have to support them, to push, and then the comfort. They are not doing something, which is wrong.
How do you split your time? You’ve got stuff going on in Israel, stuff going on in Germany and some stuff in Canada. How do you manage? Those are very different markets. So, how do you manage that?
First of all, it’s all about the people. I think that we have excellent management teams. And I think that’s the key, by the way; for example, in Canada. That was the main reason for the acquisition that we’ve done. The people who joined our group and we have covered for more than a year, and it’s great because it’s not great, but it’s great in the aspect that working through zoom is much more efficient. I’m doing meetings in zoom. It’s starting on time, and you can be 30 people on zoom. Everybody will be on time, the meeting will be finished on time, and we are working as a global company; very easy, very comfortable. And we learned how to do it. As a tool, for us, it is Zoom. During the day, I’m doing Israel and Germany at night.
Despite Zoom making it easier, those are three very different cultures; both work cultures, local cultures. So, how do you deal with those differences?
It’s an excellent question. You have Israel and Germany, for example. I think that may be opposites, and we spoke about it a lot from the beginning, about those differences and how we can work as a group. And from the beginning, for example, with Germany, when we spoke, we said we would try to be more German, and the Germans will try to be more Israeli; and we are really trying. I think that it helped all of us because I think that all of us are trying to get the added value from each of our partners. On the other hand, we have the challenges as well, because of those differences sometimes someone is saying something and you don’t really understand exactly what is the meaning behind what he said; because you hear only the language, but it sometimes there is more than the language and, so, I think that we are learning more and more. And the advantage or disadvantage of Israelis is that they are very straightforward and not politically correct. In some ways, it’s very comfortable because you know exactly what people think about you. So, sometimes it’s very non-German; by the way, it’s very non-German. Sometimes it’s difficult with that. They don’t know how to digest it, but what we have seen is we’ve seen a change in them as well. So, they are very open and more direct, and so, I think that we are coming closer all the time to each other.
I worked in the U.S. and then moved to Berlin, and my experience in Berlin was we would have meetings in English, but all the side conversations were in German. So, you really weren’t participating because anything that they wanted to discuss without your understanding, they would just switch to German.
It’s very challenging. So, you really have to sort of work through those cultural issues, especially as a global company, to figure those out.
And then again, Canada is another culture and whatnot, but you figure those out and work them out as you said. I mean, I think what’s important, as you said, is the team and having someone local.
So, today, in Israel, we have only the Israeli team. There is only the German team in Germany, and in Canada, we have only the Canadian team. Now I think the difference is a question also industry. In a highly regulated industry, when we’re talking about drugs, cannabis, and we are working in GMP standards, you want the team to be German. I want: to say so. For us, Germany, and the approach in Germany, it is a big added value and very significant what they bring to the Israeli team; because they are very accurate and make no mistakes. In Israel, it’s exactly the opposite. By the way, I’m saying all the time, “make mistakes! If you make mistakes, it means that you’re doing. You’re learning.” Right? You’re not doing “okay.” And there are many differences in the basic approach, but in our industry, when you want to, I said highly regulated, you want to go with the regulation. You have to be organized. The German approach brings huge added value to the group, and, as we see, the medicinal markets grow.
Have you felt any pushback from traditional pharmaceuticals? What do you think the reaction is? Will they enter the market? Will large farmers join?
I have back pain. I wanted to attain a physician a few days ago, and I didn’t ask for candies, and she said to me: “I want to prescribe you medical cannabis.” And I started to speak in 80 of the patients going to the pain clinic, going with prescriptions to medical cannabis. No pharmaceutical company can ignore that. So, I think that they don’t have any choice if it will look like that in other places. She said to me: “you shouldn’t take opiates. We, as doctors, have made a mistake for many years. We gave people opiates. We have cannabis now. We don’t have to give opiates.” So, I think that there will be a huge impact on the traditional industry.
How will that change the cannabis players once the big farmers try to enter? Will you have been established enough to hold them off? Will you partner with them? What do you think the likely scenario would be?
I think that it will take time because one of the challenges in cannabis is the IP. That’s the main reason why we do not see so much activity of pharmaceutical companies. I think that it’s a question of time if or end of a business model because if you can protect something, why invest a huge amount of money in doing RD without the ability to protect it. So, I think this is what is holding the pharmaceutical companies now, but it will change. It’s the market they understand. I mean, that’s how they’ve operated, and they have enough money in their own businesses. So, they will find a way to come into the market. It can be through delivery systems, the development of more IP-protected products, and time.
And are you expecting what you’ve mentioned? That primarily what you’re seeing is cannabis for pain relief and things like that, but we know that there are other opportunities for other conditions. So, do you think that we’ll continue exploring that and finding different uses for the plant?
Yeah. I believe that there will be four verticals. I believe that some of them will be infused with cannabis; it’s pharmaceutical, beverage, food, and cosmetics. I think that we will see all of them; that cannabis will be kind of infused into them. We will see it in many products. I think that it’s only the beginning of what we see now. And I believe that in a few years, it will be so common that it will be like natural that cannabis is part of other beverages, food products, cosmetics. Definitely!
And I was sort of alluding to the fact that, hopefully, with more studies and more clinical trials, we can start to see it in things like cancer treatments and other medical conditions as well.
We’ll get the approval of different uses; for different therapies. In Israel, I’m involved, for example, in a company that is developing something for cancer treatment. So, though we will see that kind of solution, medications, it won’t happen tomorrow morning. People have to understand it takes time. Everything takes time.
Well, as it should, right? If it’s a clinical trial, it should take time to know it’s safe and the efficacy is there and all that.
Yeah. I’m just speaking about a few years. Absolutely, yeah.
So, what’s on the horizon for the next 12 months? Where are you focused besides Germany?
So, in Israel, we are going more to the retail side, and we’re going to continue; and to have more presence in the retail side in Israel because, as I said, we strongly believe in that. And we’re going to continue, and to follow, and to look for more supply from Canada, a steady supply of indoor high quality grows. So, we will continue with the expansion into Germany. We have been listed on NASDAQ this year in March.
A very significant step for us because only a few companies are listed. Cannabis companies are listed in NASDAQ and, so it gave us good access to one of the biggest capital markets in the world, and we also raised money this year. We raised 35 million just a couple of weeks ago, and the company has no debt. So, we are very clean. We can continue to execute our plans without the pressure of raising money or doing financing. So, I think despite the times, we are in a very good position.
I’m not familiar with any other company that is really focused on the main three legal countries globally, trading in the NASDAQ. No debts. Have money in the bank and, I think, that I’m in a very good position today.
The US companies are focused. So, they’re busy out there, so very uniquely positioned, and, again, I think one of your key advantages is the research coming out of Israel and all of the trials and whatnot. So, as I said, you can go to the German markets with the data prepared.
Sir, we very much appreciate your time today. We are expecting great things and, yes, we’d love to have you back. So, we will keep watching you, and we wish you all the best. So please stay in touch, and thank you for your time.
Thank you very much, Patrick, and thank you for the opportunity to present here.
Absolutely, thank you.
In Europe, IMC operates through Adjupharm, a German-based subsidiary and EU GMP-certified medical cannabis processor and distributor. IMC’s European presence is augmented by strategic alliances with various pan-European EU-GMP cultivators and distributors to capitalize on the increased demand for medical cannabis products in Europe and bring the IMC brand and its product portfolio to Europe patients.
In Canada, IMC operates through Trichome JWC Acquisition Corp. (“JWC”). JWC is a licensed producer located in Kitchener, Ontario, selling cannabis flower, pre-rolls, hash, and kief in the Canadian recreational cannabis market under the JWC and Wagners brands. JWC operates with high standards for providing clean, consistent, aeroponically-grown premium cannabis products to medical patients and the adult-use market throughout Canada and the world. On March 31, 2021, IMC entered into a definitive agreement to acquire MYM Nutraceuticals Inc. (“MYM”) and its licensed producer subsidiary, Highland Grow Inc. This Transaction, if completed, will reinforce IMC’s goal of being a leading global premium cannabis producer and purveyor.