olivlawolivlaw

olivLaw · US equity research

IM Cannabis Corp. IMCC

Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

0.72USD−0.99% · 1 dayClose 04 Nov 2026

IM Cannabis Corp. imports, distributes and sells medical cannabis to patients in Israel and Germany, using a cross-border supply chain. In 2025 Germany became the main market after the access reforms of April 2024, but the company still does not make a profit and continuing operations depends on additional funding. Total revenue was 54.7 million CAD, while the operating loss was 11.6 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, IM Cannabis Corp. (IMCC) stock was 0.72 USD (−0.99% on the day), with beta 0.69, 52-week range 0.72–56.40 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -4.51 · TTM to 31 Dec 2024
E/P (TTM)
unavailable
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
0.69
Volatility (1y) 161%
52-week range
0.7256.40

Price history

Loading chart…

Technical reading

RSI (14)
29.9
oversold (≤ 30)
Bollinger (20, 2)
0.49 – 1.77
in the lower half of the band · %B 0.18 · band width 113.3%
SMA 50 / 200
1.96 / 10.74
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.39 / -0.40
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−63.1%−1.1%−62.0 pp—
3 months−81.2%−0.5%−80.7 pp—
6 months−90.7%+4.4%−95.1 pp—
Year to date−98.3%+12.3%−110.6 pp—
1 year−98.1%+13.5%−111.7 pp−35.8%
3 years−99.2%+76.4%−175.6 pp−14.7%
5 years−100.0%+63.7%−163.7 pp—
Max drawdown (1y)
−98.7%
12 Dec 2025 → 04 Nov 2026
Max drawdown (5y)
−100.0%
24 Nov 2021 → 04 Nov 2026
Compound annual growth (5y)
−82.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20192020⚠ 20212022202320242025
Revenue9.1 m15.9 m34.1 m54.3 m48.8 m54.0 m54.7 m
Revenue YoYunavailable+75.1%—+59.6%−10.2%+10.7%+1.3%
Net income-7.3 m-28.7 m-17.8 m-188.9 m-9.5 m-10.6 m-11.3 m
Net income YoYunavailableunavailable—unavailableunavailableunavailableunavailable
Diluted EPSunavailable-1.90-6.70-161.88-4.45-4.51unavailable
Diluted EPS YoYunavailableunavailable—unavailableunavailableunavailableunavailable
net %-80.4%-180.6%-52.2%-347.6%-19.5%-19.6%-20.7%
Free cash flow-7.5 m-10.5 m-39.0 m-14.2 m-8.7 m-1.2 m4.7 m

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
2.7 m CAD
Financial debt
15.3 m CAD
Net debt
12.5 m CAD
Equity
-3.6 m CAD
Total assets
31.7 m CAD
Debt / equity
unavailable
Current ratio
0.67x
ROE
unavailable
ROA
-31.9%
FCF margin
8.6%

Financial statements (source on every figure)

Revenue and net income (CAD)

Margins

Income statement · CAD

Revenue
2023
48.8 m
2024
54.0 m
2025
54.7 m

SEC (XBRL)· 30 Mar 2026verified

Cost of revenue
2023
38.0 m
2024
45.6 m
2025
45.0 m

SEC (XBRL)· 30 Mar 2026verified

Gross profit
2023
9.8 m
2024
8.5 m
2025
9.7 m

SEC (XBRL)· 30 Mar 2026verified

Research & development
2023
—
2024
—
2025
—

SEC (XBRL)· 19 May 2021verified

Operating income
2023
-12.8 m
2024
-10.2 m
2025
-11.6 m

SEC (XBRL)· 30 Mar 2026verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 29 Mar 2023verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 29 Mar 2023derived

Interest expense
2023
3.7 m
2024
4.8 m
2025
3.5 m

SEC (XBRL)· 30 Mar 2026verified

Pre-tax income
2023
-9.5 m
2024
-12.8 m
2025
-11.7 m

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
771.0 k
2024
-1.0 m
2025
92.0 k

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-9.5 m
2024
-10.6 m
2025
-11.3 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
-4.45
2024
-4.51
2025
—

SEC (XBRL)· 31 Mar 2025verified

Weighted average diluted shares
2023
12.8 m
2024
—
2025
—

SEC (XBRL)· 28 Mar 2024verified

Balance sheet · CAD

Cash
2023
1.8 m
2024
863.0 k
2025
2.7 m

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
4.8 m
2024
5.4 m
2025
4.3 m

SEC (XBRL)· 30 Mar 2026verified

Inventories
2023
10.0 m
2024
3.2 m
2025
4.3 m

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
24.3 m
2024
23.4 m
2025
22.7 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
5.1 m
2024
3.7 m
2025
3.7 m

SEC (XBRL)· 30 Mar 2026verified

Goodwill
2023
10.1 m
2024
6.7 m
2025
1.9 m

SEC (XBRL)· 30 Mar 2026verified

Intangibles (excl. goodwill)
2023
5.8 m
2024
3.3 m
2025
1.2 m

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
48.8 m
2024
39.2 m
2025
31.7 m

SEC (XBRL)· 30 Mar 2026verified

Short-term debt
2023
12.1 m
2024
15.1 m
2025
14.3 m

SEC (XBRL)· 30 Mar 2026verified

Long-term debt
2023
394.0 k
2024
466.0 k
2025
936.0 k

SEC (XBRL)· 30 Mar 2026verified

Current liabilities
2023
32.8 m
2024
34.9 m
2025
34.0 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
35.1 m
2024
36.0 m
2025
35.4 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
13.7 m
2024
3.1 m
2025
-3.6 m

SEC (XBRL)· 30 Mar 2026verified

Shares outstanding at year end
2023
13.4 m
2024
3.1 m
2025
5.9 m

SEC (XBRL)· 30 Mar 2026verified

Cash flow · CAD

Operating cash flow
2023
-8.1 m
2024
-1.1 m
2025
4.7 m

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
581.0 k
2024
156.0 k
2025
13.0 k

SEC (XBRL)· 30 Mar 2026verified

Free cash flow
2023
-8.7 m ≈
2024
-1.2 m ≈
2025
4.7 m ≈

SEC (XBRL)· 30 Mar 2026derived

Investing cash flow
2023
-1.2 m
2024
-470.0 k
2025
-531.0 k

SEC (XBRL)· 30 Mar 2026verified

Financing cash flow
2023
9.4 m
2024
3.8 m
2025
1.1 m

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
1.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
0.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
28.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
17.7%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
-21.2%
computed by olivLawFY 2025
Net margin
-20.7%
computed by olivLawFY 2025
FCF margin
8.6%
computed by olivLawFY 2025

Returns

ROE
-1,496.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-31.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
unavailable
insufficient data
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
12.5 m CAD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
-3.3x
computed by olivLawFY 2025

Liquidity

Current ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
4.7 m CAD
computed by olivLawFY 2025
Capital expenditure
13.0 k CAD
computed by olivLawFY 2025
Free cash flow
4.7 m CAD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
32 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
30 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 25.0% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.72 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-1,496.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-20.7%
computed by olivLawFY 2025
Revenue growth (YoY)
1.3%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 30 Mar 2026
verified 219

Score by group

25% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality-20.7%20 (vs peers)25%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growth0.2%2 (on a fixed band)33%
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet-3.3x0 (on a fixed band)25%
    Current ratio · Balance sheet0.7x0 (on a fixed band)17%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet0/100 · 2/3 factors with a value
    • Growth· partial2/100 · 1/2 factors with a value
    • Quality· partial20/100 · 1/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    IM Cannabis Corp. (IMCC). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: revenue 54.7 m CAD in 2025; YoY growth 1.3%; net margin -20.7%; ROE -1,496.2%.

    Valuation cannot be computed from the available data.

    Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

    What contradicts it

    • Net margin: -20.7%
    • Revenue CAGR 3Y: 0.2%
    • Interest coverage: -3.3x
    • Current ratio: 0.7x

    Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 13.1x
    EV/EBITDA
    —
    vertical median —
    P/S
    —
    vertical median 0.4x
    P/B
    —
    vertical median 1.1x
    ROE
    -1,496.2%
    vertical median -7.3%
    below median
    Net margin
    -20.7%
    vertical median -6.9%
    below median
    EBIT margin
    -21.2%
    vertical median -1.4%
    below median
    Revenue YoY
    1.3%
    vertical median 4.3%
    below median (−69.9%)
    Net debt/EBITDA
    —
    vertical median -0.9x
    Dividend yield
    —
    vertical median —

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    TRLVTrulieve Cannabis Corp.2.2 bn—-48.2%-41.8%−0.4%+115% / +109%
    TLRYTilray Brands, Inc.437.5 m—-10.4%-17.1%+11.5%−63% / −84%
    USNAUsana Health Sciences, Inc.264.8 m—-4.2%-2.4%unavailable−28% / −70%
    NAGENiagen Bioscience, Inc.199.6 m21.313.3%8.4%+29.9%−63% / +81%
    MDWDMediwound Ltd.182.3 m—-63.9%-140.8%−16.1%−21% / +59%
    FTLFFitlife Brands, Inc.76.8 m13.114.1%6.2%+26.4%−56% / −15%
    BTMDbiote Corp.71.6 m11.8—3.2%−2.5%−55% / −75%
    NAIINatural Alternatives International, Inc.24.3 m—-35.0%-14.5%+9.7%−70% / −81%
    MTEXMannatech Inc16.7 m—-1,490.1%-6.9%−8.3%−8% / −3%
    BONBon Natural Life Limited4.4 m—-3.9%-10.7%−21.7%−39% / −99%
    CRONCronos Group Inc.——6.5%39.1%+24.6%+42% / +74%
    CGCCanopy Growth Corp——-39.9%-79.2%+5.8%−36% / −87%
    ACBAurora Cannabis Inc——0.3%0.5%+27.3%+14% / +14%
    GLASGlass House Brands Inc.——-31.2%-16.3%−9.4%−57% / −45%
    SNDLSNDL Inc.——-1.4%-1.7%+2.8%−20% / −1%
    IMCCIM Cannabis Corp.——-1,496.2%-20.7%+1.3%−98% / −99%

    1- and 3-year price returns: for IMCC from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Oct 2026), 6-K (28 Sept 2026), 6-K (25 Sept 2026), 6-K (24 Sept 2026), 6-K (23 Sept 2026).

    In brief

    IM Cannabis Corp. imports, distributes and sells medical cannabis to patients in Israel and Germany, using a cross-border supply chain. In 2025 Germany became the main market after the access reforms of April 2024, but the company still does not make a profit and continuing operations depends on additional funding. Total revenue was 54.7 million CAD 1, while the operating loss was 11.6 million USD 1.

    SWOT

    Strengths

    • The company has an integrated import, distribution and sales infrastructure, with EU-GMP authorisations in Germany and its own pharmacies in Israel 1.
    • The IMC brand has built a reputation over several years in Israel, and its premium brand portfolio gives it differentiation 1.
    • Presence in two regulated markets allows geographic diversification of revenue 1.

    Weaknesses

    • The company has not yet reached profitability and has recorded losses in every year since inception 1.
    • Operating cash flow was negative in 2025, making external funding necessary 1.
    • Reliance on bank credit and share issuances raises dilution and refinancing risks 1.

    Opportunities

    • Growth of the German market after the access reform could support expanded sales through Adjupharm 1.
    • A possible liberalisation of Israeli regulation could widen the patient base served by its own pharmacies 1.
    • Launching new strains and brands in both markets could strengthen pricing and sales volume 1.

    Threats

    • The anti-dumping inquiry and possible levies on Canadian imports could raise the cost of goods sold 1.
    • Conflicts in the Middle East can disrupt logistics and affect business partners 1.
    • Strong competition in both markets could press margins and market share 1.

    Risks

    • Going concern uncertaintyhigh

      Management has indicated that conditions raise substantial doubt about the company's ability to continue as a going concern, and no adjustments are made for that case 1.

    • No profitabilityhigh

      The company has incurred operating losses every year and cannot predict when, or whether, it will become profitable 1.

    • Israeli anti-dumping levieshigh

      If the proposed levies on Canadian imports are imposed, the cost of goods sold could rise significantly 1.

    • Geopolitical risk in Israelmedium

      Armed conflict in the region can affect operations, discourage business partners and make it harder to raise capital 1.

    • Credit and financing riskmedium

      Credit facilities and loans in Israel carry covenants, and failing to meet them could trigger defaults 1.

    Investment thesis

    What would need to be true (bull case)

    • If Germany keeps expanding after the access reform, Adjupharm could become a solid European hub with visible revenue growth 1.
    • Its position as importer and pharmacy owner in Israel may give the company an advantage in accessing premium Canadian products 1.
    • If cost reduction and operational efficiency deliver results, the company could narrow losses and obtain financing more easily 1.

    What would break the thesis

    • If anti-dumping taxes are imposed, margins in Israel could fall quickly and the company may have to cut prices 1.
    • Continued losses and negative cash flow could force the company to issue new shares, with a dilutive effect 1.
    • If the region stays unstable, logistical disruptions and the loss of partners could weigh on Israeli revenue 1.

    What to watch

    • Development of anti-dumping levies on Canadian imports2026
    • German segment revenue and the pace of patient growthQ1 2027
    • Clarification of going concern status and additional financingnext 10-K
    • Trend in operating losses and cash flow2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Oct 2026), 6-K (28 Sept 2026), 6-K (25 Sept 2026), 6-K (24 Sept 2026), 6-K (23 Sept 2026).

    The business

    IM Cannabis Corp. is an international cannabis company focused on importing, distributing and selling medical cannabis products to patients in Israel and Germany 1. In Israel it operates licensed pharmacies, online platforms and a distribution centre, while in Germany it works through its subsidiary Adjupharm GmbH, which distributes products to licensed pharmacies 1. After the CCAA proceedings in Canada ended, the company concentrated its activity on these two markets 1.

    The company links its Israeli and German operations through a cross-border supply chain in which cannabis is imported, mainly from Canada, then packaged and distributed through its own infrastructure 1. Adjupharm holds EU-GMP authorisations for repackaging, stability testing and batch release, and its German logistics centre serves as the European hub 1.

    The financial structure remains fragile: operating cash flow was negative in 2025 and the Board approved a cost saving plan, while the going concern uncertainty is flagged by management 1. To sustain operations, IM Cannabis relies on bank credit and on possible share issuances 1.

    Segments

    Germany

    Germany is the fastest-growing segment, with revenue of 36.3 million CAD in 2025, compared with 15.5 million CAD in 2024 1. The growth reflects easier patient access to medical cannabis after the April 2024 reform and an expanded portfolio that includes the BLKMKT and Selected brands 1.

    Israel

    The Israeli segment fell to 18.4 million CAD in 2025 from 38.5 million CAD in 2024, reflecting the reduction of trading activities, restructuring and logistical disruptions linked to regional conflicts 1. The company holds two licensed pharmacies in Israel, Vironna and Pharm Yarok, which support its distribution activity 1.

    Market context

    The Israeli market is large and growing, with approximately 137,900 licensed medical patients as of February 2026, but it is becoming more competitive, and the ability to import premium Canadian cannabis is a key factor 1. The German market has developed more slowly, but the company observes more patients buying out of pocket, and expansion depends on the pace of regulation 1.

    Management does not give a quantitative estimate of market size and stresses that the pace of expansion in Germany remains uncertain 1. The ability to obtain approvals and keep supplier access will largely determine whether these markets can support durable revenue growth 1.

    Trends

    • Growing patient numbers in Israeltailwind

      The number of licensed patients keeps rising and could benefit from a possible liberalisation of regulation in Israel 1.

    • German patient reformtailwind

      The April 2024 reform eased patient access to medical cannabis, and expansion of this market could continue, although its pace remains uncertain 1.

    • Israeli anti-dumping investigationheadwind

      The inquiry into cannabis imports from Canada could lead to levies that raise the cost of goods sold for imported products, and the Ministry of Economy recommended a 175% tax for non-cooperative companies 1.

    • Price and margin pressuremixed

      The company must maintain its average selling price and margins, and rising competition in Israel and Germany could reduce those margins 1.

    Competitive position

    Competition is intense and mostly regional: in Israel the company faces other established medical cannabis brands and manufacturers, while in Germany Adjupharm competes with several licensed manufacturers and distributors, from well-capitalised multinationals to smaller new entrants 1.

    Competitiveness shows in access to supply and in the ability to differentiate premium brands, and losing share in Israel could quickly affect revenue given the company's limited capital 1.

    • Israeli medical cannabis brands and producers

      Local brands and manufacturers that compete directly in the Israeli market 1.

    • Licensed German manufacturers and distributors

      Established operators and new entrants that compete with Adjupharm for distribution to pharmacies 1.

    • Large medical cannabis multinationals

      Companies with large-scale operations and revenues, described in the source as important competitors in Germany 1.

    • Canadian cannabis suppliers

      Supply partners that are also competitors for premium products imported into Israel and Germany 1.

    News & filings

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / IM Cannabis Corp. · 30 Mar 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.