IM Cannabis Corp. announces, effective November 7, 2022 that it is commencing exit of the Canadian cannabis market to focus its resources on pursuing growth opportunities in Israel, Germany and Europe. With this move, the Company aims for a leaner organization with a primary focus on achieving profitability in 2023.

IMC will continue building on the increasing demand and positive momentum in Israel, fueled by strategic alliances with top-of-the-line Canadian suppliers and a highly skilled sourcing team, to cement its leadership position in Israel and to advance a long-term growth plan in Germany. In the Company's view, the strong sourcing infrastructure in Israel, powered by advanced product knowledge and regulatory expertise, will constitute a key competitive advantage in Germany, especially upon legalization of recreational cannabis. This is based on the premise that the German and Israeli markets share a number of common attributes such as robust commercial infrastructure, highly developed digital capabilities, favourable demographics and customer preferences.