IM Cannabis reports Q2 EPS (26c) vs. (89c) last year

Reports Q2 revenue $13.2M vs. $12.7M last year. “In Q2 2023, we continued towards our goal of sustainable profitability,” said Oren Shuster, CEO of IMC. “The rightsizing and refocusing we have been working though since Q4 of last year, was led by the strategic decision to exit the recreational Canadian market, allowing us to fully lean into our heritage as one of the pioneers in the Israeli medical cannabis market. Our extensive expertise within our highly regulated local market, gave us a clear advantage when expanding into Germany, another highly regulated medical market. The strategic pivot to focus on the two largest national medical markets is clearly reflected within our organization post restructure. I believe this is the cornerstone for our success and stability within these two similar markets.” “Active cost and margin management was a key focus of Q2, accelerating our to move towards sustainable profitability, while maintaining sales,” said Itay Vago, CFO of IMC. “The actions we took since exiting the Canadian market last year and the associated restructure, have significantly improved our gross margin and reduced our total operating expenses, leading to a substantial decrease in our non-IFRS Adjusted EBITDA Loss.” Operational Highlights