After securing C$20 million to boost its European operations, International Medical Cannabis (IMC) has become the first Israeli company to list its shares in Canada.
IMC will trade under the ticker ‘IMCC’ on the Canadian Securities Exchange and may well be the first of many Israeli companies to follow this path, reports Cannabis Investing News.
Israeli daily financial website Calcalist recently reported on an anticipated flow of domestic companies to Canada. With cannabis being legal in Canada it affords ambitious firms proximity to some of the leading global cannabis companies and access to an established cannabis-savvy financial system.
IMC has global ambitions with an keen focus on the European market and it will use the proceeds of a successful $20 million private fund-raising round to bolster its footprint in Germany, Portugal and Greece
Oren Shuster, Chief Executive Officer, said it was doing ‘exceptionally well to position the company as a market leader in the European Union’. He said its European expansion strategy includes operations in Germany, a supply agreement in Europe, and will soon include operations in Portugal and Greece
IMC says it views the German market as particularly attractive given its size, regulatory structure and proximity to Israel, and earlier this year it purchased Adjupharm a German EU-GMP manufacturer and distributor.
This business has licenses to import, export and distribute medical cannabis in Germany and has been distributing medical products to pharmacies for over 10 years, says IMC
Mr Shuster went on to say he expects the demand for medical cannabis in the EU to ‘continue to increase over the long-term’, and its ambitions in Europe will will be supported by a continued focus on its domestic research and development. Over 50 cannabis companies have made their initial public offering on Canadian stock exchanges Toronto Stock Exchange and Toronto Stock Exchange Venture Exchange, which are both operated by TMX Group.
Rob Peterman, a vice president of global development at TMX, told Calcalist that Israeli companies will find a large investor base and access to research and cash fluidity in Canada.
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