IM Cannabis Corp. (NASDAQ: IMCC)

IM Cannabis Corp. is an international cannabis company focused on the importation, distribution and sale of medical cannabis products to medical patients in Israel and Germany. The company operates medical cannabis retail pharmacies, online platforms, distribution centers and logistical hubs in Israel through its subsidiaries. In Germany, it imports cannabis and sells through its own IMC branded products and exclusive ultra premium Canadian brands via its subsidiary Adjupharm.

Revenue is generated primarily from the sale of medical cannabis flower and extracts, with additional income from cannabis accessories and related non cannabis items. In the fiscal year ended December 31 2025, total revenue was 54,731 thousand Canadian dollars, of which medical cannabis products contributed 53,186 thousand and other products contributed 1,545 thousand. The company sells to medical patients, licensed pharmacies and healthcare providers in both Israel and Germany.

The company operates through the following segments: Medical Cannabis Products and Other Products.

• Medical Cannabis Products: This segment involves the importation, distribution and sale of medical cannabis flower and extracts to patients in Israel and Germany, including branded product lines such as IMC, BLK MKT and various high THC strains.

• Other Products: This segment comprises the sale of cannabis accessories and related non cannabis items, such as products offered through partnerships with companies like Vessel Brand Inc.

The medical cannabis industry is highly competitive with competition varying by jurisdiction. In Israel, the company faces established local producers and brands, while in Germany it competes with licensed manufacturers and distributors ranging from large multinationals to new market entrants. Competitive advantages include the well known IMC brand, a cross border supply chain, regulatory expertise and EU GMP certified facilities that support product quality and reliability.

The company serves medical patients through its retail pharmacies and online platforms in Israel and supplies licensed pharmacies in Germany. Specific partners include Vessel Brand Inc. for accessory distribution in Israel, GlassHouse Botanics Inc. as a cannabis supplier in Germany and Avant Brands Inc. for brand licensing in the German market. The customer base consists primarily of patients with qualifying medical conditions and the pharmacies that dispense prescribed medical cannabis.