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IM Cannabis’ Q4 Revenue: Gross Profit Drops Due To Negative Impact Of Israel-Hamas War, Sees Germany As Growth Opportunity

By Jelena Martinovic
March 28, 11:19 AM
IM Cannabis Corp. (NASDAQ: IMCC) (CSE: IMCC) announced on Thursday its financial and operational results for the year ended Dec. 2023. The Toronto-headquartered medical cannabis company with a focus on Israel and Germany reported a 10% year-over-year decrease in revenue to CA$48.8 million ($36 million) in 2023. IM Cannabis attributed it to "negative currency fluctuations and the impact of the Israel-Hamas war on the company's operations." Fourth quarter revenue dropped 26% year-over-year to CA$10.7 million. "As previously warned and as expected, unfortunately, the Israel-Hamas war had a negative impact on our fourth quarter 2023 results, which weighed on our full-year results.," Uri Birenberg, chief financial officer of IMC, said. "Coupled with our fourth quarter of 2023 inventory reduction, the war caused our fourth quarter gross profit to decrease by 68% as compared to the fourth quarter of 2022."

CSE:IMCC

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Tim Seymour Sees High Times Ahead For Cannabis Stocks

By Erica Kollmann
March 28, 11:09 AM
The long-slumbering cannabis sector has reawakened on a string of recent news items including Germany's partial legalization and possible rescheduling of marijuana in the United States. Tim Seymour, founder and CIO of Seymour Asset Management, joined Benzinga's PreMarket Prep Wednesday and discussed his views on the current "exciting times in cannabis."

CGC

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This Cannabinoids-Focused Pharma Co. Sees 50% YoY Surge In Revenue In 2023, Trims Losses

By Jelena Martinovic
March 27, 6:32 PM
Cannabinoids-focused pharmaceutical company MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) announced on Wednesday its financial results for the full year and three months ended Dec. 31, 2023. Net revenue grew to CA$33 million ($24.3 million), from CA$22.1 million in 2022, representing roughly a 50% year-over-year increase. "Over the years we have invested in our infrastructure as a high quality and high-capacity pharmaceutical grade manufacturer, allowing us to grow sales with new opportunities and markets, without additional investment into capital or resources," David Pidduck said. "We are proud of the work completed in 2023 and excited about the future of MediPharm Labs."

MEDIF