IM Cannabis

What IM Cannabis does

IM Cannabis Corp. (Nasdaq: IMCC) is a medical cannabis company headquartered in Glil Yam, Israel, and incorporated in British Columbia, Canada. The company cultivates, imports, and distributes medical cannabis products in Israel and Germany, holding an Israeli IMCA license and a German EU-GMP certification. It exited the Canadian market in 2023 and now operates exclusively in these two international markets, serving a base of approximately 136,900 Israeli patients and a German pharmacy network accessed primarily through distribution partner Adjupharm.

The company sells products under multiple brands including Craft Collection, BLKMKT, LOT420, Roma, and Token, with a value-tier line (Token by IMC) launched in Q2 2025 and a Mids value brand positioned in Germany. The business model is B2B, supplying pharmacies rather than operating its own dispensary chain. The company operates a localized primary repackaging facility in Germany and possesses a proprietary patented automatic trimming system. Through its Focus Medical Herbs subsidiary, IM Cannabis controls access to Israeli patient and prescription datasets that could support longitudinal outcomes research and pharmacovigilance.

The company has announced strategic moves beyond core cannabis operations, including a 51% acquisition of Blackaxe Technologies (defense/AI) announced in March 2026 and a non-binding term sheet for a quantum computing bio data company. Concurrently, it has agreed to divest its European subsidiary (I.M.C. Holdings Ltd.) to a CEO-controlled entity, raising related-party governance concerns. FY2025 revenue was C$54.7 million, with Q1 2026 revenue of approximately $8.7 million (down 31% year-over-year), a market capitalization of approximately $7.24 million, and approximately $12.62 million of debt with a going-concern qualification from auditors.

Name

IM Cannabis

Legal name

IM Cannabis Corp.

Website

https://imcannabis.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

IM Cannabis Corp. (Nasdaq: IMCC) is a medical cannabis producer and distributor operating in Israel and Germany, holding EU-GMP and IMCA certifications, and supplying pharmacies under brands including BLKMKT, Craft Collection, and Token.

Ownership category

akta.pro rank

Headquarters

HQ city

Glil Yam

HQ country

Israel

HQ region

Middle East

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Sale of medical cannabis products to pharmacies (Israel): Revenue is generated from the sale of imported medical cannabis products (IMC-branded flowers, full-spectrum extracts, Roma oils, BLKMKT, LOT420, Token, etc.) to pharmacies and authorized distributors in Israel. Operates via wholly-owned subsidiary Focus Medical Herbs Ltd. under an IMCA license. Channel: B2B sale to licensed pharmacies plus direct-to-patient via two owned pharmacies (Vironna, Pharm Yarok) and home delivery call center.
2. Sale of medical cannabis products to pharmacies (Germany): Revenue is generated from the sale of imported EU-GMP compliant medical cannabis products to licensed pharmacies throughout Germany. Operated via Adjupharm GmbH. Sells IMC-branded products plus Selected by IMC, BLKMKT, and Token by IMC brands. Recurring B2B sales to pharmacy network.
3. Cannabis fulfillment/repackaging services to third parties (Germany): Adjupharm GmbH offers primary repackaging of bulk cannabis, performs stability studies, and offers such services to other players in the German cannabis market, generating a managed services revenue stream beyond pure product sales.
4. Pharmacy retail sales (Israel - Vironna, Pharm Yarok): Company operates two licensed retail pharmacies in Israel (Vironna — a leading pharmacy in the Arab sector; Pharm Yarok — the largest pharmacy in the Sharon Plain area and a big call center in the country), selling medical cannabis products directly to patients.
5. Home delivery service (Israel): Operates a home delivery service via a call center, effectively covering the entire country of Israel, providing direct-to-patient delivery of medical cannabis products.

Pricing tiers

Go-to-market motion3 records

Core offering

IM Cannabis is a vertically integrated medical cannabis company that imports, packages, and distributes IMC-branded and third-party cultivated medical cannabis products (flowers, full-spectrum extracts, oils) to licensed pharmacies in Israel and Germany. It operates a multi-brand portfolio spanning super-premium indoor-grown flowers (Craft Collection, BLKMKT, LOT420, Flower Brand), mid-market offerings (Token by IMC, Selected by IMC), and value lines (Mids by IMC), and supports its distribution with IMC-GMP / EU-GMP certified production, repackaging and logistics infrastructure, two owned Israeli retail pharmacies, and a national home-delivery call center.

Product overview

IM Cannabis Corp. (NASDAQ: IMCC) operates a vertically integrated medical cannabis platform primarily serving patients in Israel and Germany, with operations historically also in Canada (now exited). The offering is a multi-brand product portfolio anchored by the core 'IMC' brand, organized into a hierarchy of product lines: premium offerings (The Craft Collection, Full Spectrum Extracts, and the Roma portfolio), super-premium Canadian-imported brands (BLKMKT, LOT420, and the Flower brand), the affordable Token by IMC lifestyle line, and German-market additions (Token, Mids, and Selected). Distribution is enabled through key subsidiaries: Focus Medical Herbs Ltd. in Israel (holding the IMCA license for importation and supply) and Adjupharm GmbH in Germany (operating an EU-GMP certified German Logistics Center for distribution and primary repackaging). Retail operations are conducted through two licensed Israeli pharmacies (Vironna and Pharm Yarok), complemented by a national home delivery service via a call center. The company also invests in proprietary technology, including a patented automatic trimming system and the IMC Venture R&D platform partnered with the Technion.

Differentiator

Problem solved

Functional benefit

Brands

• IMC: Core medical cannabis brand selling premium products in Israel and Germany, including dried cannabis flowers and full-spectrum extracts (Roma, OIL GLTO 33, Craft Collection)
• BLKMKT™
• LOT420
• Roma®
• WAGNERS
• Highland Grow
• Token
• Mids
• Selected
• Vironna Pharm
• Focus Medical Herbs

Products and services

• The Craft Collection (IMC brand)
• Full Spectrum Extracts (IMC brand) Full spectrum, strain-specific cannabis extracts (including Roma T20 oil and OIL GLTO 33) produced from the IMC strain portfolio.
• Roma Product Portfolio High-THC medical cannabis flowers and oils under the Roma brand, marketed for therapeutic continuum, strength, and longevity of effect.
• BLKMKT Ultra-premium indoor-grown, hand-dried and hand-trimmed high-THC cannabis flower line imported from Canada.
• LOT420 Super-premium indoor-grown high-THC cannabis brand imported from Canada and sold in Israel (GLTO 33, Apps and Bans, O.C., GLTO 33 oil).
• PICO Collection (Minis) Small-flower (minis) product format under the BLKMKT and LOT420 brands, featuring super-premium indoor-grown cannabis imported from Canada.
• Flower Brand Super-premium indoor-grown cannabis brand imported from Canada and sold in Israel (California love, Face Sherb strains).
• Token by IMC Affordable lifestyle cannabis line offering high-quality everyday cannabis at accessible prices in Israel and Germany (KEYNAPZ, SIPER).
• Mids by IMC Value cannabis brand sold in Germany alongside Token by IMC and Selected by IMC.
• Selected by IMC Brand in IMC's German medical cannabis portfolio, sold alongside BLKMKT, Token, and Mids brands through Adjupharm GmbH.
• Home Delivery Service (Israel) National home delivery service operated through a call center under IMC Holdings, providing direct-to-patient delivery of medical cannabis products across Israel.
• Adjupharm Primary Repackaging and Stability Study Services Primary repackaging of bulk cannabis, stability studies, and EU-GMP cannabis testing/release services offered by Adjupharm GmbH to third-party German cannabis companies.

Named customers3 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature5 records

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• OrganiGram Holdings: Canadian cannabis company with international medical cannabis presence. Comparable as a publicly traded cannabis operator focusing on premium product positioning and multi-market distribution.
• Aurora Cannabis: Canadian cannabis producer with European medical cannabis distribution, including Germany. Comparable in cross-border medical cannabis supply, EU-GMP operations, and brand portfolio positioning.
• Demecan: German medical cannabis producer with EU-GMP certified cultivation and processing. Comparable as a German-domestic cannabis competitor with similar regulatory certifications and pharmacy channel reach.
• Cantourage Group: Berlin-based medical cannabis company specializing in EU-GMP cannabis distribution to German pharmacies. Direct competitor to Adjupharm in the German medical cannabis channel.
• Tilray Brands: Global cannabis company with extensive medical cannabis operations in Germany (through Tilray Germany / Aphria) and other international markets. Directly comparable in international medical cannabis distribution and EU-GMP certified production.

Broad incumbents

• Canopy Growth Corporation: Large publicly-traded Canadian cannabis operator with international medical cannabis operations including in Germany. Comparable in medical cannabis brand portfolio and multi-market expansion strategy.
• Curaleaf Holdings: US-focused multi-state cannabis operator with international ambitions. Comparable as a publicly traded cannabis operator with vertically integrated cultivation, processing and retail.
• Stada Arzneimittel: German-headquartered pharmaceutical company with a medical cannabis business. Comparable as a regulated pharmaceutical operator in the German medical cannabis market.
• Cronos Group: Canadian licensed producer with international cannabis footprint. Comparable as a multi-market cannabis operator with medical and consumer segments.

Emerging players

• Origin Therapeutics (formerly ICC International Cannabis): Canadian-listed cannabis company with European distribution focus including Germany. Comparable as a small-cap international medical cannabis distributor with European market ambitions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/isrIMCanna
• LinkedInlinkedin.com/company/imc-israel

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries12 records

Funding overview

Funding rounds13 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IM Cannabis