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IM Cannabis provides an update to the Listed Issuer Funding Exemption Offer

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/ Not for distribution to United States of America NEWSWIRE SERVICES OR FOR PUBLISHING THERE United State/

toronto And GLIL YAM, IsraelAnd January 27, 2023 /CNW/ – I.M. Cannabis Corp. (“companyorimc“) imcc imccan international medical cannabis company announced that it had engaged certain qualified researchers (each “discoverer“), in connection with the previously announced private placement of units of the Company (each, a”Alone“) pursuant to the issuer financing exemption listed under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“LIFE offerEach finder will receive a cash finder fee equal to 5% of the total proceeds received from purchasers submitted to the company by the finder of the LIFE offer. Units are offered for sale to buyers residing in Canada (excludes Quebec) and/or other eligible jurisdictions.

In connection with the announcement, the Company has prepared an amended and restated Offer Document relating to the LIFE Offer which can be accessed from the Company profile at www.sedar.com And on the company’s website at www.imcannabis.com. Prospective investors should read the amended and restated Offer Document before making an investment decision.

To date, the company has closed on a total of 1,917,171 units under a previously announced simultaneous private placement without a broker at a price of 1.25 USD per unit of gross gross proceeds under the simultaneous offering of $2,396,463.75 USD. The company also closed on a total of 400,000 units under a LIFE-priced offering 1.25 USD per unit for total gross revenue $500,000 USDthese amounts excluding 102,152 units issued to a company director under a LIFE offer whose subscription price was met through a settlement $127,690 In debts owed by the company to the director.

Each unit consists of one common interest in the company (each “ordinary share”) and an order to buy one common share (each “A”noteEach warrant entitles the holder to purchase additional common stock at the exercise price $1.50 For 36 months from the date of issue. The Company may complete one or more additional closings under the LIFE Offering, with the final closing occurring no later than March 2, 2023. The securities issued under the LIFE offering are not subject to any statutory hold period under applicable Canadian securities laws. Securities issued pursuant to the simultaneous offering of the LIFE offering are subject to a statutory holding period in accordance with applicable Canadian securities laws. The Company intends to use the net proceeds from the LIFE offering and the concurrent general purpose offering for working capital.

None of the securities have been registered under the United States Securities Act of 1933, as amended (“US Securities Act“), or any state securities laws. Accordingly, units may not be offered or sold within United Stateits territory or property, any country United State or the District of Columbia (altogether, “United Stateor to, or for the account or benefit of, persons in the United States (as defined in Regulation S under US securities law) unless they are registered under US securities law and all applicable state securities laws or are exempt from these registration requirements Available This press release does not constitute an offer to sell or a solicitation of an offer to buy any units within United State or for or for the benefit of American persons.

About IM Cannabis Corp.

imc imcc imcc It is an international cannabis company that provides premium cannabis products to medical patients in the United States Israel And Germany, which are two of the largest markets for medical cannabis. The company has recently begun to exit its operations Canada to direct its focus and resources to achieve sustainable and profitable growth in its most valuable markets, Israel And Germany. The company benefits from a transnational ecosystem powered by a unique data-driven approach and globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the company strives to amplify its commercial and brand strength to become a global player for quality cannabis.

IMC’s ecosystem operates Israel Through its business relationship with Focus Medical Herbs Ltd. (“medical focus“), which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The company also operates medical cannabis pharmacies, online platforms, distribution centers, and logistics centers in Israel which enables the safe delivery and quality control of IMC products throughout the entire value chain. in Germany, the IMC ecosystem operates through Adjupharm GmbH, distributing cannabis to pharmacies for medical cannabis patients. Until recently, the company was also actively engaged in Canada Through Trihome Financial Corp. and its wholly owned subsidiary, Trihome JWC Acquisition Corp. and MYM Nutraceuticals Inc. grown, processed, packaged and sold premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult use market in Canada. The company’s Canadian operations continue to export premium, premium quality medical cannabis to Canada Israel. The company is exiting its operations in Canada These operations are considered suspended. For more information, please visit the website www.imcannabis.com.

Forward-looking statements

This press release contains forward-looking information or statements under applicable Canadian and US securities laws (collectively, “Forward-looking statementsAll information dealing with activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as ‘seek’, ‘anticipate’, ‘believe’, ‘plan’ , “estimate”, “expect”, “likely” and “intend” and statements that an event or outcome “may”, “will”, “should”, “could” or “might” occur or materialize and other similar expressions. Forward-looking statements refer to management’s estimates and opinions as of the date the statements are made.In the press release, these forward-looking statements include, without limitation, statements regarding, the payment of finders’ fees, additional closings under the LIFE offering, and the use of net proceeds from the LIFE offering and the concurrent offering.

Forward-looking statements are based on assumptions that may prove incorrect, including, but not limited to, the expected increase in demand for medical cannabis and adult use in the markets in which the Company operates; The company’s satisfaction of the international demand for its products; the company’s ability to implement growth strategies and benefit from acquisitions; the Company’s ability to reach patients through its e-commerce and retail operations; development and introduction of new products; the ability to import and source premium, in-house grown hemp products from the Company’s Canadian subsidiaries, suppliers and external partners; changes and trends in the cannabis industry; the Company’s ability to maintain and renew or obtain required licenses; the ability to maintain cost efficiency and a network of suppliers to maintain purchasing power; the effectiveness of its products for medical cannabis patients and recreational consumers; future cannabis prices and input costs; hemp production yield; and the ability of the Company to successfully market its brands and services to potential clients and medical cannabis patients.

The above lists of forward-looking statements and assumptions are not exhaustive. Because forward-looking statements address future events and conditions, they, by their nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: The company’s ability to close offers. general business risks and responsibilities, including claims or complaints in the normal course of business; any failure of the Company to maintain “effective” control over Focus Medical in accordance with IFRS 10; possible restrictions on the company’s shares in connection with the participation of its subsidiaries in the Israeli medical cannabis market; the ability and/or need to obtain additional financing for continuing operations on terms acceptable to the Company; the Company’s failure to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in government policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the requirements for listing on the Canadian Stock Exchange and the NASDAQ Capital Market; any unforeseen failure to maintain good standing or to renew their licences; the Company’s ability to integrate each of the acquisitions into the Company’s operations and realize the expected benefits and synergies of each such transaction, its timing, and management’s focus on such integration; Any potential undisclosed liabilities of the entities acquired by the Company that were not identified during the due diligence process; interpretation of the Company’s acquisition of businesses or assets by tax authorities or regulatory agencies, including but not limited to a change of control of authorized entities; the ability of the Company and Focus Medical to meet sales commitments or growth targets; Company accreditation and Focus Medical (together,a groupregarding supply agreements with third parties and its ability to enter into additional supply agreements for the supply of sufficient quantities of medicinal cannabis to meet the Group’s obligations; the Group’s potential exposure to liability, the perceived level of risk related thereto, and the expected outcome of any litigation or other similar disputes or legal proceedings involving the Group impact of increased competition i.e. lack of merger and acquisition opportunities adverse market conditions inherent uncertainty in production quantities, qualities and cost estimates and potential for unexpected costs and expenses product compliance risks and other safety related responsibilities from the use of the group’s cannabis products supply chain constraints competition Reliance on key personnel The ability of the company to continue as a going concern Risks of default on current debts and war and civil strife in Eastern Europe and the Middle east.

Please see the risks, uncertainties and other factors described under “Risk Factors” in the Company’s management discussion and analysis dated November 14thy2022 and dated annual information form March 31stSt2022 filed with Canadian securities regulators and available in the company’s issuer profile on SEDAR at www.sedar.com And on Edgar’s www.sec.gov. Any forward-looking statement included in this press release is being made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management at the date such forward-looking information was provided. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

SOURCE IM Cannabis Corp.

View original content: http://www.newswire.ca/en/releases/archive/January2023/27/c2696.html


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