IMC rose 9% in its first day on NASDAQ – Global

The Israeli cannabis company IMC recorded an increase of 8.6% yesterday on its first trading day on Nasdaq (NYSE: IMCC). The company began trading at a value of $ 315 million and with the close of trading was worth about $ 342 million.

The company caters to the three main markets in the global cannabis market, and they are Israel Germany and Canada, basing its growth mainly on mergers and acquisitions. For example, in 2019 it acquired the German Adjupharm GmbH, which distributes in about 60,000 pharmacies, and at the end of 2020 the Canadian Trichome in a deal of about $ 80 million that is expected to close by the end of the year. With the help of the company, IMC will enter the cannabis market for leisure purposes in Canada.

In Israel, IMC’s products are sold to patients at Super Pharm pharmacies, among others.
MC, which is already traded on the Canada Stock Exchange (CSE), is the first Israeli cannabis company to be traded on the Nasdaq, when it will soon be joined by Intercure’s Kandok, which will merge with SPAC and Unibo.

“Our success in listing on the NASDAQ is the product of tremendous effort on the part of our team, and another significant step in our global growth strategy,” he said. AandRan Schuster, CEO of IMC. “The listing of shares on Nasdaq is expected to allow for additional liquidity and create access for investors in the world’s largest capital market.”