CALGARY,
AB and GLIL YAM, Israel, Sept. 15,
2022 /PRNewswire/ - SNDL Inc. (Nasdaq: SNDL)
("SNDL" or the "Company"), Canada's largest regulated products platform,
and IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC)
("IMC"), today announced that SNDL has completed its initial
international export of approximately 167 kilograms of premium
dried flower from Canada to
Israel as part of its total
commitment with IMC. SNDL and IMC have agreed to the aggregate
export of 1,000 kilograms of high-quality dried flower products for
processing and distribution in the Israeli medical cannabis
market.
The expansion marks a significant milestone for SNDL as it
enters the global market. "We are pleased with our partnership with
IMC, one of Europe's most
established and trusted medical cannabis companies," said
Andrew Stordeur, President and Chief
Operating Officer of SNDL. "SNDL plans to opportunistically expand
the Company's premium inhalables footprint to international
cannabis markets, and this initial endeavour strengthens our
pursuits in both established medical markets and emerging global
recreational markets."
For IMC, the completed export marks another major step forward
in streamlining its expansive global operations that include
Israel, Canada, and Germany. "The medical cannabis market in
Israel has shifted towards premium
and ultra-premium cannabis products. By forming an international
partnership with SNDL, we are improving our global supply chain and
enhancing our ability to provide the Israeli market with the
high-quality products it has come to expect," said Oren Shuster, Chief Executive Officer of IM
Cannabis.
SNDL views the international market as an emerging opportunity
to increase revenue from its cannabis operations. The Company is
optimistic that an increasing number of global markets will refine
regulations, allowing for lower-barrier access to high-quality
cannabis products produced by trusted suppliers from Canada.
About SNDL INC.
SNDL is a public company whose shares are traded on Nasdaq under
the symbol "SNDL."
SNDL is the largest private sector liquor and cannabis retailer
in Canada with retail banners that
include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, and
Spiritleaf. SNDL is a licensed cannabis producer that uses
state-of-the-art indoor facilities to supply wholesale and retail
customers under a cannabis brand portfolio that includes Top Leaf,
Sundial Cannabis, Palmetto, Spiritleaf Selects, and Grasslands.
SNDL's investment portfolio seeks to deploy strategic capital
through direct and indirect investments and partnerships throughout
the global cannabis industry.
For more information on SNDL, please go
to https://www.sndl.com/.
About IM Cannabis Corp.
IMC (NASDAQ: IMCC, CSE: IMCC) is a leading international
cannabis company providing premium products to medical patients and
adult-use recreational consumers. IMC is one of the very few
companies with operations in Israel, Germany, and Canada, the three largest federally legal
markets. The ecosystem created through its international operations
leverages IMC's unique data-driven perspective and product supply
chain globally. With its commitment to responsible growth and
financial prudence, and the ability to operate within the strictest
regulatory environments, IMC has quickly become one of the leading
cultivators and distributors of high-quality cannabis globally.
In Israel, IMC imports and
sells premium and ultra-premium medical cannabis, operating retail
pharmacies, online platforms, distribution centres and logistical
hubs through IMC Holdings Ltd. and its subsidiaries and affiliates,
which enable safe delivery and quality control throughout the
entire value chain. In Germany,
the IMC ecosystem operates through Adjupharm GmbH, where it also
distributes cannabis to pharmacies for medical cannabis patients.
In Canada, IMC operates through
Trichome Financial Corp. and its subsidiaries Trichome JWC
Acquisition Corp. and MYM Nutraceuticals Inc., where it cultivates
and processes cannabis for the adult-use market at its Ontario and Nova
Scotia facilities under the WAGNERS and Highland Grow
brands. For additional information, please visit:
https://imcannabis.com/.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION:
This press release includes certain "forward-looking
information" and "forward-looking statements" within the meaning of
applicable securities laws (collectively, "forward-looking
information"), including statements regarding the plans,
intentions, beliefs and current expectations of the Company and IMC
with respect to future business activities and operating
performance. Forward-looking information is often, but not always,
identified by the use of words such as "seek", "may", "would",
"could", "should", "will", "likely", "intend", "plan",
"anticipate", "believe", "estimate", and "expect" or similar
expressions and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions. Forward-looking information in this press release
includes, without limitation, statements relating to the future
export of cannabis from Canada to
Israel; improvements in supply
chain; enhancing the ability to provide high-quality
cannabis products in Israel;
expansion into global cannabis markets; and expectations for
other economic, business, and/or competitive factors.
Forward-looking information is necessarily based upon a number
of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking information.
Investors are cautioned that forward-looking information is
not based on historical fact but instead reflects management's
expectations, estimates or projections concerning future results or
events based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made. Although the Company and IMC believe that the expectations
reflected in such forward-looking information are reasonable, such
information involves risks and uncertainties, and undue reliance
should not be placed on such information, as unknown or
unpredictable factors could have material adverse effects on future
results, performance or achievements of the Company and IMC. Among
the key factors that could cause actual results to differ
materially from those projected in the forward-looking information
are the following: regulatory and licensing risks; changes in
consumer demand and preferences; changes in general economic,
business and political conditions, including changes in the
financial markets; the global regulatory landscape and enforcement
related to cannabis, including political risks and risks relating
to regulatory change; compliance with extensive government
regulation; public opinion and perception of the cannabis industry.
Readers are cautioned that the foregoing list of assumptions and
risk factors are not exhaustive.
Any forward-looking information included in this press
release is made as of the date of this press release. The
Company and IMC do not undertake any intention or obligation to
update or revise any forward-looking information, except as
required by applicable securities laws. Investors should not place
undue reliance on forward-looking information. Forward-looking
information contained in this press release are expressly qualified
by this cautionary statement.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sndl-and-im-cannabis-complete-sndls-first-international-export-of-premium-dried-flower-from-canada-to-israel-301625375.html
SOURCE Sundial Growers Inc.